Federal Govt & World Bank To Debate $3 Billion Power Sector Loan

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Ndubuisi Francis, Obinna Chima, Kunle Aderinokun, Nume Ekeghe and Nosa Alekhuogie in Washington DC.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and other top government officials will exploit the opportunity of the ongoing annual meetings of the International Monetary Fund

(IMF) and the World Bank in Washington DC, the United States of America to firm up discussions on the planned $3 billion facilities targeted at addressing current challenges confronting Nigeria’s power sector.

Confirming the move in an interview on the sidelines of the ongoing meetings, Ahmed said the facility could actually be up to $3 billion, to be released in tranches for a period of about five years, adding that the planned facility will be designed to address current transmission and distribution problems facing the nation’s power sector.

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She said: “There is a proposed $1.5 to $3 billion facility for the power sector development programme in Nigeria. This will include the development of the transmission networks, development of the distribution networks as well as removing the challenges that we have currently in the electricity sector. We are fully going to discuss the power sector recovery programme. We are going to have a direct meeting with the World Bank to design how it will be implemented.

“We have an opportunity now to have a direct meeting with the leadership of the bank on the funding; to tell them this is what we have, this is how much we need from now to five years. The funding could be as much as US$3 billion. We are going to look at it to be
provided in phases, maybe $1.5 billion first. The funding could be in phases of up to five years.”

However, the minister who also reacted to concerns over Nigeria’s burgeoning debt stock insisted that the country does not have debt problem but that of revenue, which she said, is being addressed through a multifaceted approach.

On worries that the 2020 Appropriation Bill is designed to increase the tax burden of Nigerians, the minister described such as not reflective of the reality, adding that there was never an attempt to introduce any new form of taxation apart from the proposed increase of Value Added Tax (VAT) from five per cent to 7.5 per cent.

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She argued that it was abnormal for Nigeria not to use tax as a source of financing its budgets, adding that a country’s budget is supposed to be based on taxes it is able to generate.

“It is an abnormality in Nigeria that our budget has not been focusing on taxes. What we are trying to do in the 2020 budget is to try to harness the potential of revenue mobilisation within our country. The only tax increase in the 2020 budget is just that VAT; everything else is just maximising the potential of the existing tax base that we have, to be able to move our tax-to-GDP ratio from the current 7-8 per cent to 15 per cent.

“We can only develop in a manner that is sustainable when we are using tax revenue to plan our national and sub-national budgets. It is an abnormality that we are depending largely on oil and gas revenue, which is a resource that is finite; it’s going to go out of existence before we know it. So, we have to develop a domestic tax,” the minister said.
She disclosed the Finance Bill sent to the National Assembly has several proposals, one of which is to legitimise the proposed hike in VAT from 5 per cent to 7.5 per cent.

“We believe that the National Assembly will do justice to the bill. Our hope is that the finance bill is passed within the same period that the budget will be passed so that we can have the capacity to be able to fund the 2020 budget,” Ahmed added.

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On efforts to shore up the nation’s revenue base, the minister said: “You would recall that in January this year, we launched the Strategic Revenue Growth Initiative which is an initiative put together by all the revenue-generating agencies. Our objective is to be able to harness the existing revenue streams that we have by ensuring that enforcement is guaranteed and to expand the tax base and also to identify new revenue streams that we can add to expand the revenue base.

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“So, in expanding the new revenue bases, we have proposed the increase in VAT but there are also other revenue streams that we have and some of them include the introduction of excise duties on carbonated drinks. But there is a process in doing this—any tax you are introducing will involve a lot of consultations as well as the amendment of some laws for the introduction of new legislation.

“We are also working together with all the agencies to ensure that we collaborate—that the works of the agencies are complementary to each other as opposed to the past where everyone was working in silos. We have also found out how we can improve the monitoring and performances of the revenue-generating agencies, especially the government-owned enterprises.

“We now have a rigorous monthly reconciliation of revenues and that is ensuring that leakages are limited. There are also other cost-cutting measures in the SRGI.”

Again, commenting on concerns over what analysts see as over-ambitious annual revenue targets, the minister said the fact that revenue generating agencies are not meeting targets should not be a justification to set lower targets, adding that doing such would amount to endorsing under-performance.

She argued that revenue targets usually set in annual budgets were never the making of her ministry, but those of the agencies, which normally come up with such benchmarks and are requested to justify how realistic they are before being accepted.

According to her, there will be improved governance, not just in the Nigerian National Petroleum Corporation (NNPC) but government-owned enterprises because of poor governance results in under-performance, whether it is in revenue or other operational agencies.

The minister disclosed that new measures had been introduced to enhance the monitoring of revenue-generating agencies, adding President Muhammadu Buhari had said targets will be set for ministers and heads of agencies.

Ahmed disclosed that when targets are met, there will be commendations, and when they are not met, there will be consequences, adding that what had been missing was that when agencies underperformed, there were no consequences.

On whether the recent border closure was a revenue generation strategy, the minister responded in the negative, saying the federal government needed to close the borders because Nigeria was not getting the cooperation of neighbouring governments.

“We have over the years committed to some alliances, bilateral agreements and our neighbours are not respecting them. And this time when the president had signed Nigeria up to AfCFTA (Africa Continental Free Trade Area), it is more important for us to make
sure that everybody compliments what is in the agreement.

“If it is something that is disturbing our local businesses, we have to make sure that it is stopped. That’s the purpose; not generating revenues. It’s just to ensure compliance with the commitments that we made between ourselves,” she added.

The minister stated that there was no timeline on when the borders will be reopened, but stressed that doing so would be tied to “when neighbouring countries commit to complying with the commitments that we signed.”

She explained the hope that at some point, “there will be decisions at the level of presidents where we expect strong commitments.”

On what Nigeria’s participation at the ongoing meetings of the IMF-World Bank seeks to achieve, she said: “Apart from statutory meetings, we have some special discussions that will ensue. Few of them are important to us in Nigeria. There are many meetings that are

important to us in Nigeria. One, I am participating in a governors’ corner meeting where we are discussing on domestic revenue mobilisation. There are a few other finance ministers that have been selected to participate in the event.

“There is also a debt transparency panel to be chaired by the World Bank President, David Malpass where I will also be speaking as a panellist. There is also be a panel on human capital development and job creation where I will also be participating.”

She added that besides, participation would afford Nigeria the opportunity to interface with heads of multilateral financial and credit agencies with a view to harnessing both financial and other resources to create jobs and stimulate development.

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Federal Govt & World Bank To Debate $3 Billion Power Sector Loan - Brand Spur

Mead Johnson Nutrition HK Launches “We CAN Protect the Future” –...

Enabling parents and children to build a greener world by taking their first steps in recycling formula cans

 

HONG KONG SAR - Media OutReach - 10 May 2021 - To encourage Hong Kong citizens to lead greener lives, Mead Johnson Nutrition Hong Kong ("Mead Johnson"), one of the brands under Reckitt Benckiser ("Reckitt"), officially launched its city-wide "We CAN Protect the Future" Formula Cans Recycling Program in early April. Created in partnership with 24-hour online shopping platform, HKTVmall under Hong Kong Television Network Limited ("HKTVmall") and the World Green Organisation ("WGO"), the program aims to raise awareness among the public on the importance of recycling and urge parents to safeguard the future of their children by taking immediate actions to protect the environment and be the role models of green living.


Federal Govt & World Bank To Debate $3 Billion Power Sector Loan - Brand Spur

According to a recent survey, only around 30% of interviewed parents would recycle the used formula cans in Hong Kong[1]. With collection points at 6 HKTVmall O2O Shops across the city, the Program offers consumers easy access to a reliable channel to recycle and transform their used formula cans into useful raw materials to reduce waste and protect our environment.

The Program accepts cleaned formula cans from all brands and rewards participating parents with HKTVmall e-vouchers that can be used for online purchase[2]. To ensure proper storage and transportation of all collected cans, all brand logos and brand names will be erased before a specialized delivery team transports the cans from HKTVmall O2O Shops to a local recycling plant. The cans will then be destructed and shipped to another facility for further processing. Molten metal will be recycled into raw metal materials for different purposes, such as for construction use.

"Reckitt is driven by its purpose, do the right things, always. Mead Johnson as one for the core brands of Reckitt also upholds this mission, it not only provides high-quality nutrition products, but has been working hand in hand with our consumers to safeguard the environment and nourish the best start in life for more than a century," said Mr. Pankaj Agarwal, Reckitt's General Manager Hong Kong, Taiwan & Cross-Border. "Through the partnership with HKTVmall and WGO to offer a convenient and reliable recycling channel, we hope to empower parents and their children to build recycling habits at an early stage, and hence create a cleaner, healthier world."

Ms. Jelly Zhou, Chief Executive Officer (Hong Kong) at Hong Kong Television Network Limited, added, "HKTVmall is committed to enhancing Hong Kong people's quality of life via innovative technologies. We also highly value social responsibility in promoting a culture of environmental protection and resource conservation. Through this partnership with Mead Johnson and WGO, it not only endows a value to the used items through reducing wastage and promote recycling awareness, but also spread the message of environmental protection to everyone. Let us make changes in our daily lives with everybody's joint efforts, encourage sustainable development for Hong Kong and all over the world." HKTVmall, as co-organiser of the Program, shares their store networks to facilitate the mechanism of the recycling process. It helps mobilizing Hong Kong citizens to join the program in different areas simultaneously and promoting recycling in the city.

WGO acts as the supporting organisation to provide professional advice on improving the overall can recycling experience in this Program. "WGO is pleased to drive the formula cans recycling programme with Mead Johnson and HKTVmall" said Dr. William Yu, Founder & Chief Executive Officer of World Green Organisation. "We look forward to seeing different stakeholders in society, including manufacturers, retailers and the public to join hands and promote recycling, and facilitating a green future for our next generation."

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The "We CAN Protect the Future" Formula Can Recycling Programme runs every Monday and Wednesday, from now until 30th June 2021.

For more details, please visit: https://cloud.marketing.hktvmall.com/canrecycle2021


[1] Baby Kingdom Online Survey on formula can recycling habits (2019)

[2] From 7th April to 30th June, participants can redeem an e-voucher (HKTVmall HK$50 Dettol Product or HK$200 Mead Johnson Nutrition Selected Product) for every successful return of a cleaned formula can, up to four e-vouchers per day. Distribution of e-vouchers may vary depending on availability at different shops. E-vouchers are available on a first-come, first-served basis while stocks last and check with the on-duty staff for details on collection day. Offers are subject to Terms and Conditions and can be found here: https://bit.ly/3mtsEJU

About Mead Johnson Nutrition

Mead Johnson Nutrition has been established in 1905. For more than a century, Mead Johnson Nutrition has led the way in developing safe, high-quality, innovative pediatric nutrition products, guided by the mission to nourish the world's children for the best start in life. The brand operates Mead Johnson Pediatric Nutrition Institutes worldwide. These centers connect Mead Johnson Nutrition's researchers to scientists and healthcare professionals around the world, putting the brand at the forefront of pediatric nutrition science.

Mead Johnson Nutrition (Hong Kong) Limited has been landed for a half century, providing Hong Kong parents with high quality, science-based products, various parenting information and professional advice, gaining trust and support from parents.

Mead Johnson Nutrition's scientists and healthcare professionals are paying affords on the formula for children with special nutrition needs and Mead Johnson Nutrition is a very few brands that insists to produce the formula for metabolic disorders' children, giving hopes to them.

For more information visit http://www.meadjohnson.com.hk/

About Reckitt

Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.

Reckitt is the company behind some of the world's most recognisable and trusted consumer brands in hygiene, health and nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.

Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.

We are a diverse global team of more than 43,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society.

Find out more, or get in touch with us at www.reckitt.com

*Reckitt is the trading name of the Reckitt Benckiser group of companies

About Hong Kong Television Network Limited

Hong Kong Television Network Limited is a Hong Kong-listed company (SEHK: 1137).

Established in 1992, the Group has extensive and successful experience in telecom market liberalization and popularizing advanced technology and applications.

The Company is now developing Hong Kong's largest 24-hour online shopping mall, HKTVmall, which provides one-stop shop services including online shopping, marketing & digital advertising, big data analysis, smart logistics & fulfilment as well as physical O2O stores, and to transform all business operation, trading, retail, finance and daily life onto a single digital online platform. For more information, visit www.hktv.com.hk.

About World Green Organisation

The World Green Organisation (WGO) is an independent non-governmental organisation concerned with environmental conservation and environmentally related livelihood and economic affairs. It provides a holistic approach to a fully integrated three-pronged solution that combines social, environmental and economic dimensions for a paradigm shift towards low-carbon and climate-resilient development pathways.

Through science-based policy research and community projects, the WGO aims to enhance the quality of the environment, promote a greener economy, and improve people's livelihoods. In particular, it will focus on the social concerns of underprivileged groups and on the creation of a green economy, to help realise its vision of sustainable development. For more information, visit www.thewgo.org/website/eng/.

Federal Govt & World Bank To Debate $3 Billion Power Sector Loan - Brand Spur
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Latest News

Mead Johnson Nutrition HK Launches “We CAN Protect the Future” – Formula Cans Recycling Program with HKTVmall and World Green Organisation

Enabling parents and children to build a greener world by taking their first steps in recycling formula cans

 

HONG KONG SAR - Media OutReach - 10 May 2021 - To encourage Hong Kong citizens to lead greener lives, Mead Johnson Nutrition Hong Kong ("Mead Johnson"), one of the brands under Reckitt Benckiser ("Reckitt"), officially launched its city-wide "We CAN Protect the Future" Formula Cans Recycling Program in early April. Created in partnership with 24-hour online shopping platform, HKTVmall under Hong Kong Television Network Limited ("HKTVmall") and the World Green Organisation ("WGO"), the program aims to raise awareness among the public on the importance of recycling and urge parents to safeguard the future of their children by taking immediate actions to protect the environment and be the role models of green living.


Federal Govt & World Bank To Debate $3 Billion Power Sector Loan - Brand Spur

According to a recent survey, only around 30% of interviewed parents would recycle the used formula cans in Hong Kong[1]. With collection points at 6 HKTVmall O2O Shops across the city, the Program offers consumers easy access to a reliable channel to recycle and transform their used formula cans into useful raw materials to reduce waste and protect our environment.

The Program accepts cleaned formula cans from all brands and rewards participating parents with HKTVmall e-vouchers that can be used for online purchase[2]. To ensure proper storage and transportation of all collected cans, all brand logos and brand names will be erased before a specialized delivery team transports the cans from HKTVmall O2O Shops to a local recycling plant. The cans will then be destructed and shipped to another facility for further processing. Molten metal will be recycled into raw metal materials for different purposes, such as for construction use.

"Reckitt is driven by its purpose, do the right things, always. Mead Johnson as one for the core brands of Reckitt also upholds this mission, it not only provides high-quality nutrition products, but has been working hand in hand with our consumers to safeguard the environment and nourish the best start in life for more than a century," said Mr. Pankaj Agarwal, Reckitt's General Manager Hong Kong, Taiwan & Cross-Border. "Through the partnership with HKTVmall and WGO to offer a convenient and reliable recycling channel, we hope to empower parents and their children to build recycling habits at an early stage, and hence create a cleaner, healthier world."

Ms. Jelly Zhou, Chief Executive Officer (Hong Kong) at Hong Kong Television Network Limited, added, "HKTVmall is committed to enhancing Hong Kong people's quality of life via innovative technologies. We also highly value social responsibility in promoting a culture of environmental protection and resource conservation. Through this partnership with Mead Johnson and WGO, it not only endows a value to the used items through reducing wastage and promote recycling awareness, but also spread the message of environmental protection to everyone. Let us make changes in our daily lives with everybody's joint efforts, encourage sustainable development for Hong Kong and all over the world." HKTVmall, as co-organiser of the Program, shares their store networks to facilitate the mechanism of the recycling process. It helps mobilizing Hong Kong citizens to join the program in different areas simultaneously and promoting recycling in the city.

WGO acts as the supporting organisation to provide professional advice on improving the overall can recycling experience in this Program. "WGO is pleased to drive the formula cans recycling programme with Mead Johnson and HKTVmall" said Dr. William Yu, Founder & Chief Executive Officer of World Green Organisation. "We look forward to seeing different stakeholders in society, including manufacturers, retailers and the public to join hands and promote recycling, and facilitating a green future for our next generation."

The "We CAN Protect the Future" Formula Can Recycling Programme runs every Monday and Wednesday, from now until 30th June 2021.

For more details, please visit: https://cloud.marketing.hktvmall.com/canrecycle2021


[1] Baby Kingdom Online Survey on formula can recycling habits (2019)

[2] From 7th April to 30th June, participants can redeem an e-voucher (HKTVmall HK$50 Dettol Product or HK$200 Mead Johnson Nutrition Selected Product) for every successful return of a cleaned formula can, up to four e-vouchers per day. Distribution of e-vouchers may vary depending on availability at different shops. E-vouchers are available on a first-come, first-served basis while stocks last and check with the on-duty staff for details on collection day. Offers are subject to Terms and Conditions and can be found here: https://bit.ly/3mtsEJU

About Mead Johnson Nutrition

Mead Johnson Nutrition has been established in 1905. For more than a century, Mead Johnson Nutrition has led the way in developing safe, high-quality, innovative pediatric nutrition products, guided by the mission to nourish the world's children for the best start in life. The brand operates Mead Johnson Pediatric Nutrition Institutes worldwide. These centers connect Mead Johnson Nutrition's researchers to scientists and healthcare professionals around the world, putting the brand at the forefront of pediatric nutrition science.

Mead Johnson Nutrition (Hong Kong) Limited has been landed for a half century, providing Hong Kong parents with high quality, science-based products, various parenting information and professional advice, gaining trust and support from parents.

Mead Johnson Nutrition's scientists and healthcare professionals are paying affords on the formula for children with special nutrition needs and Mead Johnson Nutrition is a very few brands that insists to produce the formula for metabolic disorders' children, giving hopes to them.

For more information visit http://www.meadjohnson.com.hk/

About Reckitt

Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.

Reckitt is the company behind some of the world's most recognisable and trusted consumer brands in hygiene, health and nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.

Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.

We are a diverse global team of more than 43,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society.

Find out more, or get in touch with us at www.reckitt.com

*Reckitt is the trading name of the Reckitt Benckiser group of companies

About Hong Kong Television Network Limited

Hong Kong Television Network Limited is a Hong Kong-listed company (SEHK: 1137).

Established in 1992, the Group has extensive and successful experience in telecom market liberalization and popularizing advanced technology and applications.

The Company is now developing Hong Kong's largest 24-hour online shopping mall, HKTVmall, which provides one-stop shop services including online shopping, marketing & digital advertising, big data analysis, smart logistics & fulfilment as well as physical O2O stores, and to transform all business operation, trading, retail, finance and daily life onto a single digital online platform. For more information, visit www.hktv.com.hk.

About World Green Organisation

The World Green Organisation (WGO) is an independent non-governmental organisation concerned with environmental conservation and environmentally related livelihood and economic affairs. It provides a holistic approach to a fully integrated three-pronged solution that combines social, environmental and economic dimensions for a paradigm shift towards low-carbon and climate-resilient development pathways.

Through science-based policy research and community projects, the WGO aims to enhance the quality of the environment, promote a greener economy, and improve people's livelihoods. In particular, it will focus on the social concerns of underprivileged groups and on the creation of a green economy, to help realise its vision of sustainable development. For more information, visit www.thewgo.org/website/eng/.

Federal Govt & World Bank To Debate $3 Billion Power Sector Loan - Brand Spur
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