Senate’s Economic Bills Target 7.5m Jobs, Cut Poverty by 16.4%
By Modupe Gbadeyanka
The 11 economic bills now receiving accelerated consideration by the 8th Senate will help to create 7.5million jobs and reduce poverty by 16.4 percent when passed into law, Senate President, Mr Bukola Saraki has said.
The number three man disclosed this in his welcome address to his colleagues on resumption from their Christmas and New Year recess on Tuesday.
He urged the relevant committees to fast-track the priority Bills so they can be passed and submitted to the executive alongside the 2017 budget.
According to a statement by his Chief Press Secretary, Mr Sanni Onogu in Abuja, the Senate President also stated that the 2017–2019 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) would be debated and passed this week while the consideration of the 2017 Appropriation Bill (budget) would occupy the “three sitting days” of next week.
He, however, urged all heads of Ministries, Department and Agencies (MDA) to ensure timeous submission of their annual budgets within the current budget cycle or risk waiting for the next fiscal cycle if they fail.
“As long as our economy is still in recession, our work is not done. Because our people are still being laid off; so long as factories are closing shop, for as long as the hardship in the land continues to bite harder, investment continues to dwindle and the foreign exchange market remains fragmented, I will be demanding even much more from us to get all our economic reform bills passed,” Mr Saraki said.
Mr Saraki pointed out that, “Ideally, we would like to see them pass together with the 2017 budget. Let me, therefore, urge all our committees involved with our priority bills to double efforts to ensure that by the end of the first quarter of this year we will have these bills ready.
“We promise to pass our priority economic reform bills to help aid our economic recovery. This is a promise we must keep. There are already, new NASSBER (National Assembly Business Environment Roundtable) research findings projecting that our priority bills, will have an output impact equivalent to an average of 6.87 percent of GDP over a 5-year period on the economy.
“The average annual growth in jobs is estimated at approximately 7.55 million additional employments as well as an average of 16.42 poverty reduction in Nigeria’s poverty rate.
“Over the projected 5-year period, it is suggested that the reforms, which these bills would engender, may add an average of N3.76 Trillion to National incomes (National Disposable Income was the N85.62 trillion in 2014), equivalent to 4.39 percent of 2014 figures.
“These statistics make the delivery of these bills imperative and confirm evidently that we have got our priorities right so far. It is hoped that as we begin to turn our focus now towards the passage of the 2017 budget, these bills will be implemented simultaneously with the budget to enable us to exit the recession quickly.
“It is, therefore, imperative that we immediately begin work earnestly on the MTEF to ensure passage by the end of the week. In this way, consideration and debate on the 2017 budget will immediately follow in the three ‘sitting days’ of the next week.”
“It is our hope that we will with this budget begin the implementation of the report of the Committee on Budget Reforms, which has since submitted its report.
“This will enable more Nigerians to participate in the budget consideration process, deepen the review and create the necessary efficiencies we expect from our budget implementation,” he said.
He noted that 2016 was a ‘very challenging year’ for Nigerians, but assured the lawmakers that the work the Senate has done is gradually setting the stage for a greater and better 2017.
“It is already historic that within the last quarter, which incidentally is the second quarter of this session, we all rolled up our sleeves, with sweat on our brows and successfully passed 49 bills through 3rd reading and 68 bills through second reading,” Mr Saraki said.
“This is a record-setting feat, which has never been matched in the history of the National Assembly. That within a period of four months in the middle of the term of any past National Assembly, 49 bills are passed in a single quarter.
“I want to especially thank all the committees who worked tirelessly to help us achieve this milestone. Let me also thank President Muhammadu Buhari for showing faith with the work we are doing here at the National Assembly as he has by today signed into law 16 of the bills we have passed into law already,” he said.
He condemned the recent crisis and killings in Southern Kaduna and said that the Senate would carry out a thorough investigation to unravel the issues and advise the executive appropriately.
The Senate President further said, “While we have our attention on the economy and are working with sweat on our brows to improve it for the betterment of our people, we cannot lose sight of the callous and growing circle of violence across the country, especially now in Southern Kaduna.
“We condemn in totality the depravity being exhibited on the streets of Kafanchan. This Senate will not pay lip service to it neither will it sit idly by and watch innocent Nigerians being slaughtered on the basis of their religion, ethnic group or political persuasion.
“No, we will not stand aloof. Let me, therefore; use this opportunity to call on the leadership in the state to use its authority and constitutional mandate to bring to an immediate halt the growing orgy of violence that has enveloped Southern Kaduna.
“This new theatre of conflict is one too many and must be nipped in the bud. Thankfully, a motion to this effect is already before us. We will ensure a thorough investigation is carried out to unravel the issues and advice government appropriately on the matter in order to ensure that all those found culpable are severely dealt with irrespective of who may be behind them.
“This will ensure there is no repeat of this madness and assure the people of Kaduna that injustice and impunity will not be allowed to triumph over our collective will to maintain our national unity and coherence,” he said.
He reiterated the importance of the 2017 budget in helping the economy to exit recession and urged his colleagues to double up efforts to get the passed budget to the executive for implementation within the shortest possible time.
“There is hardly a point reiterating the importance of making the 2017 budget the most successful budget we have ever passed, neither is it important to emphasize the need to have this budget back on the desk of the executive on time for implementation,” he said.
“As you may be aware, based on the recommendations of the Budget Reform Committee, we are working towards ensuring that budgets are prepared and submitted timely so that implementation will follow a regular fiscal circle.
“In this regard, the National Assembly will not tolerate agencies of government not submitting their budgets within the budget period. This is why I urge all agencies yet to submit their budgets to do so quickly as budgets not received within time may have to wait for the next budget circle,” he said.
He emphasised the need for the National Assembly to pursue and conclude the ongoing constitutional review process by the end of March and said “We must do this to ensure that our people begin to enjoy the benefits of the intended reforms which will help strengthen our unity, increase our prosperity and opportunity as we as expand our liberty and happiness across the country.”
He said the Senate would henceforth not spare any organization that trample on the rights of consumers in the country by paying keen attention to the “protection and preservation of consumer rights” adding that the “current situation where consumers’ rights are violated and treated with indignity must stop.”
“We are prepared to defend the rights of Nigerians to receive a superior quality of product or service purchased with their hard-earned resources,” Saraki said. “We will not stand for the exploitation of consumers and we have already shown that we are unafraid to tackle such an issue whether perpetrated by public or private sector service providers;
“As was the case of the intended data tariff hike proposed by the Nigerian Communications Commission (NCC) which we moved swiftly to prevent. We want people to know that they can run to us and we will in turn rise in defence of the Nigerian consumer who should be respected as a driving force in the economy,” he said.
On the power sector, Mr Saraki said, “Before we left for the break, me, a select few of us and stakeholders in the power sector met to get an understanding of why no progress has been made thus far despite the best intention; and the revelations were mind-boggling.
“There had been errors in the privatization process and the model by which the power sector is being operated—whether at generation or distribution—will never take us where we need to be.
“It has failed and nobody appears willing to tackle the issue head-on towards a permanent resolution. I have mandated the Senate Committee on Power to continue the consultation with the relevant parties to forge a path to solving our crippling power deficit. After all, if we are going to drive Nigerian industry, we need to resolve this and fast,” he said.
He lamented that the issue of policy inconsistencies continues to challenge the nation’s business environment and reiterated his view that “for a private sector-led economy to thrive, we need to reform our policy environment to give investors and our businessmen and women ample adjustment time to make informed investment decisions rather than have uncertainties.”
According to him, “This is especially important in the agriculture and solid mineral sectors where we have significant economies of scale and opportunities for diversification of our economy. In view of this we shall, in consultation with stakeholders across the board be looking at legislative measures that could increase the potential for a more stable policy environment starting with the agricultural businesses and solid mineral resources sectors of our economy,” he said.
He also called on the executive to commence an open and meaningful dialogue with the Niger Delta militants in order to stabilize the petroleum industry and take advantage of rising crude prices in the international community to turn around the fortunes of the nation’s economy.
“The Petroleum Industry continues to be critical to the health of our economy. This is why the Senate is urging the Executive to take positive steps to begin an open and meaningful dialogue with those aggrieved in the Niger Delta to proffer lasting solutions that will help us take advantage of the emerging international oil market outlook to revamp our economic fortunes.
“The proposed engagement we suggest must be sincere, constructive, open, and confidence building. This Senate is willing to assist and play whatever role necessary to facilitate a successful agreement that would help us see to the end if the lingering conflict,” Mr Saraki said.
Nigeria Working to Encourage Agricultural, Mineral Commodities Market
By Aduragbemi Omiyale
The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has said Nigeria was working tirelessly to encourage the agricultural and mineral commodities market to grow the economy.
He disclosed this while addressing newsmen a few days ago in Lagos, noting that the country was blessed with various commodities that could be exported and provide the nation with foreign exchange (forex).
Mr Yuguda disclosed that efforts are being made to ensure agricultural produce are of exportable standards and quality, stating that the commission is collaborating with the Standards Organisation of Nigeria (SON) to develop standards for commodities.
He disclosed that as a result of the collaboration with SON, some of the standards have been developed and exposed to different markets close by, and they have been received very well.
The DG said that the development of these standards will pave the way for the export of these products to the international market and, in turn, boost the Nigerian economy.
He said that the agency was pleased about the new government’s mention of supporting the commodities sector as it will further boost the SEC’s efforts at developing the commodities sector.
“Already, we have licensed a total of 5 exchanges and also approved the trading and framework for operations of different instruments.
“We are collaborating with NAICOM, CBN, SON and the Fed Min of Solid Minerals and Mines in various ways to develop the sector. Ranging from capacity building, standard setting, domestic and international advocacy etc,” he said.
“This is a sector that the commission has been working strenuously to encourage, including agricultural and mineral commodities. This is a market that has a lot of potential for Nigeria.
“We are a very good agricultural nation, and we have a lot of resources, and right now, most of them are sold in local markets without any form standards, and because of that, a lot of our agricultural produce is rejected in the international market.
“You see, smaller countries are able to export their agricultural products, especially fruits. Our fruits are among the best in the world, but unfortunately, we are not participating in this market because of standardisation issues,” Mr Yuguda added.
The SEC chief added, “This is something in the right direction, it is a starting point, and I believe that going further in the near future, this could be something really significant. We expect the agricultural sector to grow significantly in the nearest future.
“We are also collaborating with the Ministry of Solid Minerals because there is a lot of opportunity in that sector. But right now, there is a lot of artisanal mining, so there needs to be a collaboration between state governments and the Ministry of Mines so that there is a kind of standardisation and those mining are licenced by the government, and this mining is happening on a sustainable basis”.
Mr Yuguda stated that as part of implementing the Capital Market Master Plan, the commission constituted a Technical Committee on Commodities Trading Ecosystem whose mandate was to identify challenges of the existing framework and develop a roadmap for a vibrant ecosystem.
“A committee comprising various stakeholders, including the SON, was set up to drive the implementation of the report. One of the recommendations in the report identified the development of grading and standardisation system in line with international best practice,” he said.
Groups Educate Investors on Basic Concepts of SASB Standards
By Aduragbemi Omiyale
A workshop designed to help investors understand the basic concepts of the SASB standards and make effective decisions based on the standards has been organised by the Nigerian Exchange (NGX) Regulation Limited, the International Sustainability Standards Board (ISSB) as well as the Financial Reporting Council (FRC) of Nigeria.
The groups disclosed that they came up with the seminar as part of their commitments to championing the drive of sustainability and climatic disclosure reporting among companies to ensure investors in the Nigerian capital market are protected.
In her opening remark during the opening of the three-day virtual workshop on IFRS Sustainability Disclosure Standards for companies as well as investors in the capital market in Lagos on Tuesday, the chief executive of NGX Regulation, Ms Tinuade Awe, said her organisation would continue to promote a fair, transparent and orderly market that thrives on full and timely information needed for the protection of investors in the Nigerian capital market.
“As a member of the NGX Group, our commitment towards driving sustainability and climate disclosures dates back in time and continues as we partner with organisations such as the FRC, and so we are pleased to have these sessions as they are important, and we look forward to having more collaborations with the FRC as well as other organisations,” she said.
Ms Awe further revealed that there is an adoption readiness strategy mapped out to help accountants and auditors in sustainability and climatic reporting.
“The adoption readiness working group is a creation of the FRC supported by the ISSB where basically a group of people are being put together in order to advise or help the FRC on a roadmap for getting to the adoption of these standards to work in Nigeria,” she said.
Earlier in his welcome remarks, the Executive Secretary of FRC Nigeria, Mr Shuaibu Adamu, revealed that Nigeria is the only African country that has been selected to launch the IFRS S1 and IFRS S2 while adding that key to the launching of these standards has been awareness and capacity building.
Commending NGX RegCo and ISSB, Mr Adamu said, “It is encouraging that African countries are coming together to collaborate in this capacity-building programme because it is clear that Africa does not want to be left behind.
“We want to appreciate NGX RegCo for agreeing to partner with us, and they have been so far worth partners in this endeavour. It is clear that ISSB wants implementation of these standards globally, and they have taken time to ensure Africa is not left behind,” he added.
Also speaking, the Board Member of ISSB, Ndidi Nnoli-Edozien, said that the IFRS standards are used across 140 countries, and the objective is to enable companies to provide comprehensive, decision-useful sustainability and climate information to global capital markets, develop a common language of sustainability-related disclosures.
“What we have done is adopt a building block approach which allows for regulators to put in place a connection between not just the IFRS standards but also existing local multi-stakeholder information needs and local standards that currently exist. All together to meet the information needs of investors globally.
“The idea is to make things simpler so that on the one hand, S1 and S2 are interoperable with jurisdictive requirements like you have in Europe, for example, ESRS and adopted to meet broader multi-stakeholder needs that may look familiar like the GRI Standards so that essentially, a comprehensive foundation of disclosures is provided. The S2 is what will be implemented first,” Nnoli-Edozien said.
VikingGenetics, Arla Partner to Increase Cows’ Milk Yield in Nigeria
By Modupe Gbadeyanka
An exclusive genetics partnership has been entered between VikingGenetics and Arla Foods to help meet Nigeria’s growing demand for dairy commodities.
The deal will allow Arla, which launched its dairy farm in Kaduna State recently, to use 100 per cent X-Vik sexed semen from VikingGenetics bulls in the herd.
By exclusively using sexed semen, the outcome will be even more VikingHolstein heifer calves to expand the herd. In the near future, heifers could also be sold to other farmers in Nigeria for them to benefit local production further.
“Arla aims to increase the cows’ milk yield, and introducing Nordic cattle genetics into the Nigerian market can unlock much of the untapped potential in the country’s dairy industry,” the Export Manager for VikingGenetics, Mr Seppo Niskanen, said, adding that, “Together, Arla, VikingGenetics, and Livestock Genetics of Africa have selected the right bulls to achieve this.”
Ahead of unveiling its new farm in Kaduna on May 26, 2023, VikingLivestock imported 216 Danish VikingHolstein heifers on May 9.
The heifers, which will be inseminated with 100 per cent sexed semen from VikingGenetics bulls, are housed at a brand-new facility focused on animal welfare and house up to 750 dairy cows.
The cows were brought into the country to help meet the growing demand for milk.
Nigeria has one of the fastest-growing populations in the world, putting pressure on food producers’ ability to meet the demand of nearly 40 per cent of the current market for milk and milk products.
“VikingGenetics is honoured to support Nigeria’s agricultural growth and is eager to participate in this long-term partnership. We are delighted to bring our robust and healthy Nordic dairy cattle genetics to Nigeria,” the CEO of VikingGenetics, Louise Helmer, said.
“With a daily production of 30 to 40 litres of milk, VikingGenetics’ breeds can benefit areas where farmers experience average yields of 1-2 litres daily. Helmer added that this would greatly help farmers and their communities, increase yields, boost income, and enhance access to nutritious food,” Helmer added.
It was gathered that this collaboration would involve the delivery of livestock, semen, and expert advice, ensuring that Arla and the Nigerian farmers receive a complete, ready-made solution.
This provides the farm with high-quality genetics and animals with high milk yields that will support dairy production in Nigeria for years.
“With this project, we share our knowledge, create an economically viable off-take market for local milk and show a way for the future of Nigerian dairy farming,” Arla Farm Manager, Snorri Sigurdsson, stated.
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