Business
National Assembly Jerks Up Budget, Passes N13.5trn 2021 Appropriation Bill
The National Assembly has passed the 2021 Appropriation Bill, raising the total estimates from the proposed N13.08tn to N13,588,027,886,175, an increase of over N500bn.
President Muhammadu Buhari had on October 8, 2020, laid the Appropriation Bill before a joint session of the National Assembly.
Both the Senate and the House of Representatives Committees on Appropriations had laid a harmonised report in the respective chambers as the National Assembly held special sessions mainly to pass the national budget ahead of the Christmas and New Year break.
Out of the total sum of N13.59tn for 2021, N496.53bn is for statutory transfers; N3.32tn for debt service; N5.64tn is for recurrent (non-debt) expenditure; while the sum of N4.13tn is for capital expenditure.
While statutory transfers totalling N496.53bn were approved, it was observed that the N125bn proposed for the National Assembly and its affiliates had been raised by N8.99bn, putting the new total estimates at N133.99bn.
A breakdown of the parliament’s budget shows that the National Assembly management has N15.97bn; Senate, N33.27bn; House of Representatives, N51.99bn; National Assembly Service Commission, N5.73bn; legislative aides, N9.6bn; Public Accounts Committee – Senate, N118.97m; PAC – House, N142.76m; general service, N9.13bn; National Institute for Legislative and Democratic Studies, N7.37bn; Service Wide Vote, N389.35m; and Office of the Retired Clerks and Permanent Secretaries, N275.24m.
Others under statutory transfers are the National Judicial Council, N110bn; Niger Delta Development Commission, N63.51bn; Universal Basic Education, N70.05bn; Public Complaints Commission, N8.69bn; Independent National Electoral Commission, N40bn; National Human Rights Commission, N3.92bn; North East Development Commission, N31.33bn; and Basic Health Care Fund, N35.02bn.
The National Assembly also authorised the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligent Unit to “charge and defray from all monies standing in credit to the units as revenues or penalties or sanctions at 10 per cent for technical setup and operational cost at the units in this financial year.”
The Chairman of the Senate Committee on Appropriations, Jibrin Barau; and his House counterpart, Aliyu Betara, in the report they separately read, said the budget deficit was N5.19tn; Gross Domestic Product growth rate, three per cent; oil benchmark, $40 per barrel; crude oil production, 1.86 million barrels per day; and exchange rate, N379 to $1.
The report also said the committee, while processing the 2021 Appropriation Bill, noted that, “The impact of COVID-19 pandemic has negatively affected virtually every aspect of life, businesses, individuals and government, especially the revenue accruals to the government.
“There is remarkable increase in Nigeria’s oil price, which is hovering between $47 and $50 per barrel in the international market. This is above the benchmark price of $40 per barrel approved by the National Assembly.”
The committee said in view of the increasing global oil prices beyond the benchmark of $40, the executive might wish to submit a supplementary appropriation bill in order to fund critical areas that would accelerate movement of the economy out of its current recession.
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