Business
2015 Budget: FG Presents N4.357trn To Senate
President Goodluck Jonathan has laid before the National Assembly a budget proposal of N4.357 trillion for the 2015 fiscal year.
The budget has N2.6 trillion as recurrent and N627.16 billion as its capital expenditure respectively.
The Tide source reports that Dr Ngozi Okonjo-Iweala, Minister of Finance and the Coordinating Minister for the Economy, performed the exercise on behalf of the President, on Wedensday.
Speaking to newsmen after the presentation, Okonjo-Iweala, said the budget had oil price benchmark of 65 dollars per barrel.
“We have just laid the 2015 budget; one of the highlights is the benchmark price for oil of 65 dollars per barrel production figure of 2.27 million a day.
“We have re-estimated Gross Domestic Product (GPD) growth based on the circumstances of the country to be about 5.5 per cent, which is down from the 6.3 per cent we had earlier.
“The National Bureau for Statistics (NBS) new estimate is 5.5 for next year, which is still one of the better growth rates in the world,’’ she said.
According to her, the budget seeks to protect the average Nigerian.
“You are aware that our key focus is on the diversification of the economy and it’s been working because food prices have not risen in spite of the depreciation of the naira.
“If you check all around the market, you would find that the average Nigerian is enjoying stable food prices.
“And some cases like Enugu, the price of Gari has even fallen.’’
She said inflation rate as estimated by NBS had fallen from 8.1 per cent to 7.9 per cent.
“What this means is that this budget really focuses on moving us to diversify the economy and to raise non oil revenue.
“We have made up for the fall of 13 dollars per barrel from 78 dollars to 65 by raising non oil revenue through various types of taxes and policies.’’
She further said, “a surcharge on luxury goods is there plus additional tax efforts to close leakages in revenues’’.
Speaking on the seeming late presentation of the budget, Sen. Aloysius Etuk said the executive arm had not violated the provision of the constitution as the delay was involuntary.
“I feel everybody would excuse the executive arm in this case. The executive tried as much as possible to lay the budget on time.
“It presented the Medium Term Expenditure Framework (MTEF) on time and then suffered a serious setback by the tumbling price of oil.
“Therefore, there was no way we could have considered the former presentation. If we had gone ahead to consider the former presentation we would have just shot ourselves on foot,’’ Etuk said.
According to him, the presentation of the about 73 dollars and 78 dollars per barrel is no longer practical and therefore cannot be used as the basis for the compilation and presentation of the budget.
“So the executive could be excused, quite excused because we are all witnesses to what has happened.
“ The delay was not premeditated and they have been proactive to have weathered the storm to present the budget today,’’ he said.
Etuk further said, “I want to congratulate the executive for even having the courage for even presenting the budget today’’.
He added, “I feel we should have even waited to have one more month study of the market to see the actual best fall of the oil price’’.
The National Assembly has adjourned until Jan. 13, 2015.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter