The Nation Newspaper

Tag: raises

  • Investment firm raises questions over Afribank liquidation

    Investment firm raises questions over Afribank liquidation

    Nigerians may not have heard the last word from Intangis Holdings, the American based investment company which claimed to have bought majority shares from Afribank PLC before it was taken over by AMCON, as the firm says it has evidence that the liquidation of Afribank and subsequent transfer of its assets and liabilities to Mainstreet Bank in August 2011 is illegal.

    In a statement issued on behalf of the firm by African Media Agency from Dubai and made available to The Nation, Intangis said: “Nigerian Bad Bank, AMCON, which was mandated to only deal with Afribank’s non-performing loans invested in its share capital, then liquidated the bank and transferred all its assets and liabilities to Mainstreet Bank, which it wholly owns. Afribank’s shareholders and creditors, including Intangis Holdings have been stripped of their rights, “said Jean Missinhoun, senior partner of Intangis Holdings.

    On July 1, 2014 Intangis Holdings filed a claim for damages for tortuous interference against AMCON in the Supreme Court of the State of New York to assert its rights.

    “The suspension of the ICC arbitration is a matter of procedure – Intangis Holdings has been substituting for the payment of Mainstreet Bank’s share of the advance on costs. This decision does not affect the outcome of the case. Intangis Holdings is fully focused on the action against AMCON in the Supreme Court of the State of New York,” confirmed Jean Missinhoun.

    AMCON  the firm stressed, had taken steps to divest from Mainstreet Bank from 15th of September 2014,  while omitting to make provision as required by the international accounting rules (IFRS) for certain liabilities of the bank, estimated by Intangis Holdings at US $ 1.4 billion.

    At the time AMCON invested in its share capital, Afribank with total assets of US$ 3 billion was ranked 16th among West African banks according to the 2009 league table “The top 200 African banks”, published by Jeune Afrique magazine. Afribank was also listed in the Dow Jones index “Africa Titans 50.”

  • Govt raises $700m for Trans-Nigerian Gas Pipeline

    The Federal Government has raised about $700 million for the Trans-Nigerian Gas Pipeline (TNGP) project.

    The project is planned to connect major gas supply sources in the Eastern

    Niger Delta through pipeline infrastructure that will traverse the North.

    The fund raising effort is contained in a 98-page Transformation Agenda: Review Progress report for 2013 to 2014 presented by President Goodluck Jonathan as part of activities marking the 2014 Democracy Day in Abuja.

    According to the report, the government was able to raise $450 million through Eurobond offer while it put in additional direct equity contribution of about $250 million in support of the project.

    The government said there were increased investments in the downstream sector from N53 billion during the period, adding that the new 71 depots have assisted in checking fuel scarcity by improving Nigerians’ access to more refined petroleum products.

    It added that the government’s efforts at tackling corruption in the Oil and Gas sector is yielding positive gains by the verdict of the global Extractive Industry Transparency Initiative (EITI).

    The report also listed challenges in the sector to include vandalism of oil pipelines, crude oil theft, environmental pollution from gas flaring and oil spillage, non-passage of the Petroleum Industry Bill (PIB), operations of illegal small-scale petroleum refineries, high cost of capital, insecurity, and inadequate local capacity.

    In the manufacturing and trade sector, the report said $1.75 billion in private sector investments was injected in 2013 to boost cement production in the country.

    This, the government said, has not only resulted in sustained production growth in 2013, but has now made Nigeria a net exporter of cement.

    On sugar production, the report said: “The government successfully secured aggregate pipeline investment commitment of $3.1 billion into the Nigerian sugar sector, and increased sugar project sites in the country from 6 to 17. All three existing sugar refineries have signed commitments with government to produce an aggregate700,000 mts/annum by 2018.”

  • Skye Bank raises $150m new capital

    Skye Bank raises $150m new capital

    Skye Bank Plc has raised a total of $150 million tier 11 capital as part of the measures to beef up its equity and working capital.

    Group managing director, Skye Bank Plc, Mr. Timothy Oguntayo, disclosed this yesterday in Lagos at the bank’s pre-annual general meeting media briefing.

    According to him, the capital raising exercise was in tandem with the approval the shareholders of the bank gave to the board at the last annual general meeting.

    He noted that the new capital would strengthen the bank as a solid institution pointing out that the bank would use its enhanced strength to further intervene in funding critical sectors of the economy to bring about national development.

    According to him, the bank has been one of the leading financiers in key sectors of the economy including oil and gas industry, real estate development, agriculture and education among others.

    He said the bank would over the next three years focus on enhancing its commercial and retail banking business to complement its hugely successful corporate banking franchise.

    According to him, the bank has designed new retail banking strategies that would aid the mobilization of cheap deposit, increase lending to individuals and small and medium businesses and generally bridge the financial gap in the society.

    Oguntayo put the bank’s total funding of agriculture at over N15 billion traversing cocoa processing, animal production, among others.

    He however called for the revamping of the Nigeria Agricultural Insurance Corporation to be able to guarantee agric loans in a manner that will encourage banks to fund the sector more.

    Skye Bank Plc grew net profit by about 27 per cent to N16 billion in 2013 as the bank optimized constrained top-line deliver better returns to shareholders.

    Key extracts of the audited report and accounts of the bank for the year ended December 31, 2013 showed that net profit rose from N12.64 billion in 2012 to N16.02 billion in 2013.

    The board of directors of the bank has recommended distribution of N3.97 billion to shareholders, representing a dividend per share of 30 kobo. Earnings per share had risen to N1.21 in 2013 as against N1.01 in 2012.

    The report showed a profit before tax of N17.136 billion in 2013, a modest increase on N16.510 billion recorded in 2012. Other highlights of the result include growth in total assets from N1.073 trillion to N1.116 trillion, while deposit liabilities also increased from N966 billion to N996 billion. Gross earnings stood at N127.3billion in 2013 compared with N127.73 billion in 2012.

    The bank’s total equity grew during the review period from 106.8 billion in 2012 to N120 billion in 2013, indicating the bank’s financial stability. Loans and receivables also rose to N549.8 billion from N540.3 billion. As a measure of its growing good loan portfolio, the bank’s net interest income shot up to N61.69 billion from N44.5 billion in 2012, an increase of 38 per cent.

  • Amaechi raises alarm over ‘strange’ security officers

    Amaechi raises alarm over ‘strange’ security officers

    THERE is anxiety over Rivers State Governor Rotimi Amaechi’s safety.

    The state government is worried by the posting of four Intelligence officers to the Government House in Port Harcourt, the state capital.

    Two policemen have also been posted to the Governor’s Lodge in Abuja.

    No notice of the postings was sent to the governor, a statement by the Secretary to the Government, Mr. George Feyii, said yesterday.

    The statement said: “The Rivers State Government notes with distress what is now an apparent attack on the person of Governor Chibuike Rotimi Amaechi. Yesterday, two policemen, one of who is an Inspector Bawa, reported to the Rivers State Governor’s Lodge at Justice Mohammed Bello Street, Asokoro, FCT Abuja.

    “They claimed to have been posted by Nigeria Police Force Headquarters to monitor the Rivers State Governor’s Lodge.

    “Earlier, four intelligence officers had been posted to Government House, Port Harcourt by the Rivers State Police Command. These postings were done without any notification or reference to Governor Amaechi.

    “We are aware that on issues of personal safety, an official reserves the right to pick the security personnel to whom he or she may entrust their safety. This is more so in the case of a State Governor.

    “The policemen this morning said that they had directives to remain at the gate of the Rivers State Governor’s Lodge.

    “Not only is the Rivers State Government uncertain of the true identity of these gentlemen, we are worried as to the true intent behind this latest posting. In recent times, events in Rivers State and especially around Governor Amaechi have been suggestive of deliberate nonchalance at best, and complicity at worst in the security breeches that have occurred. This trend has continued despite a passionate appeal to the highest levels of authority.

    “We are worried that we can no longer guarantee the safety of Governor Chibuike Amaechi and wish to reiterate our call on all relevant authorities to ensure the safety of Governor Amaechi and the peace and security of everyone in Rivers State.”

    Also yesterday, Inspector General of Police (IGP) Mohammed Abubakar summoned Amaechi’s Chief Security Officer (CSO), Tony Iwelu, and his Aide-De-Camp (ADC), Debeware Semeikumo (ASP) to Abuja over the political crisis in the state.

    Also summoned is the Majority Leader of the House of Assembly, Mr. Chidi Lloyd. They are to report at the Force Criminal Investigation Department (CID), Abuja.

    A statement by the Deputy Force Public Relations Officer, Mr. Frank Mba, said the three persons would be facing an interview panel in respect of the roles they played in the crisis, as seen in the video clips in circulation.

    The statement recalled that in the said video clips, “a man carrying a mace and another in police uniform as well as other security details were seen conducting themselves in a questionable and uncomplimentary manner.

    “The invitation, therefore, seeks to obtain further details that will assist proper investigation into the matter.”

    The statement quoted the IGP to have reminded police personnel on various legitimate assignments, particularly those attached to VIPs, to always remain mindful of their conducts.

    He added that they must ensure that they uphold the professional ethics, traditions and best practices of the Force at all times.

    “Any officer found acting in ways inconsistent with extant laws and regulations of the Force will be severely dealt with, in accordance with the laws of the land,” the IGP emphasised.

    In another statement yesterday, the police also warned the citizenry, particularly those in Rivers State, against constituting themselves into, or being part of unlawful and violent assembly in any part of the country.

    They are also warned against unguarded, inflammatory and provocative utterances, stressing that the police have observed with dismay, “the attitudes of some Nigerians who have chosen the nation’s airports as points of congregating their followers”.

    Apparently referring to the mob attack on Amaechi and governors of four northern states at the Port Harcourt Airport on Tuesday, the police said the action did not only constitute a public nuisance, it also constituted a threat to air travellers and the airport authority as well.

    The convoy of Governors Amaechi, Rabiu Kwakwanso (Kano), Mu’azu Babangida Aliyu (Niger), Sule Lamido (Jigawa) and Murtala Nyako (Adamawa) were attacked by people described as supporters of Minister of State, Mr. Nyesom Wike.

    The vehicles in the governors’ convoy were pelted with stones and clubs. The windshields of some of the vehicles, including the coaster bus in which commissioners rode, were smashed. The attackers were also shouting obscenities at the convoy.

    “These assemblies do not only constitute nuisance to the airport environment but are also a threat to the security of both genuine travelers and the airport authority.

    “Citizens are reminded that airports all over the world are regarded as restricted areas and, as such, are traditionally shielded from unnecessary intrusion.

    “The Force will not hesitate from the date of this statement to bring the full weight of extant laws on persons found forming or being part of an unlawful assembly, especially riotous assemblies,” the statement warned.

    They police said they are duty bound to respect and protect the fundamental rights of the citizenry to freedoms of expression, movement, peaceful assembly and association.

    But such rights, they warned, must be enjoyed within the bounds of the law, stressing that gatherings must be peaceful and lawful without being intentionally contrived to provoke or abridge the rights of other citizens.

    “The Force will not fold its arms and watch some persons or group of persons tear down the bond of the country’s unity. The Force wishes to remind Nigerians that the laws on Unlawful and Riotous Assembly as provided for in our Criminal and Penal Laws are still in force.

    “The Force further cautions against the unnecessary use of unguarded, inflammatory and provocative statements capable of promoting hatred and disunity among Nigerians.

    “Citizens should at all times, in the exercise of their rights, be cautious of the likely consequences of their actions and avoid acts inimical to the well-being of the nation.

    “The Nigeria Police Force has a constitutional responsibility of ensuring not just the security of citizens, but to promote the unity and indivisibility of our dear country.

    “It will therefore do all within its ability to ensure that the country remains secure, peaceful and indivisible. Nigerians of all facets of life are advised to close ranks and unite to sustain the nation’s nascent and growing democracy.

    “The Force enjoins citizens to shun all forms of violence and unlawful acts, eschew bitterness, hatred and rancor and go about their legitimate duties without fear of intimidation from any quarter,” the statement added.

    The police highest command assured the citizenry of its willingness to discharge its constitutional and statutory responsibilities of protecting lives and property.

    It, however, solicited the cooperation and understanding of members of the public, particularly politicians and their supporters, in the discharge such duties.

  • Suzuki raises bar for passengers’car

    The Suzuki family in Nigeria has introduced a small passenger car – Swift Dzire.

    Swift DZire is a result of an indigenous project started in 2005 to design a three-box notchback version of the swift hatchback.

    Some changes have been made to the car’s overall styling to seamlessly integrate the boot.

    The wheelbase remains the same. The car weighs about 30–35 kilograms (66–77 lb) more than the hatchback.

    Few modifications in the rear suspension have been done to cope with the additional weight of the boot and improve the ride quality for the rear passengers.

    Adjustments in the rear seat inclination have been made to improve the rear seat comfort and legroom.

    C&I Leasing Group, the authorised dealer/distributor of the Suzuki brand in the country, unveiled the car in Lagos recently.

    The group said their target is the taxi market in the cities.

    Managing Director of Suzuki, a subsidiary of C&I Motors Limited, Vikram Mehtani, projected that the company would account for 20 per cent market share in the first one year of the car in Nigeria.

    Apart from the taxi business, Mehtani said, the vehicle would do well among young people, especially those who just secured employment.

    “We also have a lot of companies looking for operational vehicles that are not really expensive, below N3million; they will be interested in our Swift Dzire,” he said.

    He admitted that the company was aware of the stiff competition posed by other automobile companies in the sedan segment of which the newly launched car was classified.

    “Swift Dzire belongs to the sedan segment. Which include offering from our competitors, such as Kia, Hyundai and to some extent Yaris from Toyota. We are looking at 20 per cent market share in the first year in that segment. We hope to use this brand to further make our huge presence in the Nigerian auto industry,” he said.

    The latest Suzuki Swift Dzire, he said, was a sedan brand that the company hoped to further consolidate its presence in the nation’s auto industry.

    The Indian-built car comes standard with a “K12? engine, a 94 hp 1.2-litre four-cylinder with 113 Nm of torque and a choice of a five-speed manual or a four-speed automatic.

    It comes in GL, GLX & GLX SPL variants, all with power steering, dual airbags, ABS with EBD and a CD/MP3 player as standard, while options include full power features, keyless entry system, alloy wheels, fog lamps, USB port and automatic climate control.

    It replaced the long standing Maruti Esteem and shared its engines with the hatchback.

    Mehtani described the sedan as an irresistible car for people who desire efficient and comfortable sedan.

    “The swift Dzire is an absolute new automobile from Suzuki stable, which I hope will help us tremendously to increase our presence in the entry level sedan segment of the Nigerian automobile market, which offers a great promise,” he said

    According to Mehtani, the swift Dzire is a new offering in the sedan segment that combines an appealing shape with high fuel efficiency and robust engineering design.

     

  • UNIABUJA crisis: SSS invites six dons as ASUU raises legal team

    The State Security Service (SSS) has invited six members of the Academic Staff Union of Universities (ASUU) of the University of Abuja (UNIABUJA) chapter for interaction.

    The invitation followed renewed tension over examinations at the institution.

    The lecturers will be grilled today when the second semester examinations will begin.

    ASUU has raised a legal team from the chambers of Mr. Femi Falana(SAN) to accompany the lecturers.

    The lecturers are Dr. Chups Clement, Dr. Abubakar Suleiman, Dr. Abu Malam, Prof. Siyan Peter, Dr. Abdulhamid Sulaiman and Mr. Rafiu Akano.

    There had been crisis of confidence between UNIABUJA chapter and the Vice-Chancellor, Prof. James Adelabu.

    The local chapter of ASUU has been calling for full implementation of the White Paper of the Visitation Panel to the university.

    The university management, however, disagreed with ASUU on the alleged indictment of the VC.

    While the crisis with ASUU was still pending, the students of the university also staged series of protests over non-accreditation of som courses.

    The protests led to the school’s closure for three months.

    But barely a few days after the students were recalled from home, the second semester examinations were again disrupted on February 11.

    The invitation of the ASUU activists by the SSS might be a pre-emptive step by the university management to avert a fresh disruption of the second semester examinations, it was learnt.

    One of the lecturers said: “We have been invited to report at the SSS FCT command by 11am on Monday. No reason was given in the letter, but we are suspecting that the invitation might be in connection with the crisis situation on the campus and the forthcoming examinations schedule to commence on Monday.

    “Other than criticising when necessary on non-accreditation of courses and demanding for the implementation of the White Paper on the report of the Visitation Committee to the university, we have nothing to do with the crisis on the campus. We do not incite students, we do not engage in violence.

    “Are they saying that students are blind not to know that their courses are unaccredited? Don’t students know what is right or wrong?Was any lecturer with the students when they marched on the office of the Minister of Education, Prof. Ruqayyat Rufai?

    “Instead, our members are being harassed by the university management for making genuine representations that things are not working well in the system.”

    Another source said: “ASUU has engaged Mr. Femi Falana (SAN) chambers to accompany the six lecturers to the SSS office.

    “We are suspecting moves to detain the lecturers for no just cause. They want to intimidate ASUU members.”

     

  • Fayemi raises pension of ex-HoS, perm secs

    Former Heads of Service and permanent secretaries in Ekiti State, who retired before or in 1998, will now receive 50 per cent of what the present permanent secretaries get as pension.

    Governor Kayode Fayemi announced this at the inauguration of the first Ekiti Civil Service Journal, called The Fountain Bureaucrat.

    He said it was unacceptable that the retirees got less than the N19,320 minimum wage.

    Fayemi said although there was no pension increment guideline, the raise would breach the gap between pensioners.

    He said the journal would serve as a veritable tool to actualise his administration’s agenda to transform Ekiti.

    The governor said the publication would preserve the originality of the values the public service stands for and deepen the understanding of its obligations.

    Hailing the “explorative nature” of the journal, which features writings on various issues in the Civil Service Transformation Strategy, Fayemi urged workers to use the publication to develop their potentials for self-actualisation and corporate growth.

    He said his administration would continue to provide an enabling environment for intellectual development in the areas of capacity building, accommodation and welfare.

    The Head of Service, Mr. Bunmi Famosaya, said the journal would be useful to civil servants, especially as promotions are now based on merit. Describing it as a veritable resource material, Famosaya said the bi-annual publication is aimed at “arousing and enriching mental alertness and skill acquisition” in civil servants.

    Pioneer Secretary to the State Government and Head of Service Mr. Joshua Ibidunmoye narrated the ordeal of government officials, including former Military Administrator Col. Inua Bawa, during the creation of the state and praised civil servants for building Ekiti.

  • Fashola raises alarm over attack on public utilities

    Lagos State Governor Babatunde Fashola has urged Nigerians to see themselves as part-owners of public utilities, noting that they play a major role in curbing theft and vandalism of cables.

    He enjoined the Nigerian Electricity Regulatory Commission (NERC) to embark on a nationwide sensitisation exercise on the conservation of power and protection of public utilities.

    The governor said it was time NERC came up with its nationwide campaign to help Nigerians make the connection between protecting assets and securing the country’s future.

    Fashola, who spoke when he presented a paper, entitled: ‘Our utilities -A value system of conservation and preservation’, at the NERC’s Distinguished Visitor Programme in Abuja, said lack of conservation and preservation of utilities was a threat to the attainment of a reliable power supply system.

    According to him, efforts must be made to achieve efficient use of energy resources and preservation of the nation’s energy infrastructure, to save costs.

    Governor Fashola said: “Your work as regulators cannot be complete unless you adopt a strong and effective policy of educating Nigerians on how they must conserve and preserve our utilities.”

    He told the commission that it would be shirking a major responsibility if it refused to assist Nigeria develop a strong sense of ownership of public utilities, adding: “Anything less will be akin to trying to fill a basket with water.”

    Fashola, who talked about the theft of public property and wastage at the forum, said the Lagos State Electricity Board reported that last year, about N56million worth of power cables were stolen in the state.

  • Southeast raises committee on Ohanaeze crisis

    Southeast raises committee on Ohanaeze crisis

    A committee led by Senator Ben Obi was yesterday raised by leaders of the Southeast to find solution to the crisis of leadership in the apex Igbo socio-cultural organisation, Ohanaeze Ndigbo.

    Governors from the zone announced the decision after a meeting with political leaders in Enugu.

    All the governors in the Southeast attended.

    Host Enugu State was represented by Acting Governor Sunday Onyebuchi.

    On January 12, a national executive led by Mr. Nnachi Enwo-Igariwey as President-General, was elected.

    But a group led by secretary of the 16-member election committee, Prince Richard Ozubu, attempted to hold another election in Abakaliki last week.

    A court stopped the election as the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB) also threatened showdown should a new election hold.

    Chairman of the Southeast Governors’ Forum, Anambra State Governor Peter Obi, told reporters at the end of the meeting that the committee was also mandated to see how to make the umbrella Igbo organisation stronger.

    The forum appealed to all those involved in court cases on the Ohanaeze election to withdraw them.

    On Friday, an attempt by a group to hold a meeting aimed at reconciling the two camps at Awka was dispersed by some youths.

    At yesterday’s meeting were Senators Uche Chukwumerije and Ayogu Eze, Hon. Ogbuefi Ozomgbachi, Prof. Chinedu Nebo, Bishop Emmanuel Chukwuma and Chief Vita Abba.

    Past presidents of Ohanaeze Ndigbo, Amb. Ralph Uwechue, Prof. Joe Irukwu and Dr. Dozie Ikedife, were also there.

  • National Assembly raises budget by N63b

    National Assembly raises budget by N63b

    The National Assembly yesterday approved a N4.98 trillion budget for next year, raising the Executive’s N4.92 trillion proposal by N63billion.

    President Goodluck Jonathan had sent a N4.92 trillion Appropriation Bill to the lawmakers.

    The oil price benchmark was jacked up to $79 from the $75 per barrel presented by the executive.

    Both chambers approved the report of their joint committees on Appropriation and Finance to pass the Bill.

    The Senate’s approval of N4,987,202,425,601.00 followed the consideration of the report presented by the Appropriation Committee chair Senator Ahmad Maccido.

    Maccido said his committee adopted the Executive proposal of crude oil production of 2.53 mbpd and an exchange rate of N160 to US$1.

    Highlights of the budget as passed by the Senate are:

    Statutory Transfers: N387,976,000,000,

    Debt Service: N591,764,000,000,

    Recurrent Expenditure: N2,386,024,770,349,

    Capital Expenditure: N1,621,455,655,252,

    Aggregate Expenditure; N4,987,202,425,601,

    Inflation Rate: 9.5 per cent

    GDP Growth Rate: 6.5 per cent

    Subsidy Re-Investment and Empowerment Programme: N273 billion.

    Maccido noted that his committee observed that the conceptualisation of the budget by the Executive is still a big issue that the Senate must confront as the representatives of the people.

    He said there should be a verifiable template for budgeting, especially on capital projects.

    He said:” If the painful sight of abandoned projects in Nigeria will be a thing of the past, then on-going projects must be properly defined.

    “A situation where projects not found in 2011 and 2012 budgets are found in 2013 as on-going projects is very misleading.

    “In the same vein, a situation where uncompleted projects as not included in the budgets of succeeding years, is wasteful.”

    He said the Executive should be made to be more thorough in compiling the budget.

    The committee, he said, noticed that some critical areas as still under funded.

    He listed the Public Complaints Commission and the Office of Auditor General for the Federation as some of the underfunded bodies.

    Maccido also said that it is important to note that there is a component of the budget stated as SURE-P which funds to the tune of N180 billion for the year 2013 which would be augmented by a projected 2012 unspent balance of N93.5 billion to translate to a total of N273.5 billion SURE-P fund.

    He explained that this amount did not form part of the aggregate budget figure of N4,924,604,000,000.

    Deputy Senate President, Ike Ekweremadu who presided, commended the Senator for passing the budget before going on Christmas break.

    Ekweremadu noted that in 1999, the Senate passed the budget before going on Christmas break.

    Ekweremadu said it is left for the Executive to ensure full implementation of the budget.

    The total figure in the proposal presented before the National Assembly for 2013 by Jonathan was N4.924 trillion.

    From the sum of N4,987,202,425,601 Appropriation approved for the 2013 fiscal year, N387.976 billion is for statutory transfers; N591.764 billion is for Debt Transfer; N2,386,024,770,349 is for Recurrent (non-debt) expenditure while N1,621,477,655,252 is for contribution to the development fund for capital expenditure.

    For the recurrent expenditure, Education allocation is highest with N360,822,928,272; followed by N300,402,146,886 for Defence/MOD/Army/Air Force/Navy; N295,011,366,222 for Police formation and commands; N219,373,252,402 for Health; N79,084,295,951 for Youth Development; N65,512,690,505 for NSA; N51,391,667,171 for Petroleum Resources; N47,390,729,600 for Foreign Affairs; N32,395,973,211 is for Agriculture and Rural Development while N22,831,383 is for Presidency.

    Out of the N387.976 billion approved for Statutory Transfer, National Assembly got N150 billion; Universal basic Education (N76.279 billion); National Judicial Council (N67 billion); Niger Delta Development Commission ( N61.347 billion); Independent Electoral Commission (N32 billion) and National Human Right Commission (N1.35 billion).

    The Federal Ministry of Works with N168.173 billion got the highest allocation under capital expenditure; Water Resources got N84,228,166,366; Power (N73,159,378,866); Education (N71,937,785,489); Defence/MOD/Army/Air Force/Navy (N64.013 billion); Niger Delta (N62,331,222,222); Health (N60,082,469,275); FCTA (N57 billion); Agriculture and Rural Development (N50,808,871,428); office of the National Security Adviser (N50 billion); Aviation (N48.5 billion); Transport (N44,527,673,725); Secretary to the Government of the Federation (N33,673,731,529); lands and Housing (N30,399,298,518) and Foreign Affairs (N24,211,948,470).

    The bill was read for the third time in the House of Representatives with the relevant House rule suspended to allow the votes and proceedings of the session adopted to give immediate potency to the bill.

    Members were in an upbeat mood as they passed the budget in record time.

    Deputy Speaker Emeka Ihedioha who presided, said Speaker Aminu Tambuwal sent his sincere gratitude from Kaduna where he was attending the burial of ex-Kaduna State Governor Patrick Yakowa.

    Ihedioha said the House has fulfilled its promise to pass the 2013 budget before Christmas.

    Plenary was adjourned till January 16.

    The Special Adviser to the President on National Assembly Matters, Senator Joy Emodi, commended the Presidency for early presentation of the budget and the National Assembly for the feat of passing the budget before Christmas.

    Emodi said,” This is a pivotal moment in our nation’s history as it is the first time since 1999 that the budget of a succeeding year has been passed in the preceding year.

    “This is traceable to the leadership shown by Mr. President through dialogue and early presentation of the budget and the hard work, commitment and team spirit shown by the leadership and the entire members of the National Assembly.”

    The Presidential aide noted that the budget is a government’s most important economic policy tool.

    She said by the early passage of the budget, the Executive and the Legislature have made a joint statement that they are truly partners in governance and are increasingly taking steps to place the country on a path to economic growth and prosperity.