President Muhammadu Buhari will sign the ₦10.8 trillion revised 2020 Appropriation Bill into law today. At a meeting with the leadership of the National Assembly on plans to submit the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper later this month, finance minister, Zainab Ahmed said that Buhari had given directives for the ministry to expedite action on next year’s budget estimates to enable him present the 2021 budget proposal to the National Assembly by the end of September this year. Ms Ahmed, while giving an update on the 2020 budget implementation between January and May 2020, said that the FG’s retained revenue was ₦1.48 trillion, an amount representing 56 percent of government’s target. She added that out of the sum generated as revenue, oil revenues accounted for ₦701.6 billion; non-oil tax revenues ₦439.32 billion; Companies Income Tax and Value Added Tax collections – ₦213.24 billion and ₦68.09 billion; and Customs collection N158 billion, respectively. Other revenues, according to the Minister amounted to ₦339.51 billion, of which Independent revenues was ₦80.22 billion. Recoveries and Stamp duty collected during the period are yet to be booked in the fiscal accounts. On Expenditure performance for the same period (January – May 2020), she said that ₦1.25 trillion was expended for debt service; and ₦1.32 trillion for Personnel cost, including Pensions. According to Ms Ahmed, as at the end of May 2020, only ₦253.33 billion had been released for capital expenditure.
Two naval officers were Thursday evening killed along the Abuja-Lokoja-Okene highway. The two naval officers, a male and a female, were shot dead at about 1800 hours. The attack, by suspected robbers, comes five days after an Army captain was killed in the same location. The army captain, GSM Abubakar was killed on the same road while his mother and wife were reportedly kidnapped. The highway is becoming a nightmare for motorists as the armed robbers and kidnappers maim and kill innocent people at will without any challenge from any quarter.
Access Bank has announced plans by its Zambian subsidiary to acquire Cavmont Bank, a subsidiary of Capmont Capital. In a notice sent to its shareholders and published on the Nigeria Stock Exchange’s website, Access Bank said there is no certainty that a transaction would be agreed on yet. The completion of a transaction would be subject to formal regulatory approvals, the notice, signed by Access’s company secretary, Sunday Ekwochi, said. The bank advised its shareholders, accordingly, to exercise caution when dealing in Access Bank’s securities until a full announcement is made. Access Bank acquired Diamond Bank on 1 April last year, a move that made it the largest bank by customer base in Nigeria. On 17 January 2020, the bank also announced that it had received approval from the CBN and other relevant authorities to acquire majority equity share in Transnational Bank, a Kenyan-based bank. Access Bank currently has six subsidiaries across Africa, namely DR Congo, Gambia, Ghana, Rwanda, Sierra Leone, and Zambia; and in the UK.
The Adamawa State Government has imposed a dusk to dawn curfew on the whole of Guyuk LGA following renewed violence there. Also affected by the curfew is Lafiya town in Lamurde LGA. Governor Umuaru Fintiri’s spokesman, Humwashi Wonosikou, said that the curfew followed the violence that erupted in some communities and the attendant tension. Mr Fintiri directed security agencies to enforce the curfew, and urged residents of Guyuk LGA and Lafiya community to provide relevant information to security agencies to ensure peace. Scores of residents died and an even higher number of homes were destroyed last month when communal clashes occurred in communities around both Lamurde and Guyuk LGAs, throwing hundreds of people into hurriedly established camps. Most of the internally displaced people were still in such camps as the latest clashes occurred.