By Peter Egwuatu, Assistant Business Editor, Nkiru Nnorom, Tunde Oso & Nnamdi Ojiego
Following the financial crisis across the 36 states of the federation, economic experts have suggested measures to be taken for the sub-national governments to survive.
As of press time, many states of the federation appear cash-strapped following the fall in revenue accruable to the federation account.
This has resulted in the drop in the monthly allocation to states from the Federal Account Allocation Committee, FAAC.
According to the National Bureau of Statistics, NBS, the Internally Generated Revenue at state Level Q4 of 2020 including the Federal Capital Territory, FCT, decreased from N3.8 trillion in 2019 to N3.599 trillion in 2020.
State to set up SEZ on Muhoroni land
Summary
Agriculture Cabinet Secretary Peter Munya said the government had identified a thousand acres belonging Muhoroni Sugar factory land, which will be used for the creation of the SEZ.
Part of the plans will see the government establish a textile factory in zone, which to boost exports to the US under the Africa Growth Opportunity Act (Agoa).
Tuesday April 20 2021
Part of Kisumu City skyline as seen from the Kisumu Port in Lake Victoria. PHOTO | JEFF ANGOTE | NMG
By GERALD ANDAE
Summary
Agriculture Cabinet Secretary Peter Munya said the government had identified a thousand acres belonging Muhoroni Sugar factory land, which will be used for the creation of the SEZ.
FILES] Minister of State, Industry, Trade and Investment, Amb. Mariam Katagum. Photo: TWITTER/TRADEINVESTNG
Minister of State for Industry, Trade and Investment, Mariam Yalwaji Katagum, has disclosed that the Federal Government is pursuing an aggressive strategy to increase foreign exchange earnings on non-oil export trade to $150 billion. She explained that the strategy, which hinged on government’s zero oil plan strategy, was being planned for 10 years.
The minister stated this at the opening of a two-day capacity building for members of Women Farmers and Traders Association (WFTA), organised by the ministry in collaboration with the association.
Katagum explained that the Federal Government was capitalising on non-oil sector to exploit abundant deposit resources, while discouraging over dependence on oil.
Kenyans most optimistic in the world about Biden s presidency
Wednesday January 27 2021
US President Joe Biden signs executive orders at the Oval Office of the White House in Washington, DC, after his inauguration as the 46th President of the United States on January 20, 2021. PHOTO | REUTERS
By BRIAN NGUGI
Summary
Mr Biden in December conveyed his interest in building on the strong and lasting partnership between his country and Kenya across a variety of issues affecting both countries following his election win.
Mr Biden made the promise in a telephone call with his Kenyan counterpart President Kenyatta.
All eyes will be on the new Biden administration as Kenya awaits it s position on a proposed new trade deal initiated by the Donald Trump administration with Nairobi before the expiry of the Africa Growth Opportunity Act (Agoa).
Kenya taps Sh1.3bn US fund for workers’ rights ahead of new trade deal
Thursday January 21 2021
By BRIAN NGUGI
Summary
Kenya is set to benefit from a Sh1.29 billion US government fund meant to improve compliance with international labour standards in key export sectors ahead of a new trade deal with Washington.
The US Department’s Bureau of International Labor Affairs (ILAB) said Kenya is among three African countries picked for the grant alongside the Democratic Republic of the Congo (DRC) and one other unnamed nation.
The move comes as Kenya stepped up talks for a new trade deal with Washington before the expiry of the Africa Growth Opportunity Act (Agoa).