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Economy

Etsako West Council in Edo presents N3.1bn budget proposal for 2019

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Budget

Auchi (Edo) June 11, 2019 The Etsako West Local Government of Edo has presented N3.1 billion budget proposal for 2019 fiscal year.

The council chairman, Mr Yakubu Musa, made this known while presenting the budget to the legislative arm of the council on Tuesday.

Musa said the budget showed recurrent expenditure of N2.3 billion while the capital expenditure was N741 million.

He said the budget was N200 million lower than that of 2018 of N3.3 billion.

Musa said that the Economic sector had the highest allocation of N368 million, followed by Social sector with N289 million, Administrative sector, N69 million, Law and Justice received N14 million.

He said the proposal tagged “Budget of Rejuvenation” was aimed at meeting the electioneering promises to the people as well as complementing the developmental efforts of the state government.

The council chairman disclosed that the local government Internally Generated Revenue (IGR) was N252 million in 2018, adding that stringent steps were being taken to increase it to impact on the masses.

“In this year, being the second lap of my administration, there is the need to ensure that we rejuvenate social-economic and infrastructural development activities in the local government.

“I wish to appeal that the proposal be given accelerated hearing to enable the executives implement its policies and programs in the overall interest of the people of the local government,” he said.

Receiving the budget, the Leader of the council’s legislature, Mr Kelvin Mohammed, assured the chairman of speedy passage of the budget.

“We the councillors shall prove ourselves to be worthy partners in the task of providing good governance to the people of Etsako West.

“We promise to cooperate effectively with the executive arm and request that they do not constrain the relationship,” he said.

Economy

Zimbabwe’s mth/mth inflation falls to 21.04 % in July

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Inflation

Harare, Aug. 21, 2019 Zimbabwe’s month-on-month inflation rate fell to 21.04 per cent in July compared to 32.96 per cent the previous month as prices of basic goods increased at a slower pace, statistical agency ZIMSTATS said on Wednesday.

Finance Minister Mthuli Ncube on Aug. 1 suspended the publication of year-on-year inflation figures until February 2020 because adoption of a new currency had impacted the base for calculating the consumer price index.

Annual inflation hit 175.66 per cent in June, the highest rate since runaway money-printing and associated hyperinflation forced the country to abandon its currency in 2009. (Reuters/NAN)

JI/WOJ

 

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Economy

NDIC signs MoU with Korean counterpart to strengthen deposit insurance

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The Nigeria Deposit Insurance Corporation (NDIC) has signed an agreement with the Korea Deposit Insurance Corporation (KDIC) to strengthen the Deposit Insurance System (DIS) in their respective jurisdictions.

In a statement on Wednesday, the spokesman of NDIC, Mr Mohammed Ibrahim, said the signing was done at the KDIC headquarters in Seoul, the South Korean capital.

Ibrahim said the Memorandum of Understanding (MOU) covered a wide range of issues intended to enhance the protection of banks’ depositors.

He listed some areas covered by the MoU as promotion of communication, enhancement of existing cooperation, provision of support and mutual understanding as well as collaboration.

These, according to him,  is necessitated by the “increasing globalisation and complexity of large financial institutions and the unique challenges they pose for regulatory authorities.”

“The MOU also provides for effective international working relationship between both agencies along with the enhancement of their roles in financial regulatory initiatives and policy deliberations.

“There will also be periodic exchange of staff between both institutions and bilateral meetings on regular basis.

“This is to enhance mutual understanding that promotes development of the DIS in both Nigeria and South Korea,” he said.

Ibrahim said the Chairman of KDIC, Mr WI Seongbak, and the Managing Director of NDIC, Mr Umaru Ibrahim, signed for their respective bodies.

 

 

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Economy

Monarch urges Nasarawa Govt on devt of his community

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Alhaji Usman Abdullahi, the Ohimege Opanda in Nasarawa State, has appealed to the state government to provide Toto Local Government area with basic infrastructure to boost socio-economic and agriculture in the area.

This, he said, would enhance the standard of living of residents and overall development of the country.

Abdullahi, a first class traditional ruler, made the call on Wednesday during an interview with the Nigeria News Agency in his palace in Umaisha in Toto Local Government area of the state.

He said that provision of infrastructure was key to the development of every society, hence the need for the state government to provide  roads, schools, electricity and other amenities in  the area.

The Igbura traditional ruler said that the provision of basic amenities would also attract investments to the area, thereby creating jobs opportunities and boosting their revenue base.

“I want to use this medium to appeal to the state government to link our area with Kogi State with road to improve on our standard of living and to boost our socio-economic activities.

“Look at Toto Local Government, we are not developed; no electricity, no good portable water, no good roads, among other social amenities.

“We also want the government to establish a higher institution in this area in the interest of the education of our children and other Nigerians considering the importance of education to the development of the society.

“If these are done,it will go a long way in bringing in development, boosting agricultural activities, thereby improving on our standard of living,”  Abdullahi said.

Abdullahi also called on his subjects and other Nigerians to pray and support leaders at all levels to enable them succeed in the tasks ahead of them.

“I want my people and Nigerians at large to pray for leaders at all levels as prayer is key to success. Our leaders need our prayers and support to succeed while discharging their duties.

“So, I want my people to give their maximum support and cooperation to President Muhammadu Buhari, Engr.Abdullahi Sule and other leaders to succeed so that they will bring us more dividends of democracy, “he said .

The first class traditional ruler  enjoined his subjects and Nigerians to live in peace, be law abiding and respect constituted authorities for the overall development of the country.

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Economy

Gov. Ishaku disburses N500m for devt. projects in 50 communities

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Economy

LAPO microfinance, deliberate concept to challenge poverty in Nigeria – Ehigiamusoe

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The Managing Director, Lift Above Poverty (LAPO) Microfinance Bank, Mr Godwin Ehigiamusoe, on Tuesday said the bank would not relent in its vision of financing Nigerians in need to end poverty in the country.

Ehigiamusoe made this known at a media chat organised by the microfinance bank in Lagos.

Nigeria News Agency reports that the chat was held to commemorate  the bank’s 32 years of existence and to  reiterate the bank’s continuous commitment to Nigerians.

“LAPO was established in 1987 to assist low income earners and grant low interest loans to Micro, Small and Medium Enterprises (MSMEs)

According to the bank’s boss, a prudent methodology of extensive networking enabled the bank to reach its over four million Nigerians with 495 branches in the country.

He said, “LAPO Microfinance Bank had a humble beginning that kicked off in 1987.

““In 1986, General Ibrahim Banbagida adopted Structural Adjustment Programme (SAP).

“Its central components were devaluation of the national currency, gradual removal of subsidy, liberalisation of export and rationalisation of workforce in public service.

““The cumulative effect of these measures was an increase in spread of poverty level.

“”This was the exact scenario in 1986 in Ogwashi-Uku, Delta, where I gave N100 each to three women namely, Mrs Felicia Monye, Mrs Monica Igwebuike and Mrs Obiageli Nwoko.

“”This was the scenario that berthed LAPO microfinance bank.

“The name LAPO was a product of deliberate thought because I conceptualised poverty as an Octopus with the tentacles of material deprivation, poor health and social exclusion.”

Speaking on some of the bank’s achievements, Ehigiamusoe said the financial institution partnered Lafarge Cement Company and African Development Bank (AfDB) in 2013 to pioneer affordable housing programme in the country.

““Because of the veritable achievements, LAPO won a Grameen foundation award of excellence in 2006 with the crash prize of $10,000.

““The $10,000 was used as seed fund for a scholarship scheme for children of our clients.

“As we speak over 3,000 children have benefited from the scheme,” he said.

Speaking on the bank’s financials for 2018, Ehigiamusoe said the cumulative loan of the bank as at December 2018 stood at N137 billion and total deposit of N14 billion in the same financial year.

He said the Profit after Tax (PaT) of the bank stood at N2.8 billion at the same period.

The bank’s boss said the bank had 1,273 agents in over 30 states in the country .

Edited by Donald Ugwu

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