News
FG Pumps N400Bn for Q1 Capital Projects
The Federal Government has begun the implementation of the 2013 budget with the release of N400 billion for the execution of capital projects in the first quarter of the year, a quarter that will run out in a few days.
Mr. Paul Nwabuikwu, senior special assistant (Communications) to Dr. Ngozi Okonjo-Iweala, minister of Finance, said in a statement that the release was to give impetus to the execution of projects captured in the budget.
The 2013 budget was signed into law by President Goodluck Jonathan on February 26 after argument swung left and right.
The 2013 budget makes provision for an aggregate expenditure of N4.987 trillion, representing an increase of 6.2 per cent over the N4.697 trillion appropriated for 2012.
Jonathan had while signing the budget said an amendment bill would be sent to the National Assembly to address grey areas in the one passed by the legislature.
The identified grey areas include reduction in personnel cost; reallocation of capital expenditure by lawmakers; and reallocation of the budget for the Subsidy Reinvestment and Empowerment Programme.
But Okonjo-Iweala, said that of the amount released that some N120billion had been set aside to cater for two important initiatives.
They are N75 billion for the repayment of bonds and N45bn for the payment of workers of the Power Holding Company of Nigeria.
The N75 billion for repayment of bonds, according to the minister, is in line with the new debt management strategy of the Federal Government.
The strategy, she noted, would focus on how to reduce the stock and flow of debt in a proactive manner.
The statement read in part, “The Federal Ministry of Finance has released the sum of N400bn as first capital budget to give impetus to the execution of projects captured in the budget 2013.
“Of this amount, N120bn had been frontloaded to cater for two important initiatives; including N75 billion for retiring bonds, which have come due; this is in line with the new debt management strategy, which focuses on reducing the stock and flow of debt in a proactive manner; and N45bilion for the payment of PHCN workers.”
Okonjo-Iweala had last week during a presentation on the 2013 budget said the government remained focused on critical economic and social sectors driven largely by private sector activities.
To achieve this, she had said N497 billon was allocated to key infrastructure, including power, works, transport, aviation, gas pipelines and Federal Capital Territory; human capital development (education and health), N705bn; and agriculture/water resources, N175 billion.
She had said, “We recognise that Nigeria’s infrastructure deficit remains one of the binding constraints to growth in the economy. Therefore, our strategy is to prioritise infrastructure investments in the budget and also to leverage additional external financing for infrastructure investments in the country.
“For example, the 2013 budget has some important infrastructure projects in the transportation sector such as the second Niger Bridge.”
She also said the Federal Government’s would further reduce annual domestic borrowing as well as defray the debts of Nigeria’s foreign missions.
Okonjo-Iweala said, “We are also making concerted efforts to defray the debts of our foreign missions. In this context, we have made a provision of N13billion in the 2013 budget to help clear the accumulated debts as at the cut-off date of June 2012.
“Government has also established a committee under the chairmanship of the Minister of Foreign Affairs, which will work out a system to better manage the assets of our foreign missions.”
CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.
This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.
Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”
This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.
As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.
CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.
Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.
This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.
The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.
According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.
He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.
“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.
A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.
He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.
Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.
He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.
Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Participants at the event
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
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