Tag: fgn

  • Rivers lawmakers approve N4b  agric loan

    Rivers lawmakers approve N4b agric loan

    Rivers State House of Assembly (RSHA) yesterday approved Governor Rotimi Amaechi’s request for a N4 billion loan from Zenith Bank Plc.

    The loan is under the Federal Government/Central Bank (FGN/CBN) commercial agricultural credit scheme available to states.

    Before giving the approval, the Speaker, Otelemaba Dan-Amachree read a letter from Amaechi requesting the lawmakers to give him approval to access the loan.

    In the March 5 letter, the governor said a similar loan, which the government obtained in 2012 from Zenith Bank under the same scheme, “was utilised for the establishment of fish farms at Buguma, Ubima, Opobo and Andoni.”

    Amaechi said the government had been diligent in repaying, adding that the last instalment would be repaid this month.

    He noted that the state had identified the need to invest and develop the agriculture sector for food security and employment.

    The governor added that this loan, to be “used for farm implements, input and tools for farmers”, would attract an interest rate of six percent per annum.

     

  • Currency in circulation hits N1.57tr, says CBN

    Currency in circulation hits N1.57tr, says CBN

    Currency-in-circulation has increased by 1.4 per cent to N1.57 trillion monthly, a report from the Central Bank of Nigeria (CBN) has said.

    The Economic Report for last November released at the weekend said the figure is an increase from the development relative to the preceding month reflected the 3.9 per cent increase in currency outside banks.

    Total deposits at the CBN amounted to N6.3 trillion, indicating a decline of 3.7 per cent below the level at the end of the preceding month. The development, it said, reflected the respective decline in all its components, the DMBs, Federal Government and private sector deposits.

    Of the total deposits, the percentage shares of the Federal Government, banks and private sector were 49.9, 45.4 and 4.7 per cent, respectively, compared with 50.7, 44.7, and 4.6 per cent at end- October 2013.

    Available data indicated that money market indicators were relatively stable during the review month as funds from matured government securities coupled with the N702.54 billion fiscal injection from the statutory allocation kept the market sufficiently liquid.

    Also, Federal Government of Nigeria (FGN) Bonds and Nigeria Treasury Bills were issued on behalf of the Debt Management Office (DMO) for the fiscal operations of the Federal Government. The Monetary Policy Committee (MPC) at the end of its meeting held between November 18 and 19, voted to continue with the banks’ restrictive monetary policy stance, thus maintaining the key financial indicators at their current levels.

    Provisional data indicated that the total value of money market assets outstanding at end-November

    2013 was N6.6 trillion, indicating a decline of 2.01 per cent, in contrast to the increase of 0.3 per cent at the end of the preceding month. The development was attributed, largely, to the 3.4 and 0.32 per cent decrease in FGN Bonds and Commercial Paper.

    Provisional data indicated a general increase in banks’ deposit and lending rates during the review month. The average savings rates rose to 2.53 per cent in from 2.39 per cent in the preceding month. Similarly, all other deposit rates of various maturities rose from a range of 4.28 – 7.72 per cent in the preceding month to a range of 5.29 – 8.26 per cent in the review month.

     

    The average term deposit rate rose by 2.1 percentage points to close at 7.21 per cent at the end of the review period. Similarly, the average prime and maximum lending rates rose by 0.07 and 0.1 percentage point to 17.17 and 25.0 per cent in the review month.

    The spread between the weighted average term deposit and maximum lending rates narrowed by 1.1 percentage point to 17.79 per cent in November 2013. Similarly, the margin between the average savings deposit and maximum lending rates narrowed by 0.04 percentage points to 22.47 per cent at the end of November.

    At the interbank call segment, the weighted average rate which stood at 11.08 per cent at end-October, rose by 0.07 percentage point to 11.15 per cent at end-November 2013. Similarly, the weighted average rate, at the open-buy-back (OBB) segment, rose by 0.01 percentage point to 11.00 per cent from the level in October 2013.

    The Nigerian inter-bank offered rate (NIBOR) for the 7-day segment rose by 0.20 percentage point to close at 11.59 per cent, while the 30-day segment declined by 0.01 percentage point to close at 12.08 per cent in the review month.

  • UI ASUU urges members to remain resolute

    UI ASUU urges members to remain resolute

    The University of Ibadan chapter of the Academic Staff Union of Universities (ASUU), has resolved to ignore the Federal Government’s ultimatum to striking lecturers to resume work by Wednesday or be fired.

    Members of the union marched round the campus yesterday, distributing fliers that likened resumption without resolution of the agreement with the Federal Government to mortgaging their birthright.

    The flier reads in part: “The modern strike breaker sells his birthright, his union, his wife, his children and his fellow man for an unfulfilled promise from his employer or corrupt benefactor.”

    About 200 lecturers, led by the UI-ASUU Chair, participated in the procession.

    They donned t-shirts with various inscriptions, including: “Walk out the Beasts in our system”; “Work out and work to save public education”; “FG walk the path of honour”; and “Annulment of agreements a comedy of errors.”

    Ajiboye said only the implementation of the FGN/ASUU resolutions of November 4 could lead to conducive teaching/learning environments in the universities.

    He said the union has not made any new demands to warrant the Federal Government’s decision to send policemen to schools and threats to recruit new teachers should the lecturers fail to resume by December 4.

    Faulting the Supervising Minister of Education, Chief Nyesom Wike on the recruitment issue, Ajiboye said the plan will only keep students out of the classroom until the purported recruitment process is completed, which may run until the middle of next year.

    On the deployment of policemen to federal universities, the ASUU chair described it as a waste of resources , saying they should be put to better use.

    He said: “It shows cluelessness in those leading us. The same police that have not been able to stop kidnapping, armed robbery, oil theft, or arrest corrupt politicians now become a tool of democratic oppression in the hands of our policy makers. They will all fail. Will the police come to the campuses with new hostels, laboratories, lecture rooms, internet or what does Wike mean they will provide an enabling environment? It is important for him to know that apart from politicians no Nigerian worker has an enabling working environment.”

     

  • Home Video: A worthy defiance of the rules

    NOLLYWOOD and home-video are two words that could be used interchangeably-reason being that the later is a direct to home production which, owing to its nippy form, gave birth to the name Nollywood. If any country is laying claims to home video culture, let it be put to vote and it will be clear how much Nigeria has come to enjoy the ‘copyright’. Despite criticisms, the beauty of the Nollywood model is that it has become phenomenal, attracting researchers to Nigeria and putting the country in the forefront of Africa’s emerging cinema culture.

    You would recall that the name Nollywood is a coinage of a foreign journalist and researcher who came to Nigeria and was stunned by the act of producing a movie in a week with a single camera and so much improvisation.

    With the current stance in Nollywood, it is safe for me to say that the prediction (or was it an agitation) by filmmaker Francis Ford Coppola in 1990, about a digital video revolution was for Nigeria. The man had induced a global thirst for a flexible creative license. Coppola had dreamt of a situation whereby cheap camcorders will be put in the hands of the masses, hoping that one day, some little fat girl in Ohio is going to be the new Mozart and make a beautiful film with her father’s little camera saying that when that happens, the so-called professionalism about movies will be destroyed forever.

    If there is anything that Nollywood has been criticized of, it is this professionalism that Coppola mentioned above. But I think that professionalism is relative to the extent of the audience that a particular filmmaker is targeting. You may be socked to know that some audiences are unmindful of a bad picture as long as the story is gripping to them. If there is an audience that does not pretend, it is the Nigerian movie buffs-they’d walk out of the cinema hall if they find a film distasteful.

    But visit some film festival abroad and watch how at the end of a sleep-inducing story, probably shot on the highest camera format, the audience had clapped hysterically as the end credits roll- you are stunned, as a Nigerian who has grown throw the ranks of the Yoruba moving Theatre, Nollywood and the emerging ‘new Nollywood’. Should you want to know more about who a proud ‘Nollywoodian’ is, walk up to Amaka Igwe and dare raise some of those criticisms. I wish you luck!

    The above is just one of the Nollywood exceptions to what is regarded as the rule of the cinema. And talking about the movie marketing or distribution chain, the Direct to Home (DTH) distribution in Nigeria is in total defiance of the rule. The model is usually a gradual passage through the cinemas, a sting at DVD and then a final roost at the home video level through CD sales. But it appears that until the monopoly of the cinemas in Nigeria is broken, the woes of an average filmmaker would continue. With about 20 percent of a cinema exposed film going to government and about 50 percent going to the cinema houses, we must ask the filmmaker if 30 percent that is accrued to him from the few cinema houses in Nigeria is enough justification for the model we so publicize.

    With the situation of movie business in Nigeria at the moment, the DTH would have been the best if only the Nigerian Copyright Commission (NCC) is not failing in its duty of intellectual right protection, where pirated films litter out streets and their sellers operating in daylight anarchy. Perhaps the New Distribution and Exhibition Framework (NDEF) of the National Film and Video Censors Board will, in addition to establishing legal distributors at every level of the society, also do part of the job the NCC is being paid for, when the time comes. Perhaps the NCC needs the much touted broadcast industry quartet more than others, with the Nigerian Film Corporation, the Nigerian Broadcasting Commission (NBC) and the NFVCB playing the triangular cover-up for their weak sister, the NCC.

    Yinka Ogundaisi had argued that for the Nigerian film industry to move forward, the shortest and the most viable route is through the cleansing and strengthening the DTH distribution, which of course means getting the NFVCB to complete the implementation of the NDEF. He emphasised that the film industry in Nigeria has perhaps, the last opportunity to get its acts together, using the bulk if not the entire N300 Billion FGN’s grant to focus on the development of DTH distribution infrastructure.

    I think if that formula is gotten right, NCC may just be confined to its passion of one Collecting Management Authority (CMO) fight for the music industry, as filmmakers may have found succor in the NDEF which could battle the pirates’ ubiquity with simultaneous national, regional and community levels distribution of movies.

    If that happens, cinema may remain at the elitist level that monopolists have subjected it, unless the intervention fund is made to also cater for screens at all levels. Unless again, Nigeria decides to toe the line of the Indian cinematic consciousness, we should know that the current inadequate theatrical infrastructure that puts us at less than 60 screens per 160 million people is a shame whereby India has over 13,000 screens, the equivalent of 12 screens per million people, and is still counting.