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Posts published in “Finance”

NNPC Earned N686bn from Refined Petroleum Products in 2012

Business News (Finance) — The Nigerian National Petroleum Corporation (NNPC) realized N686.44bn from the sale of refined products from country’s three refineries in 2012.
Details of the revenues and expenditures of the refineries were contained in the corporation’s budget for downstream activities, which was submitted to the National Assembly on Thursday.
For 2012, the corporation had a revenue projection of N802.88bn, but it had only realised N455.3bn as at September.
The Senate Committee on Petroleum (Downstream), however, rejected the NNPC budget because it did not contain clear details on how the revenues were generated.
The Chairman of the committee, Senator Magnus Abe, said the budget did not show what each refinery generated during the period.

Kaduna State Governor Presents N176.4Billion,2013 Budget To House of Assembly

The formal Governor of Kaduna state Gov Patrick Yakowa, before his demise had presented a budget of N176.4 billion to the State House of Assembly for 2013 fiscal year.
The late governor tagged the budget, “Budget of Consolidation and Advancement’’ had a recurrent expenditure of N74.4 billion and a capital expenditure estimate of N102 billion.
He said part of the capital estimate would be financed by an external loan of N17.1 billion and an internal loan of N27.6 billion.
The News Agency of Nigeria (NAN) reports that the highest allocation of N23.6 billion went to the transport sector, followed by water resources with N20.3 billion and N13.2 billion to education.
` `The 2012 recurrent budget was 44.9% while the capital was 55.1% but our proposed 2013 budget has a recurrent budget of 42.1% while the capital budget is 57.9%. ‘’
He said it was aimed at improving infrastructure, education, agriculture, health, peace and security, civil service, revenue and poverty reduction.

Bauchi State Governor Presents N137.34Billion, 2013 Budget To House Of Assembly

Business News (Finance) — The Governor of Bauchi state Nigeria, Isa Yuguda yesterday presented to the state house of assembly a budget of N137, 342,108,137 billion for capital and recurrent expenditure for 2013, with the state Ministry for Works and Transport topping the list with N6, 199,759,376 billion.
The office of the Secretary to the State Government (SSG) is to gulp N5, 601,000,000 billion, while the state Ministry for Education got N5, 566,347,686 billion. While presenting the budget, the governor said that the 2013 Budget is predicated on the assumption of oil production of 2.53 million barrel per day at a bench mark oil price of US$75 per barrel and a robust and efficient system of internally generated collection.
Yuguda said the transport sector, which will have the highest allocation, will see the completion of the state Internal airport, while all roads under construction have been earmarked for completion adding that under SURE-P Youths and Women Empowerment Scheme have been designed and package to engaged at least 20,000 youth and women across the state and will be roll out.

Jigawa State Governor Presents N115.4Billion,2013 Budget To House of Assembly

Business News (Finance) —Alhaji Sule Lamido, Governor of Jigawa state, Nigeria yesterday presented a proposed budget of N115.4 billion for the 2013 fiscal year to the state House of Assembly for scrutiny and approval.
Lamido said that the budget has slightly exceeded the amount approved under the 2012 appropriation law by about five percent.
He explained that the total recurrent expenditure comprising of personnel and over head cost and consolidating revenue fund charges amounting to N57.2 billon, equivalent to 46 percent of the expenditure estimates.
According to the governor, the balance of N60.2 billion was earmarked for capital development, adding that the small fraction of the projected recurrent revenue was proposed to be set aside as stabilisation fund amount to N2.5 billion, saying that consequently, the total retained revenue on which the aggregate expenditure estimates were based, was exactly N112.9 billion.

Nigerian Stock Market Capitalization Appreciates by N135Billion

Nigerian Stock market News —A total of 175.98 million shares worth N1.9 billion were traded in 2,802 deals on the Nigerian Stock Exchange (NSE) on Wednesday.
This was against the 215.58 million shares valued at N1.7 billion traded in 2,714 deals on Monday. The market capitalisation appreciated by N135 billion to close at N9.109 trillion.

The All-Share Index also rose by 422.41 points or 1.5 per cent to close at 28,501.21 in contrast to the 28,078.80 posted on Monday.

NewGold led the price gainers’ chart with a gain of N2 to close at N2, 534 per unit. GTBank appreciated by N1.60 to close at N24.60 per share, while Presco gained N1.50 to close at N18.50 per share FBN Holdings appreciated by N1.38 to close at N17.10 per share, while Nigerian Breweries rose by N1 to close at N148 per share.

Yobe State Governor Presents N86.6Billion,2013 Budget To House of Assembly

Business News(Finance) — Ibrahim Gaidam, the Governor of Yobe state, Nigeria on Wednesday presented a budget of N86.6 billion for the 2013 fiscal year to the state House of Assembly.
The budget christened: “Budget of Consolidating the Focused Socio-Economic Transformation Programme’’, was N8.1 billion higher than that of 2012.

Gaidam said that the budget would accord priority to the state’s socio-economic development; generate employment opportunities, and promote unity and peaceful coexistence.

A breakdown of the budget showed that 54.1billion was for capital expenditure while N32.5 billion was set aside for recurrent expenditure.

Oando Opens N54.6 Billion Rights Issue of 50 Kobo At N12.00 per share

Nigerian Business News (Stock Exchange) — Oando Plc has opened its rights issue to raise N54.6 billion through the issuance of 4,548,236,276 ordinary shares of 50 Kobo at N12.00 per share.
The rights issue exercise opened last Friday on the Nigerian Stock Exchange floor. Another one will open on January 2013 on Johannesburg Stock Exchange Limited and close on February 6 on both exchanges, the company said.
It said Vetiva Capital Management Limited is the Lead Issuing House, while FBN Capital Limited and FCMB Capital Markets Limited will act as Joint Issuing Houses.
Oando explained that the rights issue would be on the basis of two (2) new ordinary shares for every ordinary share of 50 Kobo each held as at the close of business on Friday, October 19, 2012.

ADB, Taraba State To Spend N4Billion On Jalingo Water Project

Nigeria Business News (Finance) — The African Development Bank (ADB) and the Taraba state Government have launched a N3.6 billion water project for Jalingo, in a bid to end the perennial water scarcity in the city.
The state’s Commissioner for Water Resources and Rural Development, Mr Rebo Usman, made the disclosure in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja, Nigeria.
According to Usman, acute water shortage in the city will soon be solved with the implementation of the project.
He said the state was collaborating with the ADB to implement the project. “We launched the project a month ago for Jalingo water project and our counterpart funding is about N500 million but the total is N3.6 billion.
“We have just completed the assessment of consultants and also done the launching of the project, in the next six months, we should be ready to award the contract.

Gwagwalada L.G.A, Abuja Presents N4.8 Billion 2013 Budget Proposal

Nigerian Business News (Finance) — Alhaji Zakari Angulu, the Chairman, Gwagwalada Area Council, FCT, Abuja Nigeria on Monday presented N4.8 billion budget proposal for 2013. Presenting the budget estimate to the legislative arm of the council at Gwagwalada for endorsement, Angulu urged for speedy passage. He said that recurrent expenditure would account for 45 per cent of the budget, while 43 per cent was earmarked as capital allocation. According to him, overhead cost would account for 12 per cent of the total budget. Angulu explained that the increase in percentage estimate for recurrent expenditure followed the inclusion of Local Education Authority (LEA) in the fiscal framework of the budget.

Ondo State Governor Presents N151 billion, 2013 Budget To House of Assembly

Business News (Finance) – The Governor of Ondo State, Olusegun Mimiko on Monday in Akure presented the 2013 budget of N151 billion to the State House of Assembly.
The Governor said the budget is made up of N77.650 billion proposed for capital expenditure with N73.350 billion as recurrent expenditure estimates which was a 3 per cent decrease over the projections of 2012.
Mr. Mimiko told the lawmakers that the major objective of the budget is further consolidation of the gains of the last four years by completing on-going projects, adding that “government will source N38 billion from the financial market in order to accelerate the pace of development and job creation in the state.
Sectoral allocations proposed for completion of on-going projects showed education getting the lion share of N10.523 billion followed by road construction and maintenance being allocated the sum of N10.250 billion.