18 Mar

Daily Watch – Senate defers 2016 budget, More people port their mobile numbers

  • The Senate has reneged on its promise to pass the revised 2016 budget, postponing the passage of the budget till next week Tuesday. The Senate, had also earlier assured that its Committee on Appropriation would lay the various reports of committees collated before it during yesterday’s plenary, but has failed to adhere to the promise. According to the Punch, the reason for the non passage of the budget was because the Senate and House Joint Committee on Appropriation had detected new errors in the 2016 budget. Although the errors would not affect the plan of the National Assembly to transmit the budget to President Muhammadu Buhari before Easter as efforts were being made to correct them.
  • The Standard Organisation of Nigeria has been empowered to jail dealers of substandard products for ten years. Based on this, SON has given a 24 hour ultimatum to tyre dealers in Nigeria to destroy every fake tyre in their stock or face prosecution. The acting Director General of SON, Paul Angya, said, “Our new Act 2015 empowered us to jail promoters of sub-standard product up to 10 years and we will not relent to jail any culprit.”
  • The CBN has said that the revenue from non-oil exports fell sharply by 58 percent to $4.39 billion in 2015. The Deputy Director, Trade and Exchange Department, Dauda Gotring, said, “It has been observed that while credit to the non oil sector has been declining and currently at 0.6 percent of total domestic loan to the private sector in the past five years, the credit to the domestic economy has been on the rise. The low level of export loan has no doubt contributed to the decline in non oil revenue from $10.53 billion in 2014, $4.39 billion in 2015, which is a very significant drop. The impact of this on the country’s export potentials is quite significant and has become topic for stakeholders’ dialogue towards evolving responsive strategies that will expand resources for exports expanding programmes on a complimentary basis.”
  • 219,577 people ported their mobile phone numbers last year, the highest since Mobile Number Portability was introduced by the NCC in April 2013. Recent statistic released by NCC, which captured porting activities across networks from January to December 2015, showed that in June 2015, operators recorded the highest number of porting subscribers across the networks, totalling 51,251, while they recorded the lowest number across networks in the month of January 2015, totalling 26,824.