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Why we increased oil price benchmark in 2022 budget- Senator Barau

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Senate committee on Appropriations says the increase in oil price Benchmark in 2022 budget from US$57 to US$62 was done to reflect the current market value in the international market, adding that the exchange rate was pegged at N410.15/US$1, Gross Domestic Product (GDP) Rate at 4.2 and Inflation Rate at 13 percent.

The Committee Chairman, Senator Jibrin Barau, stated this in an interview with select journalists shortly after the passage of the 2022 budget by the Senate on Wednesday.

Recalls that the Senate on Wednesday passed an aggregate expenditure of N17,126,873,917,692 trillion naira as budget for the 2022 fiscal year.

2023: No Going Back On Electronic  Transmission Of Result -INEC

The Senate increased the 2022 appropriations from N16,391,023,917,692 to N17,126,873,917,692.

The All Progressives Congress, APC, Kano North Senator, Jibrin said the revenue projection for the 2022 budget was predicated on the Medium Term Expenditure Framework/Fiscal Strategy Paper approved by the National Assembly, recalled that the National Assembly had approved 1.88mbpd Daily Oil Production and US$62 as against $US57 proposed by the executive arm of government.

The Senator Barau explained that out of the N17,126,873,917,692 passed, N869,667,187,542 is for Statutory Transfer; N6,909,849,788,737 is for Recurrent Expenditure; N5,467,403,959,863 is for Capital Expenditure; and N3,879,952,981,550 is for Debt Service.

He noted that additional revenues discovered should be provided to the Works and Housing Ministry for funding of critical projects, Independent National Electoral Commission (INEC), for the 2023 General Elections, Defence and the National Population Commission for the 2022 Population Census.

Senator Barau Jibrin added that N98 billion naira increase in deficit should be approved to take care of some of the additional requests from the executive arm of government.

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Member APC Working Committee Urges Public Not To Bow to NNPP’s Blackmail Over APC National Chairman

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Bashir Mai Sango with APC national chairman Dr Abdullahi Umar Ganduje

 

A member of the APC working committee in Kano Bashir Mai Sango urges the general public not to succumb to blackmail by certain sponsored elements seeking to discredit the APC national chairman, Dr. Abdullahi Umar Ganduje.

In a statement issued to newsmen Bashir Mai Sango, it was highlighted that the sponsored elements, bent on blackmailing the APC chairman, aim to destabilize the APC-led federal Government of President Bola Ahmad Tinubu, who, in his almost eleven months in office, has been striving to rectify the economy.

Bashir Maisango who is also the assistant secretary of Kano APC emphasized that these individuals are also apprehensive about the political acumen and successes of the APC national chairman, Dr. Abdullahi Umar Ganduje, who tirelessly collaborates with the President to strengthen the APC and position it as a formidable party in future general elections.

Bashir emphasized the importance of recognizing that the NNPP government, along with its agents in Kano and in collaboration with certain disgruntled elements, are working to divide party stalwarts at both the federal and state levels. They are doing so by sponsoring retrogressive elements to launch a campaign of defamation against the National chairman of the APC through court orders and by financing certain members to blackmail the chairman and the APC leadership.

The member Kano working committee further urged the National working committee of the APC, the people of Kano, and all other critical stakeholders not to yield to blackmail from the NNPP government and its propaganda machinery.

He mentioned that the NNPP government, led by Kwankwaso’s puppet, Governor Abba Kabir Yusuf, is doing so to appease his master instead of focusing on governance, as his failures are becoming increasingly evident.

The NNPP government aims to divert attention and ensure the innocent into its fold because the APC national chairman is their nightmare.

He said the national chairman, Dr. Abdullahi Umar Ganduje, has made significant strides in repositioning the party by establishing a progressive institute which underway . This institute is designed to consolidate robust political ideas for progressive politics, a feat never achieved before since the formation of APC in 2013.

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Dangote crashes Diesel price to N1,000 per litre

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In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country

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KEDCO to Invest ₦1.2bn in Network Expansion

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Kano Electricity Distribution Company (KEDCO) said it has concluded plans to invest ₦1.2billion Naira in network expansion and improvement in power supply to the famous Dawanau International Grains Market, in Kano.

Network expansion and power generation are some of the Company’s major plans to improve power supply in an accelerated fashion, especially in areas such as Dawanau International Grains Market, being the largest in Sub-Saharan Africa, with numerous cottage industries.

The Company is prioritising the Dawanau project amongst a string of similar projects due to its current dilapidated network leaving the area underserved, thus hindering the potential of the market as a catalyst for economic growth of Kano state and the northern part of Nigeria.

Commenting on the development, the Company’s Ag. Managing Director and CEO, Abubakar Yusuf said, “We have engaged 3 reputable companies to actualise construction of 35KM of 33kV high tension (HT) line from Bichi Transmission Sub-station to Dawanau market, installation of 2Nos 500KVA 33/.415 transformers, and low tension (LT) lines to serve the area and environs at the cost of ₦1.2bn.

He added that “the project is aimed at improving quality and efficiency of power supply to industrial and commercial clusters in the grain market, which is equally in line with our vision to enable re-industrialization and economic empowerment within our franchise states”.

In his remarks, the Company’s Chief Technical Officer, Engr. Inuwa Bala Daneji said, “Upon completion of the project, we forecast an increase in energy offtake by 200% and an equivalent growth in revenue for KEDCO”.

On takeover in November 2023, the new core investor (Future Energies Africa) immediately embarked on network rehabilitation and expansion aimed at improving access to quality and reliable power supply for the socio-economic growth of KEDCO’s tri-state of operation.

In a statement signed by the head corporate communications Sani Bala said While these initiatives will further strengthen the existing relationship among stakeholders and explore other business opportunities within the same space and beyond, the investors remain unrelenting in the same trend across the franchise area.

 

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