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Economy

Don says revenue formula review will check urban migration

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A Don, Dr Boniface Igbeneghu, has said that the review of revenue sharing formula in favour of state and local governments, if monitored,  would spur growth and check urban migration.

Igbeneghu, the Head of Confucius Institute, University of Lagos, said this in an interview with the Nigeria News Agency on Thursday in Lagos.

The lecturer noted that the review to the advantage of the two lower tiers was necessary and commendable because it would spur development at the hinterland.

“To allow more revenue to the other tiers is an ideal form of devolution of powers.

“The new approach, if implemented, will bring relief to the central government, which will now focus on the state and local governments to deliver the dividend of democracy to the people,” he said.

Igbeneghu was reacting to Mr Elias Mbam’s Chairman, Revenue Mobilisation Allocation and Fiscal Commission statement recently in Abuja that a committee to review the revenue sharing formula would be set up coming week.

According to Mbam, in the new sharing formula states and local governments are expected to get more money.

In the current revenue allocation formula, the Federal Government gets 52.68 per cent, states, 26.72 per cent and local government 20.60 per cent.

Also, 13 per cent of oil and gas collected by the Federal Government as revenue is returned to the oil-producing states as derivation revenue to compensate for ecological disasters arising from oil production.

Th chairman said the commission would also push for the diversification of the nation’s revenue for more sustainable growth and economic development.

The lecturer said that implementing the review would position states and local governments in a better position to pay the new minimum wage and meet other developmental projects.

“Nigerians will no longer take excuses from the governors and local government chairmen for not being able to pay the N30,000 wage,” he said .

He, however, urged the Federal Government to ensure the review was felt at the grassroots by tackling corrupt practices at the lower tiers of government.

He told the government to bean it searchlight on the local administration because a good number of the population depended on it functionality.

“The government should invest more in strengthening the anti-corrupt agencies in order to address economic crimes at the state and local government levels.

“An effective check on the mismanagement of public funds will lead to economic growth and reduce the rush by youths to the cities.

“The issues of poverty and high unemployment rate will be a thing of the past,” he said.

Economy

FMDQ explains name change, says not out to compete with NSE

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Economy

14 ships arrive Lagos ports with petrol, other products

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A total of 14 ships carrying various products are at Apapa and Tin-Can Island Ports waiting to berth, the Nigerian Ports Authority (NPA) has said in its daily publications on Saturday in Lagos.

It said five of the vessels contained petrol, while the remaining nine ships would berth with container and general cargo.

The NPA also stated that 22 ships that were carrying containers, general cargo, buckwheat and frozen fish, bulk sugar, bulk salt, bade oil, were expected at the ports between Aug. 17 and Sept. 4.

NPA said that “16 ships are presently discharging buckwheat, butane, vehicles, steel products, diesel, petrol, general cargo, container, frozen fish and bulk sugar.’’

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Economy

ICPC ex-chair takes over Salaries and Wages Commission

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Mr Ekpo Nta, the former Chairman, Independent Corrupt Practices and Other Offences Commission (ICPC), has taken over the leadership of the National Salaries, Income and Wages Commission (NSIWC).

The Chief Press Secretary of the Commission, Mr Emma Njoku made this known in a statement on Saturday in Abuja.

According to Njoku, the Chairman of the Commission, Chief Richard Egbule handed over to Nta, who is also the Commissioner for Compensation at the NSIWC, after the completion of his statutory 10 years tenure.

Egbule, while handing over to Ekpo Nta, described his tenure as historic, being the first to complete two terms and the first Chairman as the pioneer staff of the Commission from inception in 1992.

He called on staff of the Commission to get acquainted with the Act establishing the Commission.

This, according to him, will enable them know the enormous contributions and importance of the Commission to the development of the Civil Service and overall welfare of Public Service.

Nta, in his response, commended Egbule for his achievements in streamlining the nation’s salary administration.

The Nigeria News Agency recalls that Egbule started his working career as an Administrative Officer on grade level 08 in the Office of the Head of Civil Service of the Federation and rose to the post of Chief Management Consultant in the same office in 1992.

He became a pioneer staff of the National Salaries, Incomes and Wages Commission in 1992 and worked to structure and builds the Commission with the best professional practice.

In 2006, he was appointed the Secretary to the Commission and on Aug. 17, 2009, former President Umaru Yar’Adua made him the Executive Chairman of the Commission.

He attained 10 years as the Executive Chairman on Aug. 17.

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Economy

Kaduna Govt. to prioritise uncompleted project in 2020 –Commissioner

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The Kaduna State Government says it will give priority to projects that were unlikely to be completed and paid for in its 2020 budget.

Mr Thomas Gyang, Commissioner, Planning and Budget Commissioner, made this know in the 2020-2022 Multi-Year Budget Call Circular, obtained by the Nigeria News Agency in Kaduna on Saturday.

“Ministries, Departments and Agencies (MDAs) are advised to ensure that all ongoing projects that are unlikely to be completed and paid for in 2019 are captured in their 2020 Budget.

“Where ongoing projects exceed budget ceilings, they should be spread into 2021 and 2022 columns of the Multi-Year Budget.

“New projects are not to be integrated into the 2020 budget except priority projects of utmost importance,” Gyang said.

He also requested all MDAs to be guided by the state Development Plan 2016 to 2020 in coming up with programmes and projects to ensure coherent development across the state.

According to him, the administration will continue to focus on economic development, social welfare, security and justice and good governance.

“In preparing the budget, financial resources will be strictly dedicated to meet the objectives outlined in the State Development Plan as it relates to each sector.

“Therefore, MDAs will focus on delivering the outputs and strategies that will deliver the outcomes specified in the development plan.

“Resources should be allocated starting from the highest priority activities and continuing in sequence down to lower priority activities until the budget ceiling is reached.”

To give room for community participation in the budget process, the commissioner advised the MDAs to engage civil society organisations, community-based organisations and relevant stakeholders in drawing up their budgets.

He, however, stressed that inputs from such engagement should be in line with the aspirations of the state government as contained in the state’s development plan.

He also advised the MDAs against presenting over-ambitious budgets, adding that previous budget implementation rates have provided ample evidence of absorptive capacity issues across MDAs and the revenue generating capacity of the state.

“The government wants to facilitate service delivery which cannot be achieved without appreciable funding due to consistent dependence on statutory allocation from the Federation Account that has been dwindling over the years.

“This underscores the need for the Revenue Generating Agencies to perform maximally for the state to meet the challenging and obviously increasing demands of its citizens.

“To improve revenue generation, Kaduna State Internal Revenue Service is being repositioned alongside the review of revenue laws that governs revenue generation in the state.

“MDAs are, therefore, required to submit realistic and implementable multi-year budget estimates for the 2020 budget, based on the state revenue potentials outlined in the Medium-Term Expenditure Framework 2020 to 2022.”

Gyang directed all MDAs to submit detailed budget proposals to the Planning and Budget Commission by Sept. 17, while budget defence would be held between Sept. 24 and Sept. 29.

FDY/IS

Edited by Ismail Abdulaziz

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Economy

Gov. Akeredolu lauds CBN ‘s  various intervention programmes

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Gov. Oluwarotimi Akeredolu of Ondo State has commended the Central Bank of Nigeria (CBN) for various intervention programmes that lifted the country out of recession.

Akeredolu stated this on Friday in Akure when he received some  officials of the bank who visited him in his office.

The governor, represented by his Deputy, Mr Agboola Ajayi, said as the manager of the nation’s economy, the apex bank should continue to be steadfast and play active roles in  growing  and rebuilding  the nation’s  economy towards sustainablity.

Akeredolu said the meeting was important because it provided a veritable platform for interaction between the state government and the CBN.

“It offers us the opportunity of gaining first hand information and useful insights on the abounding opportunities within the bank, which the state can explore to better the lots of her citizens,” he said.

Akeredolu noted that the state government would key into the numerous opportunities provided by the CBN such as  the School Feeding programme, which provided employment for food vendors and income for farmers.

He expressed the determination of his government to improve on the already established relationship to open up  the rural economy in the state.

Earlier, the leader of the CBN ‘s delegation, Mr Olumide Aina, urged the state government to improve on the level of its participation in the various intervention programmes of the bank.

Aina later made presentation on various intervention opportunities available in the bank.

 

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