Tag: increase

  • Price increase inevitable  – MultiChoice MD

    Price increase inevitable – MultiChoice MD

    John Ugbe, Managing Director, MultiChoice Nigeria, explains the organisation’s new subscription rates

    The hike in MultiChoice’s subscription rates has hit subscribers like lightning. The prevalent view is that MultiChoice has no justification for such and is just taking advantage of the lack of alternatives in the sector. How accurate is this view?

    Price increases are always painful and we are very mindful of this. However, they are sometimes necessary for businesses to provide service to their consumers and also provide necessary returns to stakeholders. They ensure that we can continue to provide quality entertainment to our subscribers even with the rising costs and inflation. It is because of the prevailing economic situation and rising cost of content and our other inputs that we have had to increase the cost of subscriptions and this has affected all the other entities across the continent. If you look at a lot of goods and services you will see that there an increase in a lot of sectors as we are not isolated.

    Many subscribers are calling on MultiChoice to institute a pay-as-you-watch regime, which some claim is available to MultiChoice subscribers in South Africa and some other countries. Are you looking in that direction?

    As a leader in innovation, we consider all viable options to provide our subscribers with the best and most affordable way to consume entertainment. At the moment, we provide our services through a model that is in use around the world that allows us to take advantage of the economies of scale and provide an aggregate service that reduces the costs for all subscribers.

    I can confirm that no other country under MultiChoice is providing its pay-TV services through a “pay as you watch” model. People often confuse “Pay as you watch” model with “Pay Per view”, where essentially, subscribers pay specifically for big ticket events in addition to their monthly subscriptions. This effectively even makes the subscriptions more expensive.

    We have opted for a more economic model where our subscribers have access to these big tickets events as part of their monthly subscriptions. We will always strive to bring the best entertainment in the most affordable way and also continue with our innovation. An example is our Catch up service which is our Video on demand service, that allows you to watch your best programs at your convenience and our Box office service which lets you download the latest blockbuster releases with your PVR decoder and online from your couch at home.

    There are claims that the hike in subscription rates has been effected only in Nigeria. Is this the correct position?

    This is not true, as subscription rates have been increased across the continent. However, as an independent entity, we ensure that we take the decisions based on the prevailing market conditions. For example, where other countries may have effected price increases last year, this is our first increase in two years notwithstanding the changes in inflation foreign exchange and other indices in our local market.

    Most MultiChoice subscribers in Nigeria believe the country is where the highest subscription rates are charged. Why is this so?

    No, we do not have the highest subscription rates as many people believe and this is a fact. Subscription rates vary in Africa and the rest of the world according to several factors including the local costs of doing business. I am sure that you can independently verify that Multichoice Nigeria does not have the highest subscriptions in the world or the rest of Africa.

  • The secrets of family increase (2)

    DEAR Reader, by God’s arrangement, the husband is to provide for his family. He is the one who must ensure there is food for members of his family. He must ensure that his family members are well taken care of, especially his immediate family members (S.O.S 1:6).

    The man must labour with his hands, especially as a married man; he cannot afford to be lazy. Your hands must be working hands. There is dignity in labour.  God’s Word says: Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase (Proverbs 13:11).

    This week, we will be looking at The Role of the Man in Providing for His Household.

    It is unfair for the man to shift the responsibility of handling family finances to the woman. He may assign a portion of it to her, but should not abandon his responsibility, only to turn around and blame her half way in the month, if the money does not stretch. However, the woman ought to be hard-working and assist the man in any way possible.

    A man who is too slothful to find gainful employment should not be caught eating … This we commanded you, that if any would not work, neither should he eat (2 Thessalonians 3:10). God is serious about the need for men to rise up to their God-given roles, even in this day and age, where women also work to help make ends meet. A man who is too slothful to find gainful employment should not eat. Bishop T.D. Jakes said in one of his teachings, “The first thing God gave the man was not a wife but a job, a vision, an assignment”. Right from the time Adam was blessed with a wife, the man has had to head the marriage union. This has also placed upon him the responsibility of providing for his household. God’s Word says: But if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel (I Timothy 5:8).

    As the man, you must be working towards a goal of some sort. You should have some gainful employment. The only time we are permitted to stop working is when we don’t want to eat anymore, and that is either when you are asleep or dead. However, as long as you are awake and alive, then work must continue.

    Look at this testimony:“For over three years, whatever form of business I did eventually ended me in debts, as I went into the business without any capital. During this time, the devil would put me into one problem or another (either my children would fall sick or something else), which always disturbed and disgraced me.

    The miracle came just after the Breakthrough Seminar. We were advised to do whatever was laid in our minds, and it occurred to me to start selling ice water. I prayed and started it. Since then, I had been able to pay up a major part of my debt, and now I enjoy rest of mind!” – Nagberi, R.

    The man is given the responsibility to cater for his wife and children. If he fails in this duty, he is a failure! It is a curse if the wife takes up this responsibility of the man permanently in the home. For a couple to ensure they are shame-free, the man must understand this truth and rise to the occasion. When the money does come in, if the man selfishly spends all the money on new clothes for himself, etc, he cannot win his wife’s trust. From then on, she will take money from the feeding to buy personal effects for herself too.

    So, according to God, the man is the provider. He is the one who must look for food and provide for members of his family. This is in keeping with the divine order. Therefore, the man must labour with his hands and expect God to bring the increase. If he does not work, no increase can comes his way.

    The grace to carry out your responsibility in your home can only be given by God.  Do you need God’s grace in your life?  Then surrender your life to Christ. This is by confessing your sins and accepting Jesus as your Saviour and Lord. If you are ready for this new birth experience, please say this prayer: Dear Lord, I come to You today.  I am a sinner.  Forgive me of my sins.  Cleanse me with Your precious Blood.  I accept You as my Lord and Saviour.  Now I know I am born again!If you prayed this simple prayer, you are now a child of God. He loves you and will never leave you. Read your Bible daily, obey God’s Word and seek Christian fellowship (John 14:21).

    Congratulations! You are now born again! All-round rest and peace are guaranteed you, in Jesus’ Name. Call or write, and share your testimonies with me through contact@faithoyedepo.org, and conselling@faithoyedepo.org; OR 07026385437 and 08141320204.

    For more insight, these books authored by me are available at the Dominion Bookstores in all Living Faith Churches and other leading Christian bookstores: Marriage Covenant, Making Marriage Work, Building A Successful Home and Success in Marriage (Co-Authored).

  • Govt to increase domestic food production

    Govt to increase domestic food production

    The Federal Government has said it will increase domestic food production by additional 20,000,000 metric tonnes and create about 3.5 million jobs next year.

    President Goodluck Jonathan spoke on his administration’s food agenda at the presidential flag off of the National Schools Agriculture Programme (NSAP) at the Presidential Villa in Abuja.

    The President said this would be possible through the administration’s Agriculture Transformation Agenda (ATA), which is targeted at positive youth development.

    Also, in recognition of their contribution to agricultural development and food security, the Federal Government yesterday honoured some stakeholders in the sector.

    Those decorated by President Jonathan included the President of the Rice Millers and Importers of Nigeria (RiMIDAN), Dr. Tunji Owoeye.

    Others are: former Head of State, Gen. Abdulsalami Abubakar; former Chief of General, Commodore Ebitu Ukiwe; former Chief of Army Staff, Gen. T. Y. Danjuma; business mogul Alhaji Aliko Dangote; Transcorp chief, Tony Elumelu; Nigeria’s songstress Onyeka Owenu and Kwara State Peoples Democratic Party (PDP) chieftain Mrs. Bola Shagaya; Wilma Aguele and Senator Nimi Amange.

  • Cocoa records seven percent increase

    The United States Department of Agriculture (USDA)  said  Nigeria has recorded  a seven per cent  increase in cocoa production forecasts to almost 300,000 tonnes for 2013/14, adding that the success of local  cocoa farmers in achieving UTZ certification was “shoring up demand and prices for Nigerian cocoa at the international market”.

    According to USDA, “over the last five years, Nigerian grower prices increased more than 50 per cent to the  average” of US$3,000/tonne. This is supporting efforts to rehabilitate abandoned farms and extend the area under cocoa.

    Under its Cocoa Transformation Action Plan, the government is looking to expand cocoa production by 40 per cent to 500,000 tonnes by 2015. The country has vast land resources suitable for cocoa production, but the broader innovations that government programmes have tried to promote have not yet taken off.

    In a report, USDA identified a range of factors limiting cocoa production in Nigeria to include:    the scarcity and high costs of farm labour, the non-availability and low utilisation of fertiliser, climate change, poor road access in major cocoa-producing area and  insufficient levels of input subsidies in support of farm-level investments, due to weaknesses in delivery mechanisms.

    The USDA believes the next year’s production target is unlikely to be attained.

    The  Department  also  observed  that  local processing of cocoa increased between 2010 and 2012, fuelled by an export incentive rebate programme, but that   the suspension of this programme in 2012 “following ‘sharp practices’ in cocoa export reporting by certain exporters” has subsequently discouraged local processing.

  • Urban farming on the increase

    Urban farming on the increase

    Rapid urbanisation has resulted in a sharp increase in food insecurity. For this reason, urban farming practised by the poor and lower-income groups is fast becoming de rigeur among  city dwellers. In some suburbs, maize and vegetable plots are springing up to counter expected food shortages, reports DANIEL ESSIET.

    Urban farming is the cultivation of a wide range of crops – including fruits, vegetables, tubers and ornamental plants – in cities and towns and the surrounding areas.

    With unemployment estimated at above 80 per cent and basic foodstuffs becoming unaffordable even for those who have jobs, vacant lots are fast being turned into agricultural plots. Following this, urban faming, widely practised by the poor and lower-income groups is fast becoming de rigeur among the city dwellers.

    One of them is Madam Okoro Madu (not real name) who lives at the Journalists Estate, Arepo in   Ogun State.

    She was desperate to grow something, so she planted some vegetables on the only available open space around her home. Madam Madu sets aside time for farming on weekends. She tends her crops herself and makes sure that she does not run out of food by producing vegetables for consumption and sale.

    Consequently, other residents followed her and began planting crops for their consumption. Collectively, they hope for enough rains to enable them to harvest a reasonable yield part of which they can sell to earn an income for their families.

    In many states of the federation, urban farming is playing a pivotal role in supporting the growth of the food industry.

    It is providing a livelihood for thousands of city dwellers, with vegetables bringing in good money for small growers and helping to alleviate malnutrition nationally. The demand for vegetables and the high prices they command in the cities have pushed many jobless residents into becoming small-scale growers.

    The burgeoning income of small vegetable growers, who sometimes earn between 200 and 300 per cent profit, have made them more attractive to those involved in agro exports.

    In some states with link to the major highways, most of the green spaces along the roadsides have been transformed into small farms.

    For experts, urban farming is a lucrative business. This is particularly the case for some states where the dynamism of the sector has led to move up the value added chain and strong market position.

    As a result, the sector contributes 30 per cent of the food sector total production.

    A Crop Protection Specialist, Prof Daniel Gwary, told The Nation that developing urban agriculture is crucial, given the current demographic trend.

    Globally, reports said urban food markets are set to increase fourfold to exceed $400 billion by 2030, requiring major agribusiness investments in processing, logistics, market infrastructure, and retail networks. This is because the growing middle class is also seeking greater diversity and higher quality in its diets. The most dynamic sectors overall are likely to be rice, feed grains, poultry, dairy, vegetable oils, horticulture, and processed foods.

    The good news also, is that many supermarkets are poised to take off, where they serve the middle-income population. Their benefits can include a broader supply of produce, safer foods, economies of scale, and lower consumer prices.

    The supermarkets support small-scale farmers, including urban farmers.

    For this reason, Food and Agricultural Organisation (FAO) and many other international and local institutions, are pushing just that message – that micro-gardening and other forms of urban horticulture can go a long way to boosting city dwellers’ food security and improving living conditions.

    Gwary, of the Department of Crop Protection, University of Maiduguri, said micro-gardening and urban farming allow people to better feed their families.

    As a matter of urgency, he wants governments at various levels to recognise their roles as facilitators in food security and nutrition strategies.

    So far, he sees the biggest weakness in the value chain, however, as farmers not being able to organise the collection of crops produced in scattered locations for delivery to processing facilities.

    As such, there are high rates of spoilage. A shortage of sufficient throughput for processing discourages investments into value-added production, which in turn leads to a further increase in spoilage.

    Apart from this, there are significant information gaps as well: on up-to-date market information related to growers.

    Prof Abel Ogunwale sees urban farms as a “growth area with compelling fundamentals driven by urbanisation, population growth, and rising incomes’’.

    For Ogunwale, a consultant with the World Bank, urban farming is one within a menu of solutions to help feed more people in a manner that advances economic development and reduces pressure on the environment.

    He said most forms of urban farms require land, water, feed, and energy—input that are scarce and need government assistance.

    For him and some private sector stakeholders, one of the biggest challenges facing urban fruit and vegetable farmers are difficulties in obtaining large surfaces of land.

    Whatever the size, the don noted that urban farmers need enough lands to assure sufficient production volumes.

    Others are poor input markets, difficulties in accessing land and finance and inadequate skills and technology.

    All-weather roads, Ogunwale noted, are crucial for urban farms to gain access to markets. Recent improvements in main roads mean that a disproportionate share of the high transport costs for agricultural produce are incurred within the first few kilometres from the farm, because the roads are bad.

    For a strong sector to emerge, he said supply and credit services with it should be strengthened.

    However, Ogunwale said the Geographical Information System (GIS) could be used to map vegetable production and analyse how urban agriculture contribute to food security.

    GIS project, he maintained, would analyse data gathered on the ground and via satellite about crop species, production, land surface and workforce.

    He appealed to the government to address post-harvest loss issues and improve input products and service delivery to farmers, while the agricultural and finance institutions should be well-positioned to support the development of the sector.

    The President, Lagos Apex Fadama Association, Alhaji Abiodun Oyeniran, said the government is trying to open up some areas of land suitable for large-scale production to farmers despite increasing pressure on urban lands for residential development.

    FAO said an estimated 130 million urban residents in Africa and 230 million in Latin America engage in agriculture, mainly horticulture, to provide food for their families and earn an income.

    “While the urban poor, particularly those arriving from rural areas, have long practised horticulture as a livelihood and survival strategy, in many countries the sector is still largely informal, usually precarious, and sometimes illegal,” world body said.

    People often farm idle urban land, but with no legal standing, they can be kicked off when the land is wanted for development. FAO said urban policies should acknowledge the role of urban and peri-urban agriculture in development.

  • “Increase foreign investments will benefit capital market”

    The Association of Assets Custodians of Nigeria (AACON) has underlined the importance of creating conducive environment for foreign direct and portfolio investments with a view to deepening the Nigerian capital market.

    President, Association of Assets Custodians of Nigeria (AACON), Mr. Segun Sanni, said  increase in foreign investments would lead to improvements in the processes, technology and standards in the Nigerian capital market.

    According to him, it is important for Nigeria to attract more of the over $120 trillion of investment under custody globally as foreign portfolio investment is important to the economic development of all countries.

    “We have over $120 trillion under custody all over the world and we have just about $1 trillion of that invested in Africa,” Sanni said.

    He outlined several benefits of foreign investments to include cross-border experience and high corporate governance standards.

    “The first benefit is that when foreign investors invest in your market, obviously they bring in foreign exchange. The second benefit is that by their very nature, since they are foreign investors and they operate in various markets with different high standards of performance and high standards of governance, foreign investors tend to bring progress to the market because they ask for one improvement or the other in the way things are done. Therefore, when foreign investors invest in the market, they bring improvement to processes, technology and all that,” Sanni said.

    He added that foreign portfolio investors were also capable of boosting confidence in a market.

    He said the association had come up with an annual conference to give the Nigerian capital market more visibility, while also ensuring that it develops in line with the aspirations of foreign portfolio investors – which were based on international standards.

    In line with its efforts to help the country attract more foreign portfolio investment, Sanni said the third edition of the association’s annual conference, scheduled to take place in London on May 28, would involve all stakeholders in the capital market.

    According to him, the Acting Governor, Central Bank of Nigeria, Dr. Sarah Alade; and the Director-General, Securities and Exchange, Commission, Ms. Arunma Oteh, are among stakeholders that have confirmed that they will attend conference, which has the theme, ‘Nigeria: Road to emergence.’

    He said the Statistician General of the Federation and Chief Executive Officer, Nigerian Bureau of Statistics, Dr. Yemi Kale, would also be in attendance to talk about the rebasing exercise that led to Nigeria’s emergence as Africa’s largest economy and what the development portends.

    The vice president, Association of Assets Custodians of Nigeria (AACON), Mrs. Kemi  Adewole, added that the conference would also give the association and speakers from Nigeria the opportunity to talk about changes that have taken place in the market and how the investors can take advantage of them.

    She noted that the association opted to hold the conference in London because it was more accessible to foreign investors.

    “The real thought behind having this event, which investors now look forward to at least once in a year, is that there is so much negative publicity on Nigeria, but then within the capital market there are actually a lot of positive developments and if we don’t take these information to them, they may not know what we are doing,” Adewole said.

    Adewole said beyond just informing them of the development in the market, as agents to the investors, the custodians also used the event to get feedback, which has been very useful in the development of the market.

  • Shareholders increase Sterling Bank’s share capital

    •Bank prepares for new fund raising

    Shareholders of Sterling Bank Plc yesterday increased the authorized share capital of the bank by 33.3 per cent from N12 billion to N16 billion, creating headroom for the bank to issue new shares in the event of any decision to raise new equity funds.

    At the annual general meeting of the bank at Eko Hotel & Suites, Victoria Island, Lagos, shareholders unanimously created new 8.0 billion ordinary shares of 50 kobo each to increase the authorized shares of the bank to from 24 billion ordinary shares of 50 kobo each to 32 billion ordinary shares of 50 kobo each.

    The decision strategically positioned Sterling Bank to respond to opportunities that may require issuance of shares. With 21.59 billion ordinary shares issued and outstanding on the stock market, Sterling Bank’s authorized share capital, prior to the increase, had unissued share capital of only 2.41 billion ordinary shares of 50 kobo each. The increase yesterday added 8.0 billion shares and raised the share issuance capacity to 10.41 billion ordinary shares of 50 kobo each.

    The increase came as the bank reaffirmed that it would realize other components of its $400 million three-tier capital raising exercise, which had been approved by the shareholders in 2013. After the approval in 2013, Sterling Bank had raised N12.9 billion through a rights issue. It has since launched a private placement and it has a tier 2 capital raising in view.

    Shareholders also yesterday urged the directors of the bank to consider further issuance of shares to existing shareholders in the event of any future share issuance. They said the bank has proven to be investors’ friendly, citing steady increase in dividends and above-average growths in key indices.

    National coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said shareholders have seen the positive results of their re-investment in Sterling Bank and would be willing to invest further in the bank.

    He noted that the increase in share capital would enable the bank to explore more opportunities to increase its capital base and enhance its market share in the banking industry.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said shareholders would support future capital raising exercise as this will lead to better returns to shareholders.

    According to him, the size of shareholders’ fund is a major consideration in deciding large-ticket transactions as more funds will lead to expansion in the single-obligor limit of the bank.

    Shareholders commended the corporate governance standards at Sterling Bank. They approved the payment of a dividend per share of 25 kobo for the 2013 business year as against 20 kobo paid for the 2012 business year.

    Shareholders also bid the retiring chairman of the bank, Alhaji Sulaiman Adegunwa and two other directors-Mallam Bashir Borodo and Mr. Yemi Idowu, emotional farewell, with the hall filled with voices rendering “he’s a jolly good fellow”. All shareholders who spoke at the meeting noted the steady growth of the bank under Adegunwa.

    Under Adegunwa between 2006 and 2013, Sterling Bank’s shareholders’ fund increased from N26.32 billion in 2006 to N63.46 billion in 2013, balance sheet size expanded from N142.43 billion to N909.43 billion, gross earnings rose from N16.59 billion to N91.63 billion while profit before tax increased from N0.57 billion to N9.31 billion.

    Adegunwa said he was convinced the bank would sustain its growth trajectory noting that the board has been positioned to ensure competitive returns to shareholders on a sustained basis.

    “I assure you that my successor will continue to move Sterling Bank forward and further enhance its standing as a force to reckon with in the Nigerian banking industry,” Adegunwa said.

    Managing director, Sterling Bank Plc, Mr. Yemi Adeola, reassured shareholders that the bank would surpass its previous performance this year.

    According to him, the bank’s business model and execution capabilities are resilient enough to ensure sustained growth over the years irrespective of the operating environment.

    “We will pursue our capital raising programme with single-mindedness and prioritise risk management in order to strengthen the foundation for an enduring institution. We will also speed up investments to grow our retail funding base and emphasise service delivery across all channels to enhance our customers’ experiences,” Adeola said.

    Key extracts of the audited report and accounts of Sterling Bank for the year ended December 31, 2013 showed considerable growths in gross earnings and profitability while the bank’s balance sheet was stronger. The report indicated that gross earnings rose by 33.1 per cent while pre and post tax profits grew by 24.1 per cent and 19 per cent. Basic earnings per share rose by 18.2 per cent from 52 kobo t0 44 kobo.

    Gross earnings rode on the back of a 24 per cent and 31 per cent growth in non-interest income and interest income respectively to N91.6 billion in 2013 as against 68.86 billion in 2012. Non-interest income, which rose to N21.7 billion as against N15.3 billion in 2012 was largely due to a 139 per cent increase in trading income in addition to a 46 per cent increase in fees and commission; while Interest income rose to N70.0billion compared with N53.5 billion in 2012, driven by a 39 per cent increase in gross loans and advances to N328.7 billion.

    Profit before tax rose from N7.50 billion in 2012 to N9.31 billion in 2013 while profit after tax increased from N6.95 billion to N8.27 billion. As a demonstration of confidence in the bank, customer deposits rose 23 per cent to N570.5 billion as against N466.8 billion. This, according to the Bank, also reflects progress in the execution of its retail strategy

    Sterling Bank’s total assets including contingent liabilities increased by 28 per cent to N909.4 billion compared with N708.2 billion in 2012, while Shareholders’ funds grew by 36.1 per cent to N63.5 billion as against N46.6billion due to profit accretion and net proceeds of N12.1 billion from the rights Issue.

    The report also showed improvement in the asset quality of the bank as the proportion of gross loans to non-performing loan dropped to 2.1per cent in 2013 as against 3.8 per cent in 2012, notwithstanding a 40 per cent growth in loans and advances.

  • ‘PIB’ll increase offshore opportunities’

    ‘PIB’ll increase offshore opportunities’

    The passage of fiscal and non-fiscal enablers in the the Petroleum Industry Bill (PIB) could add value to the economics of offshore investments, the Managing Director/Chief Executive Officer, Seplat Petroleum Development Company, Mr Austin Avuru, has said.

    He spoke during his presentation at the IP Week in London.

    Avuru, who spoke on “Petroleum Industry Bill: Increasing Investment Opportunities in the Offshore Nigeria,” said the non-passage of the bill was inimical to the industry’s progress.

    The PIB is supposed to help the oil industry in terms of restructuring the institutional and fiscal framework to promote transparency, efficiency, exploitation activities and maximise economic rent accruing to the government as it hopes to achieve 40 billion barrels of crude reserves and oil production of four million barrels per day by 2020.

    Avuru said foreign direct investment (FDI) to Nigeria dropped from $6 billion in 2009 to $2.3 billion in 2010 even though the “oil sector accounted for over 60 per cent of FDI inflow to Nigeria”.

    He also noted that signing the PIB has become imperative because of the emergence of other oil rich countries in Africa, a situation that has affected FDI inflow to Nigeria.

    Quoting the United Nations Conference on Trade and Development (UNCTAD), he said: “Between 1970 and 1990, Nigeria accounted for 30 per cent of FDI inflow in Africa, but only 16 per cent in 2007 due to emergence of other oil rich countries.”

    Aside from affecting FDI inflow, Avuru said the non-passage of the oil bill has had other adverse effects some of which include push back of “start-up dates for selected oil and natural gas projects, for instance, Bonga North and Sonam field development), to be undertaken by the international oil companies (IOCs), tremendous decline in exploration activities in the last seven years and the fact that only three exploratory wells were drilled in 2011 compared to over 20 wells drilled in 2005.”

    He, however, admitted that there had been some progress on the PIB, which has passed the Second Reading in the National Assembly.

    He noted that there were contentious issues stalling the passage some of which he identified as “power of the minister, the application of Petroleum Host Community Fund (PHCF), the funding of New Frontier Exploration Services and the onerous fiscal terms.”

    Avuru expressed optimism that the passage of the bill would help “decrease investors’ risk through a stable regulatory environment, redesign fiscal terms to maximise government take, provide significant opportunities in shallow offshore and deep water terrains while opening a window of opportunity to invest in a stable and commercially prospective oil and gas environment.”

  • We won’t increase tax, says Ekiti govt

    The Ekiti State government yesterdayassured its people that it will not increase tax.

    It said though it plans to increase the Internally Generated Revenue (IGR) to N20 billion as stated in this year’s budget, this could be achieved by blocking “loopholes” and creating more channels, rather than increasing tax.

    Commissioner for Economic Planning and Service Delivery Biodun Oyebanji explained this in Ado-Ekiti, the state capital, while giving a breakdown of the 2014 budget.

    He said the government would make the economic environment friendlier to attract more people into the tax net.

    Oyebanji said it was necessary to increase the IGR in view of the dwindling and unsteady allocation to states from the Federation Account, adding: “This decreasing allocation was even ceased for over six months recently.”

    He said despite the challenges the government faced last year, it was able to actualise “N71,780,998,347.14 revenue representing 71 per cent performance”.

    Oyebanji said: “There is no problem about the plan to generate the targeted IGR. If people know that the government delivers as promised and creates the enabling environment to create more wealth, they will be encouraged to pay tax.”

    The commissioner said the allocation to education dropped this year relative to last year because the government decided to focus on other sectors of the economy.

    He said N17 billion was voted for infrastructure to enable the government provide water, electricity, housing and good roads.

    Oyebanji said N3.3 billion was earmarked for water provision, adding that N1 billion is voted for the Ero Dam Water project; N500 million for the purchase of water treatment chemicals; N350 million for Small Town Water Supply and Sanitation and World Bank Water project counterpart fund.

    He gave the performance of the 2013 budget as 61 per cent.

    An elder statesman Chief Bandele Falegan bemoaned the politicisation of the disbursement of ecological fund to states.

    Falegan said he was surprised that the state, which needs over N5 billion to address ecological challenges, was expecting N525 million.

    He said many Peoples Democratic Party (PDP)-controlled states which do not have ecological problems get, at least, N2 billion.

    Falegan praised the state government for the various interventions in affected communities, adding that without the interventions, Ekiti would have been declared an ecologically distressed state.

     

  • Disturbing increase in sexual crimes

    SIR: There is a pronounced rise in sexual crimes particularly rape across the globe and in our country. Hardly does a day go by without one reading of the rape of a woman, an adult defiling a child, father having carnal knowledge of daughter and similar depraved acts somewhere in the country. This is very disturbing.

    Rape is a horrible crime that deserves condemnation by every right-thinking human. But as one condemns, one should also pause a while and consider if he is not in any way contributing to the crime. While physically we may appear irreproachable, spiritually, we cannot escape our share of the guilt of such atrocities.

    Presently, the earth is saturated, choking with erotic thoughts. Wherever one looks it’s all about sex. Sex has since become about the highest selling commodity –if it isn’t sexy, forget it; and so many are just too eager to cash in on the boom. The fashion of today reeks of nudity and sensuality. Consider popular music, movies, and TV reality shows of today. They are mostly celebration of sensuality, nudity, lust, calls for debauchery. The celebrity must exude sensuality, in fact the more he/she projects sex, the more he/she is celebrated.

    The print media is not left out. Take a look at magazines and even dailies. So much space is now being taken up in the latter for sex talk. Sex is even incorporated into adverts of products which have nothing to do with it. This is just ridiculous!

    The effect is a poisoning of the thought environment hence many find themselves thinking of sex more often than is healthy. And the more people contemplate sex, the stronger the erotic thoughts surrounding the earth (and almost strangling it) becomes. Sex has lost its taboo; it has become just too casual. With this initial boundary crossed, naturally perversions set in.

    A more enduring solution is for humanity to begin to get the present sex-mania under control. We must begin to advertise sex less, to de-emphasize it. Let us make effort to keep the hearths of our thoughts pure. By so doing, we’ll reduce the strength of erotic and indeed other harmful thoughts and save ourselves heartaches.

    •Nnoli Chidiebere

    Aba, Abia State.