₦airaland Forum

Pension Multi Fund Structure: Matters Arising
https://www.businesspost.ng/2018/06/21/pension-multi-fund-structure-matters-arising/

Shareholders Laud Dangote Cement's 'Robust Dividend' Payment
https://www.businesspost.ng/2018/06/21/shareholders-laud-dangote-cements-robust-dividend-payment/

Pension Multi Fund Structure: Matters Arising
https://www.businesspost.ng/2018/06/21/pension-multi-fund-structure-matters-arising/

Shareholders Laud Dangote Cement's 'Robust Dividend' Payment
https://www.businesspost.ng/2018/06/21/shareholders-laud-dangote-cements-robust-dividend-payment/

By Dipo Olowookere

President Muhammadu Buhari on Wednesday finally signed the 2018 Appropriation Bill into law six months after he presented it to the National Assembly.

Mr Buhari had submitted the 2018 budget to the parliament in November 2017, but it was eventually passed by the legislative arm of government in May 2018.

The delay in the passage of the bill had generated reactions from various quarters of the country because of the effect it had on the economy in general.

Today, the President signed the budget into law after receiving it from the National Assembly nearly a month ago.

During the briefing signing ceremony on Wednesday at the Presidential Villa in Abuja, President Buhari said he was not happy with the increment made to the budget estimate by the legislature.

Mr Buhari had presented a budget of N8.6 trillion, but the lawmakers increased it to N9.1 trillion, 22.6 percent higher than the 2017 budget.

Reacting to this in his speech today, the President said the executive was never consulted before this increment was made by the parliament.

The President said if not for the fact he did not want the nation’s economy to suffer, he would probably have not signed the budget into law today.

He accused the parliament of removing some critical projects the executive put in the budget to have positive effect on Nigerians.

“I have decided to sign the 2018 budget in order not to further slowdown the pace of recovery of our economy, which has doubtlessly been affected by the delay in passing the budget,” the President said in his short speech.

According to him, “We intend to use the 2018 budget to consolidate the achievements of previous budgets and deliver on Nigeria’s Economic Recovery and Growth Plan (ERGP) 2017-2020.

“It is in this regard that I am concerned about some of the changes that the National Assembly has made to the budget proposals that I presented. The logic behind the Constitutional direction that budgets should be proposed by the Executive is that, it is the Executive that knows and defines its policies and projects.

“Unfortunately, that has not been given much regard in what has been sent to me. The National Assembly made cuts amounting to N347 billion in the allocations to 4,700 projects submitted to them for consideration and introduced 6,403 projects of their own amounting to N578 billion.

“Many of the projects cut are critical and may be difficult, if not impossible, to implement with the reduced allocation. Some of the new projects inserted by the National Assembly have not been properly conceptualized, designed and cost and will therefore be difficult to execute.”

The President listed some of the critical projects cut by the legislature as “The provisions for some nationally/regionally strategic infrastructure projects such as Counter-part funding for the Mambilla Power Plant, Second Niger Bridge/ancillary roads, the East-West Road, Bonny-Bodo Road, Lagos-Ibadan Expressway and Itakpe-Ajaokuta Rail Project were cut by an aggregate of N11.5 billion.

“Similarly, provisions for some ongoing critical infrastructure projects in the FCT, Abuja especially major arterial roads and the mass transit rail project, were cut by a total of N7.5 billion.

“The provision for Rehabilitation and Additional Security Measures for the United Nations Building by the FCT, Abuja was cut by N3.9 billion from N4 billion to N100 million; this will make it impossible for the Federal Government of Nigeria to fulfil its commitment to the United Nations on this project.

“The provisions for various Strategic Interventions in the health sector such as the upgrade of some tertiary health institutions, transport and storage of vaccines through the cold chain supply system, provision of anti-retroviral drugs for persons on treatment, establishment of chemotherapy centres and procurement of dialysis consumables were cut by an aggregate amount of N7.45 billion.

“The provision for security infrastructure in the 104 Unity Schools across the country were cut by N3 billion at a time when securing our students against acts of terrorism ought to be a major concern of government.

“The provision for the Federal Government’s National Housing Programme was cut by N8.7 billion.

“At a time when we are working with Labour to address compensation-related issues, a total of N5 billion was cut from the provisions for Pension Redemption Fund and Public Service Wage Adjustment.

“The provisions for Export Expansion Grant (EEG) and Special Economic Zones/Industrial Parks, which are key industrialization initiatives of this Administration, were cut by a total of N14.5 billion.

“The provision for Construction of the Terminal Building at Enugu Airport was cut from N2 billion to N500 million which will further delay the completion of this critical project.

“The Take-off Grant for the Maritime University in Delta State, a key strategic initiative of the Federal Government, was cut from N5 billion to N3.4 billion.

“About seventy (70) new road projects have been inserted into the budget of the Federal Ministry of Power, Works and Housing. In doing so, the National Assembly applied some of the additional funds expected from the upward review of the oil price benchmark to the Ministry’s vote.

“Regrettably, however, in order to make provision for some of the new roads, the amounts allocated to some strategic major roads have been cut by the National Assembly.”

In his conclusion, Mr Buhari thanked the “Ministers of Budget and National Planning, the Budget Office of the Federation, and everyone who worked tirelessly and sacrificed so much to bring us to this day. However, the job is only partly done.”

He said, “I am sure you will remain committed to advancing our Change Agenda, not only in the preparation of the national budget, but also in ensuring its effective implementation.”

https://www.businesspost.ng/2018/06/20/i-was-forced-to-sign-2018-budget-to-save-nigerias-economy-buhari/

By Dipo Olowookere

President Muhammadu Buhari has finally signed the 2018 Appropriation Bill into law, Business Post is reporting.

The 2018 budget was assented to by President Buhari on Wednesday afternoon at the State House in Abuja.

At the short signing ceremony held on Wednesday at the Presidential Villa in Abuja, the President signed the bill transmitted to him last month by the National Assembly, preventing a possible government shutdown.

Last week, we reported that the President had till June 30, 2018 to sign this year’s budget into law to avoid grounding the country.

Business Post recalled that in November 2017, Mr Buhari submitted a budget proposal of N8.6 trillion to the parliament.

However, when the budget was passed by the lawmakers on May 6, 2018, it had been increased by over N500 billion to N9.1 trillion.

Yesterday, the presidency announced that the 2018 budget would be signed into law today at 12 noon.

https://www.businesspost.ng/2018/06/20/breaking-at-last-buhari-signs-2018-budget/

BREAKING: At Last, Buhari Signs 2018 Budget
https://www.businesspost.ng/2018/06/20/breaking-at-last-buhari-signs-2018-budget/

BREAKING: At Last, Buhari Signs 2018 Budget
https://www.businesspost.ng/2018/06/20/breaking-at-last-buhari-signs-2018-budget/

CBN to Auction N67b Treasury Bills Today
https://www.businesspost.ng/2018/06/20/cbn-to-auction-n67b-treasury-bills-today/

Anxiety as Buhari Signs 2018 Budget Today
https://www.businesspost.ng/2018/06/20/anxiety-as-buhari-signs-2018-budget-today/

A Neighbouring Country Destroying Our Economy—FG
https://www.businesspost.ng/2018/06/20/a-neighbouring-country-destroying-our-economy-fg/

Nigeria May Not Improve Ability to Generate Revenue—Moody’s
https://www.businesspost.ng/2018/06/20/nigeria-may-not-improve-ability-to-generate-revenue-moodys/

Market Anticipates N444b Maturing Treasury Bills Thursday
https://www.businesspost.ng/2018/06/19/market-anticipates-n444b-maturing-treasury-bills-thursday/

Nigeria’s Foreign Reserves Gain $202m in 4 Days to Hit $47.6b
https://www.businesspost.ng/2018/06/18/nigerias-foreign-reserves-gain-202m-in-4-days-to-hit-47-6b/

Prestige Assurance Clears Accumulated Losses, to Pay Dividend
https://www.businesspost.ng/2018/06/18/prestige-assurance-clears-accumulated-losses-to-pay-dividend/

FMDQ Introduces Settlement Platform for Fixed Income Market
https://www.businesspost.ng/2018/06/18/fmdq-introduces-settlement-platform-for-fixed-income-market/

Report Identifies Nigerian Stock Market for Capital Raising in 2018
https://www.businesspost.ng/2018/06/15/report-identifies-nigerian-stock-market-for-capital-raising-in-2018/

CBN Rakes N181b from Treasury Bills Sale via Primary Market as Rates Rise
https://www.businesspost.ng/2018/06/14/cbn-rakes-n181b-from-treasury-bills-sale-via-primary-market-as-rates-rise/

By Dipo Olowookere

Data released by the National Bureau of Statistics (NBS) on Tuesday, June 12, 2018, has revealed that the average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 0.68 percent month-on-month to N2,072.24 in May 2018 from N2,058.19 in April 2018.

The stats office, in the data obtained by Business Post, also disclosed that the price showed a decrease by 15.30 percent year-on-year, from N2,446.57 in May 2017 to N2,072.24 in May 2018.

It was revealed that states with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Bauchi (N2,500.00), Gombe (N2,500.00), and Borno (N2,428.57).

However, states with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Kaduna (N1,687.50), Ebonyi (N1,690.00) and Ekiti (N1,795.00.)

A review of the data by Business Post further showed that the price of the commodity increased in Bauchi State by 13.6 percent m-o-m, 19 percent in Gombe State, but remained flat in Borno State last month.

However, in Ekiti State, the price dropped by 1.1 percent m-o-m; 5.2 percent in Ebonyi State; and 10.9 percent in Kaduna State.

Similarly, average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 0.70 percent month-on-month and decreased by 13.30 percent year-on-year to N4298.72 in May 2018 from to N4,268.95 in April 2018.

States with the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Benue (N5,150.00), Kaduna (N4,935.00) and Cross River (N4,687.50).

But states with the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Oyo (N3,940.38), Ogun (N3,866.67) and Lagos(N3,683.33).

In Benue State, the price increased in May 2018 by 3 percent m-o-m, while it went up by 17 percent m-o-m in Kaduna State and by 2.9 percent in Cross River State.

During the period under review, the price for refilling of a 12.5kg cylinder of cooking gas reduced by 0.2 percent m-o-m in Oyo State, down by 2.5 percent in Ogun State, and 1.9 percent in Lagos State.

https://www.businesspost.ng/2018/06/12/cooking-gas-price-increases-by-0-68-in-may-2018-nbs/

By Modupe Gbadeyanka

With the 2018 budget not yet signed into law by President Muhammadu Buhari, there are fears that there would be government shutdown in Nigeria.

This is because the lifespan of the 2017 budget would have expired, leaving government with no money to spend to run affairs of the nation.

A member of the House of Representatives from Anambra State, Mr Chris Emeka Azubogu, has said the lifespan of the 2017 budget will end on June 30, 2018.

Speaking on a programme monitored by Business Post on Tuesday morning, Mr Azubogu revealed that the capital expenditure part of the 2017 budget had expired in December last year.

“The capital expenditure part of the 2017 budget expired in December 2017,” the lawmaker said on Political Platform on RayPower this morning during a phone chat with Mr Amaechi Anakwe, presenter of the show.

“But the recurrent [expenditure] part of the budget is still running and it will expire by June 30, 2018,” Mr Azubogu, who is the Deputy Chairman of House of Representatives Committee on Appropriation, said further on the programme.

With this revelation, if President Buhari fails to sign the budget before June 30, there might be a shutdown of government.

Last week, Minister of Budget and National Planning, Mr Udoma Udoma, disclosed that President Buhari will only sign the 2018 budget after he was satisfied with its contents.

According to him, Mr President was taking his time to review the budget passed by the National Assembly last month.

“The President is currently reviewing the budget. As soon as he is through, he will sign it. That is what l can tell you for now,” he had said.

However, the Minister did not state how long the President would take to finish reviewing the budget, but he said, “As you know, we have a minimum window of 30 days.”

Business Post recalls that the 2017 budget, also passed in May last year, was signed into law a month later.

In November 2017, President Buhari presented a budget of N8.6 trillion to a joint session of the parliament, but the lawmakers raised the appropriation bill to N9.1 trillion when it was passed.

Nigeria is still struggling to return to the January to December budget year.

Experts have lamented that the late passage of budgets in Nigeria was becoming a norm in the country, warning that the economy will continue to suffer for it.

https://www.businesspost.ng/2018/06/12/buhari-has-till-june-30-to-sign-2018-budget-to-prevent-govt-shutdown-lawmaker/

Buhari has till June 30 to Sign 2018 Budget to Prevent Govt Shutdown—Lawmaker
https://www.businesspost.ng/2018/06/12/buhari-has-till-june-30-to-sign-2018-budget-to-prevent-govt-shutdown-lawmaker/

Money Market Rates Surge by 7.13% as T-Bills Yields Shrink to 12.77%
https://www.businesspost.ng/2018/06/12/money-market-rates-surge-by-7-13-as-t-bills-yields-shrink-to-12-77/

N425b T-Bills Mature This Week as CBN Offers N181b via PMA
https://www.businesspost.ng/2018/06/11/n425b-t-bills-mature-this-week-as-cbn-offers-n181b-via-pma/

By Dipo Olowookere

Analysts at FSDH Research have predicted that inflation rate in Nigeria for the month of May 2018 would moderate to 11.50 percent from 12.48 percent recorded in April 2018.

In its Inflation Watch report, the firm explained that this drop would be influenced by base effect in the Composite Consumer Price Index (CCPI) from the previous year.

The National Bureau of Statistics (NBS), according to its calendar, is expected to release the inflation figures on Wednesday, June 13, 2018.

The headline inflation has been on downward trend since last year and the Nigerian government is targeting a single digit inflation rate before the end of this year.

In its report released yesterday, FSDH said in the month of May, most consumer prices recorded elevated prices.

For example, the Food Price Index (FPI) from the Food and Agriculture Organization (FAO) for the month of May 2018 showed that the Index averaged 176.2 points, 1.24 percent higher than the revised value for April 2018, and 1.90 percent higher than the May 2017 figure.

According to the FAO, prices of dairy products and cereals rose during the month while vegetable oils and sugar prices remained under downward pressure.

The FAO Dairy Price Index was up for the fourth consecutive month, recording an increase of 5.45 percent between April and May.

Increased demand for products such as cheese, skimmed milk powder and butter contributed to the rise in the value of the Index. The FAO Cereal Price Index was up by 2.44 percent, largely due to the increase in the prices of wheat, coarse grains and rice.

However, the FAO Vegetable Oil Price Index was down by 2.58 percent, primarily driven by a decline in the prices of palm, soy and sunflower oils occasioned by slow global imports demand and large inventories.

The FAO Sugar Index fell for the sixth consecutive month as a result of increased supply conditions in the main sugar producing region of Brazil. The FAO Meat Index was marginally down by 0.48 percent driven by the decrease in the prices for ovine and pig meat.

FSDH’s analysis indicated that the value of the Naira depreciated at both the Nigerian Autonomous Foreign Exchange (NAFEX) and parallel markets in May 2018.

The value of the Naira lost by 0.40 percent and 0.14 percent to close at $/N361.62 and $/N363.50 respectively at the NAFEX and parallel markets at the end of May.

The rise in the international prices of food coupled with the depreciation in the value of the Naira led to an increase in the prices of imported consumer goods in Nigeria between the two months under review.

In the report, FSDH Research noted that there is a potential increase in the local prices of imported food items because of the faster than expected increase in the international food prices.

The prices of most of the food items that FSDH Research monitored in May 2018 increased substantially, leading to a 1.20 percent increase in its Food and Non-Alcoholic Index.

This Index increased year-on-year by 13.29 percent, up from 240.30 points recorded in May 2017. The firm also observed an increase in the prices of Transport and Housing, Water, Electricity, Gas & Other Fuels divisions between April and May 2018.

https://www.businesspost.ng/2018/06/09/inflation-to-drop-further-to-11-50-in-may-from-12-48-in-april-fsdh/

Group Accuses Okomu Oil of Using Fake RSPO Certification
https://www.businesspost.ng/2018/06/07/group-accuses-okomu-oil-of-using-fake-rspo-certification/

GTBank should be able to accept your request.

yanjutomi:
pls I want to buy treasury bill of 400k but gtb minimum is 1,000,000 pls can I direct me to any bank dat can do 400k worth of TBills

CBN to Offer Investors N1.1tr Treasury Bills in Q3 2018
https://www.businesspost.ng/2018/06/07/cbn-to-offer-investors-n1-1tr-treasury-bills-in-q3-2018/

He just wan start to dey buy shares and he needs a stockbroker.

NextProdigy:
Lot dey buy shares for NSE?

Dangote Cement Stock Performing Under Majoku—NSE Chief
https://www.businesspost.ng/2018/06/07/dangote-cement-stock-performing-under-majoku-nse-chief/

N122b Debt: Court Convicts First Bank Chairman, CEO of Contempt
https://www.businesspost.ng/2018/06/07/n122b-debt-court-convicts-first-bank-chairman-ceo-of-contempt/

Sell-off at Treasury Bill Market as Yields Close at 12.71%
https://www.businesspost.ng/2018/06/07/sell-off-at-treasury-bill-market-as-yields-close-at-12-71/

By Dipo Olowookere

Minister of Budget and National Planning, Mr Udo Udoma, has commended President Muhammadu Buhari for improving the business climate in Nigeria while focusing on creating an environment for private sector investment.

Speaking at the Financial Times Nigeria Summit, the Minister noted that the various policies put in place by the President ensured that the economy recovered from the recession it slipped into in the second quarter of 2016.

In a statement issued by his Media Adviser, Mr Akpandem James, the Minister stated that though the Mr Buhari led administration inherited a challenged economy, it has succeeded in turning the situation around as the economy was now out of recession and growing again.

According to him, the Nigerian economy is on the right path, insisting that most policies initiated by the current administration are stirring the economy towards an upward trajectory.

He said this was evident in the very positive indicators reflected in Nigeria’s economic outlook for 2018 and over the medium-term.

He said government was rolling out initiatives, such as the Economic Recovery and Growth Plan focus labs, aimed at attracting sufficient private sector investments to ensure that the country would achieve the growth target of seven percent by 2020.

Mr Udoma recalled that the collapse of oil prices in the global market from $111.8 in June 2014 to as low as $30.7 in January 2016, and with no fiscal buffers, set the country’s economy on a downward spiral. This, he noted, culminated in a recession by the second quarter of 2016.

“This was followed by the development of the ERGP in 2017, a medium term plan whose implementation has taken the country out of recession and will place the economy on the path of sustained, diversified and inclusive growth.

“As part of the implementation of the ERGP, there have been substantial increases in capital allocations to priority sectors. There have been allocations to priority sectors such as infrastructure and agriculture, with capital releases of over N1.2 trillion under the 2016 Budget, and almost N1.5 trillion under the 2017 Budget,” he said.

The Minister said some of reform measures, such as the Presidential Enabling Business Council, had resulted in the country becoming recognized by the World Bank as one of the top 10 reforming countries in the world.

In addition, he stated that the country had moved up 24 places in one year in the World Bank’s Ease of Doing Business ranking, while its total exports appreciated by 59.9 percent between 2016 and 2017 following the implementation of the ERGP.

“We have tackled those issues that made Nigeria not to be competitive in the past such as ease of getting visas and acquiring lands, among others,” he said.

The minister said the growth of other indices like foreign reserves, inflation rate, Gross Domestic Product were encouraging and made the economy more resilient.

“We have built up our foreign reserves, in June 2016 it was 26.51 billion dollars but today it’s about $44 billion,” the minister said.

https://www.businesspost.ng/2018/06/06/nigerias-business-environment-has-improved-under-buhari-minister/

Union Bank to Grow Retail Customer Base Despite N5.9tr Legal Battle
https://www.businesspost.ng/2018/06/06/union-bank-to-grow-retail-customer-base-despite-n5-9tr-legal-battle/

CBN Releases Treasury Bills Issue Calendar for Q1 2018
https://www.businesspost.ng/2018/06/06/cbn-releases-treasury-bills-issue-calendar-for-q1-2018/

T-Bills Yields Shed 0.05% as Money Market Rates Lose 0.50%
https://www.businesspost.ng/2018/06/06/t-bills-yields-shed-0-05-as-money-market-rates-lose-0-50/

Check Out Target Price of These Stocks on NSE
https://www.businesspost.ng/2018/06/05/check-out-target-price-of-these-stocks-on-nse/

Buhari Needs Sufficient Time to Review 2018 Budget Before Signing—Minister
https://www.businesspost.ng/2018/06/05/buhari-needs-sufficient-time-to-review-2018-budget-minister/

Bond Yields to Drop at OTC Market amid Financial System Liquidity Ease
https://www.businesspost.ng/2018/06/04/bond-yields-to-drop-at-otc-market-amid-financial-system-liquidity-ease/

Three Other Companies Plan IPO Listing After MTN Nigeria
https://www.businesspost.ng/2018/06/04/three-other-companies-plan-ipo-listing-after-mtn-nigeria/

Three Other Companies Plan IPO Listing After MTN Nigeria
https://www.businesspost.ng/2018/06/04/three-other-companies-plan-ipo-listing-after-mtn-nigeria/

Stock Recommendation for this week
https://www.businesspost.ng/2018/06/04/stock-recommendation-for-this-week/