Economy
Security Will Get Lion Share in 2021 Budget in Lagos—Obasa
By Modupe Gbadeyanka
“Security will be a major consideration in the 2021 budget of the state,” Speaker of the Lagos House of Assembly, Mr Mudashiru Obasa, has declared.
However, he emphasised that this “is to be left for the Governor to decide,” noting that “as representatives of our people, we will look for that in the budget and ensure something good enough is considered for security in the coming year.”
Mr Obasa was speaking at a 4-day retreat on Medium-Term Expenditure Framework (MTEF) and budget process for the staff of the state House of Assembly.
He noted that though revenue to fund the budget next year is expected to decline due to the effect of COVID-19 on the economy, “we are not going to do anything funny to allow insecurity to take charge of the state.”
According to him, the relative peace in the state has made it possible for Governor Babajide Sanwo-Olu to “maintain a speed of development and growth for which the state is known.”
“It is visible to everyone in Lagos that the government of the state has continued, doggedly, to put smiles on the faces of our people.
“It simply means we have been able to gather all we can irrespective of the revenue challenge in the projection we had for 2020,” Mr Obasa said.
He noted that Lagos has always taken a pride of place in relation to the security of the state and that this would not be different in 2021. This is because, according to him, the state expends huge funds on security annually.
“You must give credit to the Lagos state government if you consider the security situation of the state in comparison with others and we will keep improving on what we have achieved.
“I am not saying we will increase the budget for the coming year for security, we are not going to do anything funny to allow insecurity to take charge of the state.
“So, security will be a major consideration in the 2021 budget of the state but that is to be left for the governor to decide. As representatives of our people, we will look for that in the budget and ensure something good enough is considered for security in the coming year,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose further by 1.02 per cent on Tuesday, May 13, buoying the market capitalisation by N19.77 billion to close at N1.967 trillion compared with the preceding day’s N1.947 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) went up by 33.77 points to finish at 3,359.79 points, in contrast to the 3,326.06 points reported a day earlier.
Central Securities Clearing System (CSCS) Plc increased during the trading session by N2.35 to N27.20 per share from N24.85 per share, NASD Plc added N1.90 to close at N20.90 per unit compared with the previous day’s N19.00 per unit, FrieslandCampina Wamco Nigeria Plc gained 87 Kobo to close at N41.30 per share versus the previous closing value of N40.43 per share, Mixta Real Estate Plc climbed higher by 51 Kobo to end at N5.51 per unit compared with Monday’s price of N5.00 per unit, and AG Mortgage Bank Plc appreciated by 5 Kobo to settle at 58 Kobo per share, in contrast to the preceding session’s 53 Kobo per share.
The level of activity was higher yesterday, with the volume of securities transacted going up by 61,474.7 per cent to 414.5 million units from the 673,233 units traded in the previous trading day, the value of trades jumped by 16,714.4 per cent to N1.05 billion from N6.3 million, but the number of deals fell by 28.6 per cent to 25 deals from 35 deals.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.3 million units sold for N470.5 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Okitipupa Plc also remained the most active stock by value on a year-to-date basis with 153.6 million units sold for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 20.2 million units valued at N770.6 million, and Impresit Bakolori Plc with 536.9 million units worth N524.7 million.
By Adedapo Adesanya
The Naira appreciated further against the US Dollar by 28 Kobo or 0.02 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 13.
Data obtained from the Central Bank of Nigeria (CBN) showed that the exchange rate closed yesterday at N1600.01/$1 compared with the preceding day’s N1,609.29/$1.
This occurred as the market finds some direction amid clarity in recent uncertainties, which had threatened the stability of the global markets.
Efforts to keep stabilising the FX market is also keeping the value of the Naira from fluctuating heavily.
However, the domestic currency depreciated against the Pound Sterling at the spot market during the session by N4.26 to trade at N2,118.28/£1 versus Monday’s rate of N2,114.02/£1 and lost N3.06 on the Euro to finish at N1,783.87/€1 compared with the previous day’s N1,780.81/€1.
In the parallel market, the Nigerian Naira remained unchanged against the Dollar at N1,630/$1 on Tuesday.
Meanwhile, the cryptocurrency market was bullish yesterday as US inflation was slightly lower than expected in April after President Donald Trump’s tariffs just began hitting the slowing US economy, according to the country’s labour office report on Tuesday.
The consumer price index, which measures the costs for a broad range of goods and services, rose a seasonally adjusted 0.2 per cent for the month, putting the 12-month inflation rate at 2.3 per cent, its lowest since February 2021, the Bureau of Labor Statistics said.
While the April CPI figures were relatively tame, the Trump tariffs remain a wild card in the inflation picture, depending on where negotiations go from now till the deadline.
According to market analysts, this is a temporary arrangement and volatility will likely return as the 90-day window approaches its end.
Dogecoin (DOGE) jumped by 10.4 per cent to sell at $0.2457, Ethereum (ETH) rose by 9.2 per cent to $2,673.65, Solana (SOL) expanded by 7.7 per cent to $182.73, Cardano (ADA) added 5.6 per cent to trade at $0.8297, Ripple (XRP) increased by 4.1 per cent to $2.58, Litecoin (LTC) grew by 2.7 per cent to $104.35, Binance Coin (BNB) climbed higher by 2.5 per cent to $663.60, and Bitcoin (BTC) moved up by 1.4 per cent to $103,857.30, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded at $1.00 each.
By Dipo Olowookere
The loss recorded by Customs Street on Monday was reversed on Tuesday after closing higher by 0.46 per cent due to renewed buying interest from investors.
Almost all the key sectors of the bourse ended in green during the trading session except the commodity index, which closed flat.
The consumer goods counter expanded by 1.70 per cent, the insurance space grew by 0.88 per cent, the energy sector increased by 0.83 per cent, the banking industry improved by 0.20 per cent, and the industrial goods sector advanced by 0.13 per cent.
Consequently, the All-Share Index (ASI) went up by 501.13 points to 108,762.60 points from the 108,261.47 points recorded a day earlier, and the market capitalisation gained N315 billion to settle at N68.358 trillion compared with the previous day’s N68.043 trillion.
A total of 40 stocks ended on the price gainers’ chart of the Nigerian Exchange (NGX) Limited during the trading day and 24 stocks finished on the losers’ chart, indicating a positive market breadth index and strong investor sentiment.
Chellarams grew by 10.00 per cent to sell for N11.44, Oando also chalked up 10.00 per cent to close at N49.50, Transcorp rose by 9.99 per cent to N46.25, Beta Glass jumped by 9.96 per cent to N194.30, and Caverton flew by 9.85 per cent to N3.68.
On the flip side, Haldane McCall lost 9.85 per cent to finish at N4.21, Academy Press declined by 7.33 per cent to N4.30, UPDC weakened by 6.25 per cent to N3.00, ABC Transport crashed by 6.13 per cent to N2.91, and NPF Microfinance Bank retreated by 5.14 per cent to N2.03.
The demand for Nigerian stocks was higher on Tuesday, resulting in the rise in the trading volume by 21.62 per cent to 498.5 million shares from the 409.9 million shares transacted a day earlier.
Similarly, the trading value increased by 1.89 per cent to N10.8 billion from N10.6 billion, while the number of deals decreased by 9.28 per cent to 14,916 deals from 16,441 deals.
Tantalizers was the busiest equity for the day with a turnover of 57.8 million units valued at N131.3 million, Access Holdings transacted 36.8 million units worth N784.4 million, GTCO exchanged 31.8 million units for N2.2 billion, Fidelity Bank traded 23.4 million units worth N470,5 million, and Nigerian Breweries sold 21.0 million units valued at N1.1 billion.
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