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AGF promises to support The Gambia to learn TSA operations

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 The Office of the Accountant-General of the Federation (OAGF), says it will fully support the visiting Gambian team on its quest to learn operations of the Treasury Single Account (TSA).

A statement by Mr Henshaw Ogubike, the Deputy Director, Press, OAGF, on Friday in Abuja, said Mr Mohammed Usman, the acting Accountant-General of the Federation (AGF), gave the assurance.

Usman gave the assurance when he received the Gambian delegation who were in Nigeria to understudy the workings of the TSA.

He assured the team that the OAGF was prepared to share experience with it on TSA on its operates in Nigeria so it could replicate same in The Gambia.

He also said that Nigeria would tap from the Gambians’ success story on Government Integrated Financial Management Information System (GIFMIS).

He also recollected how Gambia had hosted delegations from Nigeria to The Gambia on study tour of GIFMIS about 15 years ago.

Usman itemised the activities lined up for the team which includes, lectures by subject matter experts, interactive sessions and meeting with key stakeholders.

He added that the team would also visit Lagos where it was scheduled to meet some of Nigeria’s key players in the e-payments and FINTECH space whom he said were vital to an endeavor like TSA.

Mr Sylva Okolieaboh, the Director, TSA,  enjoined the visiting team to pay attention to every little item slated for discussion.

He promised to deliver on the promise of the Minister of Finance, Mrs Zainab Ahmed to supply all their needs in terms of adequate knowledge of TSA so that the dream of a standard TSA in The Gambia could be realised.

The team had earlier paid a courtesy call on the Minister of Finance who advised that relevant states that had implemented TSA successfully in Nigeria should either be visited or invited over to Abuja to avail the Gambian team their experiences.

This,  he said was to equip them properly to successfully implement it in The Gambia.

The Gambian Team was led by the Permanent Secretary, Mrs Ada Gay and Mr Momodou Bah, the Accountant-General, Ministry of Finance and Economic Affairs, Republic of The Gambia.

They both spoke of their expectations of learning a whole lot from Nigeria to enable them break the bottlenecks that may likely impede their progress in the delivery of TSA in The Gambia.

Edited by Ese E. Ekama

Economy

CBN injects $297.92 into secondary market

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The Central Bank of Nigeria (CBN), has injected  297.92 million dollars into the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okarafor disclosed that CBN also injected CNY21.2million in the spot and short-tenured forwards segment of the inter-bank foreign market.

According to him, the United States dollars-denominated transactions are to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan are for Renminbi-denominated Letters of Credit.

The director reiterated that the bank’s management was satisfied with the continued stability in the foreign exchange market.

He assured that the CBN remained committed to meeting  foreign exchange needs of all sectors of the economy.

Meanwhile, N358 was exchanged to a dollar, while CNY1 exchanged at N46 at the Bureau De Change (BDC) segment of the foreign exchange market on Friday.

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Economy

No electricity tariff increase has been approved yet —— NERC

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The Nigerian Electricity Regulatory Commission (NERC), says no tariff increase has been approved by the commission yet.

In a statement, Mr Usman Arabi, NERC’s General Manager, Public Affairs, however,  in a statement on Friday in Abuja said it was still consulting with stakeholders.

He said that the commission  wished to notify the public that no tariff increase had been approved by the commission contrary to the impression in some quarters.

“However, the commission in the discharge of its statutory responsibilities enshrined under the  Electric Power Sector Reform (EPSR) Act, shall continue to undertake periodic reviews of electricity tariffs in accordance with prevailing tariff methodology.

`In all instances of such reviews and rule-making, the commission shall widely consult stakeholders and final decision shall be  taken with  due regard of all contributions,” he said. .

Arabi said that the commission wished to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015

He said that this was to account for changes in macroeconomic indices for 2016, 2017 and 2018, “thus providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs,” he said

 

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Economy

NSE: Market indices upbeat, up by 0.62%

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Trading on the Nigerian Stock Exchange (NSE), for the third consecutive days, maintained a bullish trend to close the week upbeat.

The Nigeria News Agency reports that the crucial market indices on Friday appreciated further with a growth of 0.62 per cent.

Specifically, the market capitalisation of listed equities inched N33 billion or 0.62 per cent to N13.524 trillion from N13.441 trillion achieved on Thursday.

Also, the All-Share Index rose by 170.51 points or 0.62 per cent to close at 27, 800.17 points against 27,629.66 posted on Thursday.

An analysis of the price movement table shows that Nestle led the gainers’ table, growing by N10 to close at N1, 230 per share.

Unilever followed with a gain of N2.45 to close at N29.45, Guaranty Trust Bank gained 90k to close at N27.90 per share.

Forte Oil improved by 66k to close at N16, while C & I Leasing also added 60k to close N7.30 per share.

Conversely, Dangote Cement Industry recorded the highest loss to lead the losers’ table, declining by 50k to close at N166.50 per share.

Continental Reinsurance trailed with a loss of 10k to close at N1.50, while Dangote Sugar Refinery was down by 10k to close at N1.30 per share.

Triple Gee lost 7k to close at 63k, while Unity Bank declined by 6k to close at 63k per share.

Similarly, the volume of shares traded closed higher with a total of 1.24 billion shares valued at N3.29 billion in 3,644 deals.

This was in contrast with 272.60 million shares worth N4.49 billion exchanged in 3,425 deals on Thursday.

Sovereign Trust Insurance Plc was the most active stock, trading 900.02 million shares valued at N216 million.

FBN Holding followed with an account of 80.12 million shares worth N401.08 million, while Courtville traded 55.07 million shares valued at N12.11 million.

Access Bank sold 36.42 million shares worth N236.89 million, while Transcorp exchanged 34.56 million shares valued at N36.94 million.

JNC/GOK

Edited by Olagoke Olatoye

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Economy

Multiple subscriptions: SEC regularises over 3.4bn shares

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Economy

FMDQ’s transition to full exchange will create competition – SEC

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