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Buhari signs 2019 budget today

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Barring any last-minute change in plans, President Muhammadu Buhari will on Monday (today) give his assent to the 2019 appropriation bill.

The assent of the President will officially make the bill become law and signal the commencement of the 2019 fiscal budget.

The development was confirmed by a top official in the Budget Office of the Federation.

The official, who pleaded not to be named as he was not officially permitted to speak on the matter, explained that details of the signed budget would be made available during a public presentation on Tuesday by the Minister of Budget and National Planning, Senator Udo Udoma.

Already, the minister had sent out invitations for the event.

The invitation read in part, “Dear Sir/Ma, On behalf of the Honourable Minister of Budget and National Planning, Sen. Udoma Udo Udoma, CON, the Director General, Budget Office of the Federation hereby invites you to a public presentation of the approved FGN 2019 Budget scheduled as follows: Date: Tuesday, 28th May 2019; Time: 10:30 am; Venue: Main Auditorium, Federal Ministry of Finance, CBD Abuja.”

A presidency source, who also confirmed the signing, told one of our correspondents that the signing of the budget would be performed by the President “around 10 am at the villa.”

Buhari had laid the budget on December 18, 2018 on the floor of the National Assembly but certain extraneous forces such as the Christmas and New Year breaks as well as the general election had affected the quick passage of the appropriation bill.

When the bill was presented by the President to the National Assembly, the sum of N8.83tn was proposed.

It was made up of N4.04tn for recurrent expenditure, N2.03tn for capital expenditure and N2.14tn for debt servicing, among others.

However, after undergoing legislative scrutiny, the lawmakers on April 30 passed the 2019 budget of N8.91tn, raising it by over N90.3bn.

Highlights of the 2019 budget as approved by the National Assembly include the capital expenditure of N2.09tn, recurrent expenditure of N4.05tn, statutory transfers of N502bn, fiscal deficit of N1.9tn, and special intervention of N500bn.

The lawmakers also approved debt service of N2.25tn. Out of the figure, N1.7tn was approved for domestic debts, while the sum of N433bn was provided for foreign debts.

Similarly, the sum of N110bn was approved for a sinking fund to retire maturing debt obligations.

In recent times, there had been a delay in the passage and signing of the Federal Government budget due to disagreements between the executive and the National Assembly.

As a result of the power tussle between the executive and the legislature, the budget implementation had always commenced very late into the year.

For instance, the 2011 budget was passed on March 25, 2011, while that of 2012 was passed on March 14 of that same year.

For the 2013 budget, it was passed by the lawmakers on December 20, 2012, and signed into law by former President Goodluck Jonathan in February 2013 while 2014, 2015 and 2016 budgets were also signed in May of each year.

The 2017 budget, which was submitted to the lawmakers in December 2016, was not passed and assented to until June 2017.

The 2018 budget, which was designed to consolidate on the Economic Recovery and Growth Plan, was presented to the National Assembly on November 7, 2017.

It was passed by the lawmakers on May 16, transmitted to Buhari on May 25 and assented by him on June 20.

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NNPC Denies Reducing Petrol Pump Price

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The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.

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Midoil Unveils Three-In-One Investment Opportunities

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By Eric Elezuo

The ballroom of the prestigious Sheraton Hotel & Towers Ikeja, was an epicentre of history on Sunday when thriving petrochemical company, Midoil Refining and Petrochemicals Company Limited, under the leadership of its Executive Chairman, Chief Mrs. Elizabeth Omolara Akintonde, hosted the who is who in the industry to the unveiling of its tripartite investment opportunities consisting of the Midoil Refinery project, SereneCity Properties and Serene Partners Energy to be situated in various communities within it acquired land at Ikosi/Ejirin Local Council Development Area, Lagos State.

Anchored by Ben Ogbeiwi of Project Fame, and coordinated by Otunba Gbenga Onayiga, retired Acting Director of Federal Radio Corporation of Nigeria (FRCN) Network News, who is also a veteran journalist, the event was graced by dignitaries both from the political, traditional, and entrepreneurial circle including Retired Deputy Inspector General of Police in charge of the Force Criminal Investigation Department (FCID) Abuja, Babatunde Johnson Kokumo, Baale of Sekungba, Chief Solomon Omotayo, Baale of Arogbo, Chief Adesanya Oyenubi, Baale of Ererufu, Elder Gabriel Lawal, and the CEO, Gidi Real Estate Investment Limited, Tobi Akerele.

The event x-rayed the opportunities inherent in investing in these lucrative ventures, which have been designed to change the landscape of Lagos State in particular, and Nigeria in general, in both human capacity development, provision of employment and reduction of poverty.

In his speech as the Chairman of the occasion, DIG Kokumo lauds the efforts of Mrs Akintonde and her team for their assiduous efforts in ensuring that the day came to pass, adding that the unveiling of the tripartite investment opportunities is another way of stabilizing Nigeria’s economy, and giving the populace a reason to live, as well as making the environment habitable.

He reiterated that the meddling of government in matters of refineries should be discouraged as it is deterring private investments, he gave kudos to the Midoil team for a job well done.

“Today, I am glad that we have Midoil Refining and Petrochemicals Company Limited unveiling its long-time coming investment to the general public, and I want to commend the efforts of the Executive Chairman and the Board of Directors for these laudable investments.

When we examine the real estate aspect of what is being unveiled today, SereneCity Properties; provision of habitable homes, providing structures for Nigerians which have been the responsibility of the government, and what they have been able to do have been grossly inadequate.

Midoil, having diversified into the creation of SereneCity Properties is not a tea party; it is a project that calls for stocks and investment in Midoil Refining and Petrochemicals; stocks and investments in SereneCity Properties and stocks and investment in Serene Partners Energy.

“I consider these investment opportunities a veritable option for investors, who are seeking commensurate returns on their investments,” Kokumo said. He, thereafter, advised all dignitaries in attendance to give all the required support to the threefold opportunities.

In her address, the Executive Chairman, Mrs Elizabeth Akintonde, went down memory lane to dissect the origin and birth of the projects, which has spanned over 12 years, giving unhindered appreciation to Hajiya Amina Abdullahi, with whom the concept was birthed; to the Sekungba, Arogbo and Ererufu communities, where the projects are to be sited, and their Baales, who have shown immense support to the company and the projects from inception.

She exposed that the projects, rooted in the magnum, The Vision, The Journey, The Reality, were consequences of her desire to leave a legacy, and contribute generously to the growth of Nigeria, and to generations yet unborn, who basically, are the target beneficiaries of all the efforts.

Noting that the Vision is rooted in the foresight to establish a modular refinery in Lagos State, Nigeria, leading to the establishment and registration of Midoil Refining and Petrochemicals Company Limited in 2012, she informed that the Journey has been about procuring the large expanse of land required for the projects and all its ancillary, which include housing for expatriate staff, other senior, middle and junior staff.

“Today, March 17, 2024, we are unveiling our vision, our journey and our reality. We received our land allocation letter on April 24, 2014, and subsequently, on January 24, 2017, we were approved the Licenses to Establishment (LTE) by the Department of Petroleum Resources (DPR),” Mrs Akintonde informed of the journey so far.

“To the traditional rulers here present, you have refused to be enticed with cheap money. Therefore, on behalf of the Board of Directors of Midoil Refinery, I once again thank you for your patience and perseverance,” she enthused.

She however, expressed disappointment at some traditional rulers, including the Kabiyesi of Ejinrin, who reneged, and encouraged other Baales to work against the mutually signed MOU.

“Our mutual agreement for Midoil to inhabit the land in peace, as well as having received some financial benefits from Midoil over the years was breached with the latest activities of some communities including Ejirin in the sales of Midoil acquired land,” the Executive Chairman lamented.

She used the opportunity to call on governments at all levels to monitor the activities of land grabbers, and eradicate them completely, stressing that if not stopped, could jeopardize the many proposed development of the communities.

She also called on the Lagos State government “to create expansive awareness among traditional settlers on the land on the need to support developmental efforts by citizens, who wish to give back to the society that has been there for them.”

In addition, Mrs Akintonde urged the government through the Surveyor General’s office “to ensure proper documentation of all lands in the state as well as remove unscrupulous staff assisting ‘Omo Onile’ in perpetuating illicit land grabbing” as they are the reasons for unnecessary delays.

She further revealed that in the 10 years of hard work behind the scenes, Midoil has secured the interest of investors, and the consortium of investors are ready to invest a whopping sum of Five Billion Dollars ($5,000,000,000) in the project.

The highpoint of the event was the signing of Memorandum of Understanding, (MOU), with the three Communities led by their Baales.

Contract was also signed with UNILAG Consult for the conduct of the Pre-Feasibility Study for the proposed refinery.

The event rounded off with awards of loyalty and certificates of appreciation to deserving MPIC Member and other stakeholders in the Midoil adventure.

Notable among the awardees were Engr Sunday Ashaolu (MPIC Member) the Baales of Sekungba, Chief Solomon Omotayo, Baale of Ererufu, Elder Gabriel Lawal; Midoil First Media Coordinator, Mr. Babajide Morounfolu; Midoil Oversea Supporter and Consultant, through whom the $5billion investment was secured, Mrs Ngozi Louise Ogboru; Renowned Toast Master, Bennett Ogbeiwi; Mr. Daniel Adeleke Ogungbe, Very Reverend Oluwafunminiyi, Venerable (Dr.) Olusiji Olumide Kolawole, Mrs Kofoworola Olowolagba and Alhaja Bolanle Jafojo-Adedeji.

The groundbreaking at Sekungba/Ejinrin of the Midoil Refinery project is expected to take place on July 12, 2024, which incidentally is Mrs Akintonde’s birthday, as a follow-up to the March 1, 2024, groundbreaking of SereneCity Properties at Ererufu.

The refinery, when completed, will be producing at a capacity of 100,000 barrels per day (bpd).

Pix by Ken Ehimen

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Airtel Performs Groundbreaking Ceremony for its NXTRA Data Centre, Promises 1000 Jobs

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By Eric Elezuo

Prominent Nigerians were present as network communications service provider, Airtel Africa, performed the ground-breaking ceremony for the establishment of its NXTRA data centre project in Nigeria, at the prestigious Eko Atlantic City, in Victoria Island, Lagos, informing that the project is programmed to create over 1000 jobs for Nigerians.

The company noted that the facility, nicknamed the Nitra frontier, and reported as the first of five hyperscale data centres to be developed by Airtel Africa on the continent, will deliver 38 megawatts of total power and host high-density racks that integrate the latest best practice construction to achieve 1.3 power usage effectiveness (PUE).

It was also revealed that the data centres at full capacity will offer 180-megawatt capacity, distributed across 13 major data centres, and over 48 edge data centres.

Speaking at the event, the Group Chief Executive Officer of the Airtel, Segun Ogunsanya, who informed that the project is expected to go live by the first quarter of 2026, further stated that out of the 1000 jobs expectedto be created, 250 will be permanent once the project is deployed and at capacity.

He praised the project as marking a significant milestone in the company’s journey and is a cornerstone of the organization’s growth strategy, with a particular focus on Nigeria, which unarguably is its largest market.

He added that the project will enhance data sovereignty, security, and preservation within the continent, as well as reflect the group’s commitment to make Nigeria a major hub for access to digital services as it propel Africa towards a sustainable and inclusive digital age.

“This mega project will provide over 1000 jobs. More significantly, once deployed and at capacity, it will create over 250 permanent jobs for Nigerians whilst supporting companies in manufacturing, financial services, and health care as they move their data and computing into third-party data centers like ours.

“Ultimately, we have to store data and content closer to where it is being consumed,” Ogunsanya said.
Boost for digital economy

Ogunsanya was also of the opinion that with Airtel Africa’s extensive fibre footprint, NXTRA “offers secure and scalable integrated solutions to global hyper-scalers, large African enterprises, startups, SMEs and governments.

“Through locally available data centre capacity, speed to access digital services will improve and the cost of managing data will be reduced, thus helping power increased innovation, while supporting a new generation of African tech talent,” he said.

In his remarks at the event, that also has the governor of Lagos State, Babajide Sanwo-Olu, in attendance, the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani laud the creativity attached the innovation, saying it is in tandem with technology revolution that is fast engulfing the universe, with Artificial Intelligence (AI) as a main point of reference.

“Data is a key driver in our economy. Not only do we need to connect our people, we also must invest in the digital economy, and through the investment that companies like Airtel have made in our economy, we are fully able to participate in the digital economy,” he said.

Other personalities that graced that event include traditional rulers and stakeholders in the telecoms sector.

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