19 Nov

Daily Watch – Buhari seeks approval for supplementary budget, Power firms owe NERC N3 billion

  • President Muhammadu Buhari, has sent a letter to the senate seeking approval for the 2015 supplementary budget of N465 billion from the Consolidated Revenue Fund. Buhari said the supplementary budget became imperative as a result of shortage of funds to carry out important projects in the country. Of the amount, N460 billion is for additional recurrent expenditure (non debt). The remaining five billion is for “contribution to the Development Fund for additional Capital Expenditure for the year ending on 31st day of December, 2015”. A further breakdown of the budget shows that N413 billion is for settlement of subsidy claims, while N39 billion is for operation Lafiya Dole – the anti-insurgency campaign in the North-East.
  • The Nigerian Stock Exchange (NSE) has launched an online trading application called ‘Smart Trade’ as part of efforts to increase retail investors’ participation in the stock market. Only about five million Nigerians participate in the stock market, which the NSE hopes to improve by unveiling the stock trading app. Executive Director, Market Operations and Technology, Ade Bajomo, said the new app would help to increase the number to 25 million in the very near future. “What drives the market is that everyone participates, operates and nurture his or her investment. The app will provide users real-time market data with availability of various technical indicators to analyse the trend and momentum of the market. At the end of the day, they will make informed decisions based on the latest data.”
  • The Chairman of NERC, Dr. Sam Amadi, has said that Power firms operating in the country owe the Nigerian Electricity Regulatory Commission a total of N3 billion. According to him, the debt is due to revenue shortfalls and other challenges confronting operators in the Nigerian electricity supply industry, but noted that the commission was not in a haste to recover the funds. Amadi also claimed that NERC’s website and the emails of senior officials were hacked into on Monday by unknown persons.
  • Chinese Ambassador to Nigeria, Ambassador Gu Xiaojie, has said that the Chinese Government will sanction any Chinese company that defies Nigeria’s local content and labour laws. Gu made the promise in an interview in Lagos following complaints by some Nigerians that the companies were not obeying Nigerian labour laws. He however pointed out that he was yet to get any report from relevant Nigerian Government authorities of such companies that were violating laws.
  • Japanese automaker, Yamaha, has commenced the assembling of two model motorcycles, Crux and Force X, in Nigeria under the umbrella of CFAO Yamaha Motors, a subsidiary of CFAO Group. The Managing Director, CFAO Yamaha Motors Nigeria Limited, Mr. Olivier Levigne, said the firm had set a target of churning out 70,000 motorbikes every year from its assembly plant in Nigeria. Levigne said the plant started with the Completely Knocked Down operation with virtually all the components imported and would be assembled by the Yamaha team in Nigeria. The future plan, he hinted, was to source for some of the motorbike parts in Nigeria as required by the Local Content policy of the Federal Government.