The Debt Management Office (DMO) on Wednesday, issued N59.53 billion Federal Government bonds for the three tenors it offered to various investors who subscribed at the auction.
The DMO said this in a statement it issued in Abuja after the auction.
It said it offered N40 billion for the five year papers, N50 billion for the 10-year and N55 billion for the 30-year bonds.
According to it, total subscriptions received from both Competitive and Non-Competitive bids amounted to N139.58 billion.
“Demand for the 30-year bond remained strong as has been the trend since the instrument was introduced to the market in April 2019.
“The total subscription for the 30-year at the auction was N64.71 billion.
“The strong demand from investors for the bonds offered at the auction was in spite of the prevailing tight liquidity experienced in the financial markets”, it added.
The DMO said that allotments were made to successful bidders at the rate of 14.29 per cent for the five year, 14.39 per cent for the 10-year and 14.59 per cent for the 30-year bonds.
According to the auction results obtained from the DMO website, N2.05 billion was allotted to four successful bidders for the five-year and N2.68 billion to five bidders for the 10-year papers.
Meanwhile, N10.30 billion was allotted to 11 bidders at for the 30-year bonds, bringing the total allotments to N15.03 billion.
It said that an additional allotment of N44.5 billion was made on non-competetive basis for the three tenors.
Edited by Ifeyinwa Omowole
Ex-ANAN President lauds NASS for early passage of 2020 Appropriation Bill
A financial expert, Dr Samuel Nzekwe, has lauded the National Assembly for the timely passage of the 2020 Appropriation Bill.
Details of the 2020 Appropriation Bill include: Recurrent Expenditures-N4.84 trillion, Capital Expenditures-N2.46 trillion, and Debt Servicing-N2.72 trillion.
NAN also reports that this is the first time since 1999 that the nation’s annual budget would be passed within 60 days.
Nzekwe said that the early passage of 2020 Appropriation Bill was a welcome development, saying that it would return the nation to January to December circle of annual budget.
“The Federal Government’s effort of bringing the nation’s annual budget to normal cycle of January to December is commendable, if it is effectively implemented,’’ Nzekwe said.
The former ANAN president advised the Federal Government to intensity efforts in ensuring that the January to December cycle was sustained and maintained in order to achieve objectives of the budget.
Nzekwe said the National Assembly should not have increased the benchmark of oil from 55 dollars to 57 dollars because the price was being determined by external forces or international market.
He stressed the need for the Federal Government to redouble efforts in reducing the funds being used to service debts so that more funds could be made available to build capital projects.
“How do we fund the building of critical infrastructure like electricity, road networks and water, if the nation continues to spend over 25 per cent of its annual budgets on debts servicing,’’ he said.
Nzekwe said that this development would make it difficult for manufacturers to compete favourably in term of qualities and prices with goods coming into the country.
The former ANAN president stressed the need to focus on building critical infrastructure by reducing borrowing that were mainly used for recurrent expenditures in order to bring down high rate of debts servicing.
He called on the Federal Government to put in place effective policing of the nation’s borders so that the projection of 10.8 per cent for inflation rate in 2020 budget could be achievable.
Nzekwe noted that the increase in inflation rate, which translated to rising in prices of goods and services, could be traced to the closure of the nation’s borders.
Edited & Vetted By: Cecilia Odey/Olagoke Olatoye
NIESV inducts 310, harps on professionalism
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) on Thursday inducted 310 new members into the associate cadre of the institution to practice as certified estate surveyors and valuers.
The Nigeria News Agency reports that the theme of the programme was: ‘International Best Practices for Professionals’.
Abonta said it was also a mechanism to grow the estate surveying profession in the country.
According to him, the induction signifies commitment on the part of the inductees to become ambassadors of the profession at all times.
He, therefore, urged the inductees to uphold the principles, ethics and integrity of the profession in their service to the society.
Abonta said the inductees should contribute their quota to the move toward ensuring effective management and development of infrastructure and facilities in the country.
The NIESV president said that infrastructure/estate surveying and valuation practice in Nigeria needed to be improved upon.
He assured commitment of the institution to providing the necessary support to ensure smooth operation of the newly inducted members.
“The induction programme provides the opportunity to formally certify estate surveying professionals who have met the requirements to practice as estate surveyors and valuers.
“As a certified estate professional, avail yourself with opportunities of seminars and workshops to constantly be updated with new developments and methodologies in the profession,” he said.
An estate surveyor, Mr Ebubechukwu Etudo, said that estate surveying practitioners should maintain professionalism in the course of discharging their mandates.
Etudo, also the Guest Speaker at the ceremony, said that an estate professional must display punctuality, honesty, humility and commitment when dealing with clients.
According to him, estate surveyors and valuers are bound to render services in accordance with law, regulations and code of conduct of the profession.
“I enjoin you to go out there and up the scale of estate surveying and valuation practice in Nigeria and globally.
“In your interaction with your clients it is advisable that you try as much as possible to keep the relationship official. Most of your clients are not on the same social circuit with you.
“An estate surveyor and valuer should operate his clients account distinct from his partnership account. All rents received on behalf of your client should be promptly remitted to the client account after agreed outgoings have been deducted.
“A professional must ensure that his work is carried out with competence, deligence and speed. Reports must be presented and proof read by a partner of a firm or any senior and competent person so delegated.
“In order to protect oneself from civil liability arising from tort and contract, adequate professional indemnity cover must be taken out and maintained at all times,” Etudo said.
Also speaking, the 6th President of the Institution, Mr Daudu Shote, urged the inductees to establish good collaborative relationship with others, particularly the older ones in the profession.
Shote said that a professional must always accept jobs within the scope of his/her knowledge, saying that the inductees should refer such jobs to those competent to handle them.
Edited & Vetted By: Wale Ojetimi
Kaduna Govt. inaugurates local government revenue committees
The Kaduna State Internal Revenue Service (KDIRS) on Thursday inaugurated Local Government Revenue Committees of the 23 Local Government Areas (LGA) of the state.
Abubakar explained that the main responsibility of the committees was to carry out revenue assessment and issue demand notices.
He reminded the committee members of the barn on cash collection and urged them to work with the banks to collect revenues through their mobile agents.
He advised the committees to work with the chairmen and other staffs of the LGAs to ensure smooth revenue collection.
He urged the committee members to put in their best, adding that they would all be assessed based on their performance and anyone that failed to perform creditably, would be shown the way out.
“We will start assessing you after the first three months. Believe me, if any of you is not meeting up to expectation, even if you are my brother, I will show you the way out.
“Please, ensure that all revenue lines in local governments are efficiently collected, including land use charges.
“We have so far collected about 80 per cent of the N41 billion revenue target for 2019. We are doing our best to collect the remaining 20 per cent.
“With you on board, we are sure of meeting the N45 billion target set for 2020,” he said.
On his part, Malam Mohammed Aliyu, Chairman, Soba Local Government, commended the leadership of the revenue agency for reinvigorating the committees to boost revenue collection at local government level.
Aliyu, who is also the Chairman, Association of Local Government of Nigeria, Kaduna State Chapter, assured KDIRS of the council chairmen’s full support to enable the committees carry out their task efficiently.
Edited & Vetted By: Tayo Ikujuni/Tukur Muntari.
SMEDAN identifies lack of access to market as major challenge to MSMEs
The Small and Medium Development Agency of Nigeria (SMEDAN) has identified lack of access to local, regional and global markets as one of major challenges militating against optimal performance of Micro, Small and Medium Enterprises (MSMEs) in the country.
Radda, who was represented by Mr Monday Ewans, said that as part of effort to address the challenge in a holistic manner, the agency had developed a programme tagged ‘the MSMEs market linkage initiative’, aimed at facilitating market access for MSMEs by keying them into value chain of large organisations.
“This will bridge the gap and enable local content development and participation in various sectors of the economy.
“The initiative is designed such that by creating market access for active Micro, Small and Medium Enterprises operating in Nigeria, they are able to contribute to economic growth and development, through increased output and income,” he said.
According to him, the initiative would also bridge the gap between large enterprises and MSMEs, while fostering networking and partnership opportunities.
“Participating MSMEs will, therefore, need to compete for patronage from large enterprises through quality products and effective service delivery; thereby increasing efficiency of operations and cost competitiveness,” he said.
Radda said in order to facilitate the seamless implementation, the initiative targeted made-in-Nigeria goods produced by MSMEs by creating strong marketing and off-taker arrangements with large enterprises.
“The event today seeks to present a platform for the profiled MSMEs to have the opportunity to meet with targetted large enterprises for the purpose of creating off-taker arrangements between them,” he said.
The SMEDAN Director General said the agency would continue to support and work with MSMEs so as to achieve the MSMEs sub-sector in the country in the area of promoting job creation, wealth creation, poverty alleviation and sustained contribution to the economic growth and development.
In her remarks, the Executive Secretary, Nigerian Investment Promotion Commission (NIPC) Ms Yewande Sadiku, said the collaboration between the two organisations would encourage and promote producers of industrial inputs that could be used as industrial raw materials for large companies.
Sadiku, who was represented by Mr Manzo Ahmad, said the meeting would also create market access for credible MSMEs by keying them into the value chain of large organisations.
NAN reports that the meeting was attended by various stakeholders, including representatives of Manufacturers Association of Nigeria (MAN), National Association of Small Scale Industrialists (NASSI) and African Women Entrepreneurship Programme (AWEP) among others.
Edited & Vetted By: Kamal Tayo Oropo/Tukur Muntari.
58 ships arrive Lagos ports with petroleum products, other items
Fifty-eight ships that arrived at the Lagos ports were waiting to berth with automobile gasoline, fuel, containers, bulk sugar used vehicles and general cargo on Thursday.
Also, the organisation said that 26 other ships were at the ports discharging general cargo, containers, butane, buckwheat, frozen fish, automobile gasoline and fuel.
The NPA said it was expecting 46 ships laden with petroleum products, food items and other goods from Dec. 5 to Dec. 24.
It said the ships were expected to arrive at the Apapa and Tin Can Island Ports, Lagos.
According to the publication, the ships contain bulk malt, container, general cargo, used vehicles, crude palmolien, automobile gasoline and base oil, steel pipes, frozen fish, petrol and bulk fertiliser.
Edited & Vetted By: Chioma Ugboma/Oluwole Sogunle
Sustain border drill policy – Ganduje urges Buhari
Ganduje made the appeal on Thursday in Kano, when the ministers of Information, and Culture, Alhaji Lai Mohammed, Agriculture and Rural Development Sabo Nanono, led stakeholders on rice production value chain, on courtesy visit to him.
The governor said that, though the partial border closure was inflicting some pains on the people, they were however, temporary inconveniences that must be endured for a better future for the country.
“We know that there is a kind of conspiracy on this issue from people calling on the President to re-open the border.
“I believe the policy must continue until we reach the next level,” he said.
The governor commended the president for his political will to take the decision that would positively transform the country and aid its food sufficiency.
“What we are witnessing now on the closure of the border is the kind of political will that we needed many years ago.
“Past administrations could not attain this success because of the influence from few individuals who were benefitting from rice importation.
“With the good will of President Muhammadu Buhari when he came in, he did not mince words when he said it will not be business as usual.
“If we want to feed ourselves, we must go back to the farms; we must produce what we eat.
“What is needed is the right policies and persistence to ensure that the policies are implemented to the latter.
“We congratulate the president and the rice farmers all over the country, and in particular here in Kano state,” he said.
Ganduje said that prior to the ban on rice importation and the border drill, rice farmers in the state could not produce at the rate imported rice was being sold.
He said as a result of that, many abandoned their rice farms and many rice mills became moribund.
The governor said that the border drill had impacted positively on the rice value chain in the state and his government had been offering assistance to the farmers.
“We provided the farmers with quality seeds and provided 100 million revolving loan which we later increased.
“We also provided 10,000 irrigation farms so that they could produce during the rice season.
“The farmers are fully mobilised and we are all convinced that Nigerians are ready to feed themselves,” he said.
The governor said the state also took advantage of the bilateral agreement between Nigeria and Morocco on fertiliser production to bring the fertiliser blending plant, which had been abandoned for more than over 30 years, to life.
“We have brought the fertiliser blending plant into use and today, it is the biggest in the Northern part of the country and it is producing to optimum capacity,” he said.
Earlier, Mohammed who led the delegation said the team chose Kano to assess the impact of the border drill on the entire rice production value chain because the state had the highest number of integrated mills in the country.
He said out of the 34 integrated mills in Nigeria, kano State alone had 11, in addition to 20 rice clusters.
“An estimated 5000 metric tonnes of finished rice are turned out daily by the 11 integrated mills and 20 clusters in kano.
“The ratio is 40 per cent from the integrated mills and 60 per cent from the clusters, while the mills combined, employ about 10,000 people,” he said.
NAN reports that the ministers and the stakeholders, including rice farmers, millers and sellers, as well as a team of journalists, visited integrated rice mills and clusters of cottage rice mills in the state before the courtesy call to the governor.
Edited & Vetted By: Chioma Ugboma/Nyisom Fiyigon Dore
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