By Joshua Olomu

Veritas Kapital Assurance has announced Net Premium Income of N2.699 billion for the 2022 financial year, which translate to a marginal one per cent growth compared to N2.675 billion in 2021.

The Chairman of the Board of Directors of Veritas Kapital, Mr Nahim Ibraheem, said this on Tuesday Abuja at the 46th Annual General Meeting (AGM) of the company.

According to him, the company recorded a 28 per cent reduction in Gross Premium Written (GPW) to N4.37 billion compared to N6.055 billion in 2021.

This, he said , was a result of the strain on operations attributable to the adverse economic environment in the year under review.

“According to the company’s annual report for the year under review, Profit before Tax (PBT) grew to N219.77 million in 2022 from N36.31 million in 2021, which signifies a growth of 505 per cent.

“The report however shows a decline in Profit after Tax (PAT) from N331.24 million in the prior year to N170.13 million in 2022.

“The board chairman noted in his report that ”Shareholders’ equity grew organically by three per cent from N9.320 billion to N9.625 billion in 2022 as total assets declined by per cent from N14.551 billion in 2021 to N13.996 billion in 2022,” he said.

He noted that although the general economic challenges the country was facing affected the company, adding that, the company was working hard to ensure shareholders get dividends in the next business year.

Ibraheem added that the company was strengthening business relations with notable and key players in the upstream and downstream sectors of the oil and gas industry to attract profitable business from the sector.

“The Board and management remain confident and committed as it continues to leverage several key fundamentals in its activities to provide reasonable returns to shareholders.

“Efforts are in high gear to enhance the perception and awareness of the Veritas Kapital Assurance brand geared towards further penetrating the market.

“Your company has re-strategised and has taken deliberate steps to compete favourably while retaining more premiums from the highly lucrative energy sector,” he said.

He said that in the same connection, the strategy to strike a balance between overexposure to capital and total risk aversion in making business decisions remained germane.

“We are well-positioned to take full advantage of the prospects while maintaining excellence and affordable cover for our customers and the insuringpublic.,” he said.

Earlier, shareholders commended the board and management of the company for remaining steadfast in steering the affairs of the company amidst the prevailing economic challenges facing the sector.

They expressed delight that although no dividend was paid during the period, the company was able to pay its clients all their claims during the period under review.(NAN)(nannews.ng)

Edited by Dorcas Jonah/Isaac Aregbesola

By Justina Auta

The Nigerian Economic Summit Group (NESG) says mobilising finance in high-growth sectors  is critical towards achieving sustainable development in Nigeria.

Dr Olusegun Omisakin, Director of Research, NESG, gave the advice in a statement in Abuja, ahead of its 29th economic summit (NES 29), scheduled for Oct. 23 -24.

“Efforts should focus on domestic revenue mobilisation by expanding the tax net and improving collection efficiency.

Omisakin explained that Nigeria should leverage a compelling portfolio of competitive investment-grade projects and social investment programmes to access and deploy financial resources in support of sustainable development initiatives.

“Promoting innovative financing mechanisms, strengthening public and private financial institutions, and enhancing public-private partnerships are essential for mobilising the necessary funds.

” Hence, it is crucial to shift Nigeria from a predominantly government-led funding approach to a private sector-led investment-driven economy, while also improving transparency, efficiency, and accountability in public revenue and expenditure.”

He said the forthcoming NES 29, themed: ” Pathways for sustainable economic transformation and inclusion,” was in view of the urgency of translating economic growth into improved and sustainable living standards for all citizens.

He explained further that the summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development. (NAN)

Edited by Idris Abdulrahman

By Salisu Sani-Idris

The Federal Government, in partnership with WEMA Bank, has concluded arrangements to train two million youths on digital skills.

The Director of Information, Office of the Vice President, Mr Olusola Abiola, made this known in a statement on Monday in Abuja.

He said the training is in furtherance of the Federal Government’s pledge to support the job creation agenda of the Tinubu administration.

“WEMA Bank, in partnership with the Office of the Vice President, has concluded arrangements to commence an initiative that will impact two million youths and one million Micro, Small and Medium Enterprises (MSMEs) across the country.”

He said that the Managing Director of the bank, Mr Moruf Oseni, during a courtesy visit to the Vice President, Kashim Shettima, presented an update report to him on the programme.

“The delegation was at the Villa to brief the Vice President on the progress made in the implementation of the FGN-ALAT Digital Skill-Novation Programme, which is an initiative of a partnership between government and the bank.

“This is with a view to training two million youths and empowering one million Micro, Small and Medium Enterprises (MSMEs) across Nigeria.”

Shettima lauded the commitment and partnership of the bank for the initiative.

“I will call on you to be above board. You are a good organisation. I want to thank you most sincerely for your initiative and commitment, be rest assured that we will fulfill our own part of the bargain.”

In an interview with State House correspondents, the bank’s MD, Oseni, said they were at the Presidential Villa to brief Shettima on how far they have gone on the FGN/ALAT project.

“Vice President was very happy, and shortly you will hear from his office of how we want to progress with this programme, part of this is to help create innovation hubs across the country for us,” Oseni said.

“Mr president came out with a very bold and audacious plan on how to revive the Nigerian economy. The banks are a key player and we will put in our best to actualize this.

“If Nigeria does well, the financial institutions will do well. Mr. President is 100 per cent on track and we are totally in support of his administration.”

Also, Mr Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, said the significance of the collaboration cannot be overemphasised.

“There is power in partnership. Private sector and the public sector coming together can always do more for the people.

“Mr. President’s ‘Renewed Hope’ agenda cannot be achieved by the government or private sector alone as it requires all hands on deck.

“So, we dug deep into the private sector to see how they can actually play their own role. In the first instance, they agreed to partner with us on skills acquisition and in other aspects of the scheme that we plan to implement.”

The FGN/ALAT Digital Skill-Novation Programme will be formally launched by the Vice President on the 29th of September at the State House Banquet Hall, Abuja.

Also present at Monday’s meeting were Mr Tunde Mabawonko, Executive Director, WEMA Bank; Mr Bamidele Adefemi, Head of Federal Public Sector, and Mr Chioma Onuaguluchi, Regional Manager, Wema Bank, Abuja. (NAN) (www.nannews.ng)

Edited by Vincent Obi

By Rukayat Moisemhe

Dr George Akume, Secretary to the Government of the Federation (SGF) has solicited the support and understanding of all and sundry to get the nation’s economy out of the doldrums.

Akume, represented by Dr Dapo Oyedemi, Senior Special Adviser to the SGF, made the call at the Nigerian Institute of Management Chartered (NIM) 2023 Annual National Management Conference on Monday in Lagos.

The News Agency of Nigeria (NAN) reports that the event had as its theme: “Managing Nigeria’s Path to Sustainable Economic Growth and Prosperity: The Challenges before the New National Leadership.”

The SGF noted that the theme was apt and relevant towards charting a new course and national rebirth for the country in line with the eight-point agenda of the federal government.

He recalled that President Bola Tinubu unveiled an eight-point agenda to turn around the economy and make life comfortable for all Nigerians.

These include: food security; ending poverty; economic growth and job creation; access to capital; improving security; improving the playing field on which people and particularly companies operate; rule of law; and fighting corruption.

Akume said concerted efforts was being made by the Federal Government in all critical sectors to get the economy up and running and deliver the dividends of democracy.

“By the theme of this year’s conference, the Institute has further demonstrated that it is committed to supporting the Federal Government in achieving its drive to reposition and turn around the nation’s economy.

“I can boldly tell this gathering of professional managers that the Bola Tinubu-led administration is in a haste to make a mark and will not disappoint in this daunting, but surmountable task.

“While we plead for more time to implement our eight-point agenda, we equally solicit the support and understanding of all and sundry to get the economy out of the doldrums,” he said.

Akume urged the NIM to improve its visibility at public sessions of the National Assembly to make more robust professional management input that would be most relevant in the public domain.

“To truly set Nigeria on the path of greatness and prosperity, good leadership built on enduring democratic principles must be on the front burner and our collective consciousness always.

“I, therefore, call on the Institute to ensure that the code of conduct becomes a culture for all Nigerians through their interaction and collaboration with the National Orientation Agency (NOA) and other relevant agencies that will support this cause.

“If all Nigerians align themselves with the Institute’s code of conduct, Nigeria shall become an enviable nation,” he said.

In her remarks, Dr Christiana Atako, President, NIM, noted that President Bola Tinubu, inherited a fractured and weak economy when it took over the reins of leadership in May this year.

Atako commended the present administration’s efforts to taking on the numerous problems head on and finding lasting solutions to revive and revamp the nation’s economy.

She noted that the unveiling of his administration’s eight-point agenda showed that the administration has commenced work.

Atako, however, noted that government’s decisions on fuel subsidy and to float the Naira which came with some pains required measures to mitigate the effects of the decision on the most vulnerable members of society.

“The Institute admonishes the Federal Government to continue working closely with labour and civil society organisations, community leaders, and other stakeholders.

“This is to ensure that meaningful remedial programmes are put in place to help the citizenry to cope with the new economic realities.

“In all, the administration should focus on implementing policies that will promote economic growth, job creation, and poverty reduction.

“This could include diversification of the economy, getting the nation’s refineries up and running again, investments in infrastructure, education, and healthcare, as well as measures to attract foreign investment and promote entrepreneurship.

“The Institute enjoins Nigerians to join hands with the Federal Government by supporting its good economic policies.

“Nigerians can overcome the effects of subsidy removal on their daily life through budgeting, increasing productivity, reducing consumption, embracing local goods, and seeking alternative transportation,” she said.

Atako said that while the masses were tightening their belt as a result of ongoing economic policies, it was only moral and rational that those in government make conscious effort to reduce the cost of governance.

She said frivolous and avoidable expenses must be shunned at all cost to show equal sacrifice and commitment to resuscitate the economy on both sides to promote unity of purpose between the governors and the governed.

“We need to review and reinvent our version of democracy, find ways of adjusting it and ensure a system and a structure that guarantee that the citizens, rather than their representatives, are the primary focus and beneficiaries of the dividends of our democratic system,” she said.

NAN reports that the NIM also unveiled the Journal of Management Professionals (research journal on management practice in Nigeria). (NAN)(www.nannews.ng)

Edited by Remi Koleoso/Ekemini Ladejobi

By Ikenna Uwadileke

The Nigerian Export Promotion Council (NEPC) on Monday in Abuja, empowered 35 women entrepreneurs on packaging and labeling of shea products.

The News Agency of Nigeria (NAN) reports that NEPC organised the two-day training in collaboration with the International Trade Centre (ITC).

Dr Ezra Yakusak, the Executive Director and CEO of NEPC, said that the training was essential in equipping the women with the knowledge to develop appropriate packaging and labelling solution.

According to Yakusak, in today’s global marketplace, packaging and labelling play pivotal roles in determining the success of non-oil exportable products.

“They are the first impressions products make on our customers, the stories we tell through our branding are the crucial elements that enable us to stand out and compete globally.

“However, we acknowledge the challenges that many businesses face in this regard.

“It is not merely about understanding the importance of good packaging and labelling but building a sustainable packaging system.

“When you are starting something for the first time, you need to figure out how to begin and understand the complicated steps.

“You also need to make choices that align with your customers’ needs and specific market requirements for the market,’’ he said.

The NEPC boss further said that the workshop would provide valuable guidance to shea product processors, distributors, cooperatives, traders packing shea products in bulk, semi-bulk for hotels and restaurants, retails, and e-commerce.

“In doing this, we aspire to enhance the efficiency, profitability and sustainability of your businesses.

“Our approach is like a roadmap to prevent mistakes when improving your packaging.

“It saves time and money by doing things correctly from the start, instead of trying different things and learning from errors,’’ he said.

Yakusak urged the participants to utilise the opportunity to improve their businesses.

“The knowledge you gain here will be a contributory driving force behind the success of your businesses.

“So, let us embark on this journey together, exploring the world of packaging and labelling, and charting a new course toward greater success and sustainability in the shea beauty sector,’’ he said.

Mr Frederic Couty, a packaging and continuous improvement expert at ITC, said that the programme was about supporting small and medium scale companies to improve their packaging system.

According to him, it will enable the beneficiaries to better access the market and to improve their sales, improve their profitability on the Nigerian market and also outside Nigeria.

“We look at the methodology on how to improve a packaging system and how to create a new packaging system in a cost-efficient manner doing right the first time in order to reach the targeted customer in an efficient manner.

“There are many ways to improve their packaging system.

“First is to align your strategy with the packaging system. You don’t design the packaging system for yourself but you design as an entrepreneur, you design it for your targeted customers.

“So, it is very important to understand the difference between those two components and more specifically to take your strategy and to see how this can influence your packaging system.

“This means your packaging materials is behind the graphic that you are going to develop on your products and developing good relationships with your suppliers of materials.

“Others are identifying the right type of packaging equipment to facilitate the packing of your product and then also come with the logistics and the transportation of the finished product,” he said.

One of the beneficiaries, Mr Evelyn Nduka, commended NEPC for the opportunity, saying that the knowledge acquired would enable her to align with her customers’ market requirements. (NAN) (www.nannews.ng)

=======

Edited by Isaac Ukpoju

By Kelechi Ogunleye/Kadiri Abdulrahman

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has urged Nigerians to endeavour to pay their taxes to boost government revenue and improve service delivery.

The Chairman of RMAFC, Alhaji Muhammad Shehu, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

According to Shehu, less than 40 million Nigerians are presently captured in the tax net and paying taxes.

“That is too low for a country that has more than 200 million population,” he said.

He commended the idea of a Tax Reform Committee recently set up by President Bola Tinubu.

He said that the committee would do a lot to include economic players from the informal sector into the tax net.

“There is all these debate about the informal economy.

“What this tax reform committee that we have set up will do is bring a lot of agencies together, including RMAFC. We are a member of that committee.

“We have articulated our position and we will communicate what we believe that can add value to the discussion.

“At the end of it all, we will have a better society where more people are paying taxes and the money will be utilised for better services and infrastructure so that every Nigerian can benefit, ‘” he said.

He urged the Federal Inland Revenue Service.(FIRS) to collaborate with the Nigeria Customs Service (NCS) to identify certain categories of Nigerians who evade taxes.

“There are some taxes that the government is not getting from Nigerians.

“Somebody will declare an income of N600,000 in a year but that same person will import a vehicle of N40 million into Nigeria.

“I believe the FIRS will look at all those things, aand then collaborate with the NCS for better efficiency.

” If you import a brand new car, your name, your date of birth, your address, your NIN number should all be required.

“They should place a search and see what it is that you filed last year, how much taxes you paid to the government. Thereby, they will get a lot more people to pay taxes,” he said.

He urged all Nigerians to embrace the idea of willingly paying their taxes so as to boost government’s revenue drive.

“I think it is very important for every Nigerian to try and pay their taxes because it is from those monies you get services.

“All the things that people like to tell you about clean environment, good roads, functional infrastructure in other countries, it is the taxes that citizens pay that are utilised for those services.

“People should learn to pay electricity bills, they should pay their water bills they should pay just like you pay for telephone recharge cards.

“The more you pay your taxes, the more money government has to put into road, rail construction, better hospitals, pension, social securities, and better plan to help the needy,” he said. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

 

By Mark Longyen, News Agency of Nigeria (NAN)

 

 

Analysts believe that the Nigeria Customs Service (NCS) is strategic to not only achieving the nation’s economic development but also to ensuring national security.

 

 

 

That explains why many stakeholders argue that the Service can be radically enhanced through collaborative engagements and international partnerships.

 

 

 

The NCS is tasked with  three core mandates, which are: robust revenue generation, suppressing smuggling and trade facilitation.

 

 

 

Going forward, they say, these core mandates can be optimally achieved through deliberate, revolutionary, collaborative engagements with stakeholders, home and abroad, besides leveraging the deployment of cutting-edge technology.

 

 

 

Some solicit stepping up the Service’s operations by drastically deepening its existing partnerships with local stakeholders and partners, such as security agencies, government agencies (MDAs), border communities, anti-corruption agencies and the media.

 

 

 

They are of the view that prioritising domestic collaborations and deepening partnerships with international organisations using cutting-edge technologies are critical transformative initiatives that would enhance effectiveness and overall service delivery of the NCS.

 

 

 

Adewale Adeniyi, Ag. Comptroller-General of Customs (CGC), on assumption of office, captured this in his inaugural speech, titled: ‘Embracing a New Era of Excellence’.

 

 

 

He declared a new era of collaborative engagements and technology-driven customs service.

 

 

 

According to Adeniyi, the service under him will strengthen existing local and international collaborative engagements and partnerships.

 

Photo: Adewale Adeniyi, Ag. Comptroller-General, Nigeria Customs Service.

 

This, he intends to achieve by engaging with stakeholders, who will be treated as partners, and adopting technology to streamline processes and revolutionise revenue generation.

 

 

 

“As we embark on this new journey, we recognise the need for collaborations and partnerships.

 

 

 

“We value the relationships we have built with our partner government agencies and the private sector. These collaborations have been vital to our adoption of technology as a tool to streamline processes and enhance revenue generation.

 

 

 

“We will strengthen these partnerships and engage with stakeholders through revitalized platforms.

 

“By promoting dialogue, we can resolve disputes and advance mutually beneficial solutions that lead to more efficient and effective service’’, he said.

 

 

 

According to him, NCS will continue to treat its esteemed stakeholders as partners, who have a stake in their success.

 

 

 

“It is crucial for us to recognize the modern realities and challenges to Customs operations. In today’s interconnected and technologically advanced world, we face emerging threats that require our utmost attention.

 

 

 

“E-commerce, global supply chains, and transnational criminal networks pose challenges to our role as custodians of trade facilitation and enforcement”, he said.

 

 

 

Adeniyi said NCS will adapt to changing landscapes, leverage emerging technologies, intelligence-led operations, and effective risk management strategies.

 

 

 

He added that collaboration with international partners, local law enforcement agencies and other countries’ customs administrations are critical to combating illicit trade and securing Nigeria’s national interests.

 

 

 

Corroborating Adeniyi’s commitment and determination to change the narrative at the Customs, Abdullahi Maiwada, a Chief Superintendent of Customs, and NCS spokesman, says Adeniyi is imbued with the requisite pedigree to change the Service.

 

 

 

Maiwada assured that under Adeniyi’s leadership, NCS will be on an “exciting journey” towards enhanced efficiency and unlocked potential.

 

 

 

“Through international collaborations, engagements with the World Customs Organization (WCO), exploration of AI-driven solutions, and strategic discussions, the NCS is pioneering innovative projects that will shape the future of Customs practice in Nigeria.

 

 

 

“The Acting CG has engaged in topical discussions within the global Customs community, advocating for the exploration of AI-driven solutions, including Generative Artificial Intelligence (AI) solutions like ChatGPT and advanced geo-spatial intelligence approaches such as GEOINT.

 

 

 

“The NCS has already established a GEOINT unit, leveraging geospatial data, mapping techniques, and satellite imagery to gain valuable insights for customs operations’’, he said.

 

 

 

Maiwada said Adeniyi’s engagements with strategic partners are already getting support for the establishment of a Customs Laboratory, which is a significant milestone in enhancing Customs operations and trade facilitation.

 

 

 

Some of the partners are World Customs Organization, WCO, Japan International Cooperation Agency (JICA) and Japan Customs Administration (JCA),World Trade Organization (WTO), UN Conference on Trade and Development (UNCTAD), UN Office on Drugs and Crime (UNODC), World Bank, and IMF

 

 

 

“Amid the current landscape of evolving global trade dynamics, the NCS laboratory will provide comprehensive solutions to address challenges, such as counterfeit goods, smuggling, and non-compliant imports, thereby bolstering revenue generation and ensuring the protection of public health and safety.

 

 

 

“With its advanced analytical capabilities, the laboratory is expected to deliver precise identification, verification and classification of goods.

 

 

 

“This would enable efficient enforcement measures and informed decision-making towards achieving seamless customs operations, trade competitiveness and national economic growth in line with the vision of the President Bola Tinubu-led administration,” he said.

 

 

 

Joshua Eze, a stakeholder, for instance, recalls that prior to his elevation, Adeniyi won the exemplary CGC Award for his unprecedented seizing of $8,065,612 million cash at the Murtala Mohammed International Airport, Lagos, in January 2020.

 

 

 

According to him, the new dispensation entails striking a delicate balance between trade facilitation and revenue collection.

 

 

 

He said it offers an opportunity to redefine priorities through collaborative engagements and cutting-edge technology to steer the organization towards the path of efficiency, transparency, and modernisation.

 

 

 

“The new Nigeria Customs Service envisioned by the new helmsman needs collaboration and stakeholder engagement.

 

 

 

“Therefore, the new Comptroller-General must actively engage and collaborate with other government agencies, the private sector, international organisations, and regional trade bodies.

 

 

 

“It is expected that CGC Adeniyi will recognise the need to re-balance the priorities of the NCS, placing emphasis on trade facilitation alongside revenue generation.

 

 

 

“He should focus on optimising Customs processes, embracing technology, and streamlining procedures to facilitate legitimate trade flows, while revenue collection remains crucial,” he said.

 

 

 

Leonard Ogamba, President of Shippers’ Association, Lagos, blamed wrong policies over the years for trade facilitation challenges in the country.

 

 

 

He therefore argued that the success of NCS under Adeniyi would depend largely on whether or not the new Customs boss would do things differently.

 

 

 

He urged the new Customs boss and the entire NCS management to collaborate with domestic and international partners, and operate within the confines of domesticated international conventions.

 

 

 

Frank Ogunojemite, President, Africa Association of Professional Freight Forwarders and Logistics in Nigeria, (APFFLON), describes Adeniyi’s appointment as a “rebirth” of the NCS.

 

 

 

He identified modernisation as key to achieving trade facilitation, and agrees with other observers on the need for constructive engagements and collaborations with local and international partners towards attaining a robust Customs Service.

 

 

 

“The modernisation of Customs is very important as this is one of the several factors that will increase trade facilitation, and until we get those things right, we will still not be able to take our place in the comity of maritime nations,” he said.

 

 

 

Ogunojemite also advised that NCS under Adeniyi should engage domestic and foreign stakeholders, such as customs brokers and stakeholders, professional bodies and leaders of thought in the Service’s operations.

 

 

 

Similarly, collaborations and engagements with stakeholders by the NCS under the new dispensation is mandatory for it to attain optimal operational success.

 

 

 

This is the position canvassed by Dr Kayode Farinto, Acting President, Association of Nigerian Licensed Customs (ANLCA.

 

 

 

He said that Adeniyi, being a career officer, must ensure that he is always accessible and regularly engages critical stakeholders in line with the WCO 2013 Handbook.

 

 

 

The document mandates every Customs formation to collaborate with Customs brokers and stakeholders.

 

 

 

Yusuf Malanta, a former Comptroller, Apapa Area Command, NCS, explains that collaboration with other MDAs plays a great role in the high revenue haul.

 

 

 

He, therefore, underscores the role of interagency collaboration in boosting revenue generation, particularly against the backdrop of an unprecedented revenue generation of over N1 trillion by the Command under him in 2022.

 

 

 

Interestingly, the CGC is getting positive feedback from leading stakeholders.

 

 

 

The Accountant General of the Federation, Dr Oluwatoyin Madein, expressed her readiness to collaborate with NCS to increase revenue generation, when the CGC visited her recently.

 

 

 

Madein pledged to collaborate with the NCS and other federal government revenue generating MDAs, by establishing a robust working relationship with them.

 

 

 

The new Customs boss also recognises the place of border communities in the efficiency of the Service.

 

 

 

“One fair commitment I will like to give to you is that we will do better in recruitment from people in border communities because we believe that they are stakeholders.

 

 

 

“Customs-border community relationship is stronger when you know that you have your sons and daughters in the NCS.

 

 

 

“We are also not unmindful that where we have this kind of critical operations, we should also be talking about the kind of corporate social responsibility programmes that we are going to be doing,” Adeniyi said during a visit to border communities.

 

 

 

In line with its commitment to collaborative engagements to enhance its operations for effective service delivery, the NCS has also identified the media as an indispensable partner in progress by seeking collaboration with the Nigeria Union of Journalists, NUJ.

 

 

 

The CGC, who made the pledge at a recent award ceremony of the NUJ in Lagos, explained that such a partnership was necessary because the media informs and educates the public on Customs’ operations.

 

 

 

“The Service requires the support and guidance of the media to consolidate the progress made in trade facilitation and revenue collection aspects of its mandate.

 

 

 

“Smuggling activities, for instance, can be curtailed to a large extent through partnership with the media,” he said.

 

 

 

As Adeniyi marks his first 100 days in office, stakeholders are of the view that NCS should scale up its local inter-agency collaborative engagements and international partnerships leveraging technologies to achieve its core mandates. (NANFeatures)

 

**If used please credit the writer and News Agency of Nigeria

 

 

 

 

By Kelechi Ogunleye/Kadiri Abdulrahman

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it has developed a software to enhance transparency in revenue generation and sharing amongst the three tiers of government.

The RMAFC Chairman, Mr Mohammed Shehu, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

According to him, the software will help the commission perform one of its major functions of reviewing the revenue allocation formula for the entire federation from time to time.

“There is something called the vertical revenue allocation formula; who gets what percentage – Federal, State or Local Government (LG).

“There is also the horizontal formula; how do you share that percentage among states and LGs.

“That means you have to consider factors like population, school enrollment, land mass, hospital beds, these are some of the indices.

“Previously what we did was to request for the required information manually, and then the commission will go and do the inspection manually,” Shehu said.

He said that the commission also got data from relevant agencies like the office of the Statistician-General of the Federation and the National Boundary Commission.

“So, we now have a software through which the states and LGs will input the required data in the system. They have a pass code.

“We will collect the data that they sent; analyse it and also send our own team for verification, and then we will agree on how that horizontal formula will be,” he said.

According to the chairman, technology is the way to go now.

He said that in terms of revenue generation, the commission was trying to also build a data bank whereby it could monitor revenue generating agencies.

“The commission should be able to see in real time what comes into their system.

“We have already moved from multiple accounts to Treasury Single Account, but RMAFC also wants to have a system so that as revenue is coming in we are analysing it,” he said.

He called for the cooperation of all revenue generating agencies in the country in the commission’s effort to effectively ensure optimal deployment of government revenue.

“The Federal Government and the sub-national governments are concerned with how to make more revenue by also blocking leakages.

“Technology will save us the time of going through documents and help us cut down on a lot of leakages,” he said. (NAN) (www.nannews.ng)

Edited by Muhammad Suleiman Tola

By Salisu Sani-Idris

President Bola Tinubu is billed to speak at the Africa International Trade Exhibition program, during the 78th United Nations General Assembly (UNGA) in New York.

Tunde MacAlabi, Chairman of the Organising Committee for the Business, Trade and Investment Summit Component of the exhibition programme, made this known in a statement on Saturday in Abuja.

He explained that the meeting would take place on Sept. 21 at the prestigious Hilton Hotel located at 1335 Avenue of the Americas, Midtown, Manhattan, New York.

MacAlabi, who is the Chief Executive Officer of T-BYK Ventures, will be joined by notable figures such as Prof. Tai Balofin, President of Nigerian Progressive Professionals.

He said that Tinubu would also be joined by Khuraira Musa, the Chief Executive Officer of K-Pro Consulting of New York and President of the Arewa Development Support Initiative (ADSI), an NGO, for empowering youths and women in Northern Nigeria.

According to him, Ms Musa, a serial entrepreneur and author of the ‘Audacity of an African Child’, an autobiography that chronicles the struggles of her disadvantaged childhood, will co-anchor the session.

” During the programme, President Tinubu, who will serve as the Special Guest of Honour, is expected to deliver a goodwill message to a distinguished gathering of North American and key figures from the private sector. ”

“The Africa International Trade Exhibition (A.I.T.E) programme is designed as a complementary private sector initiative to the US-Africa Leaders annual summit.

” It aim is to foster closer socio-economic ties between the United States and Africa through enhanced commercial engagement,” he said.

He stated that the event would be a vital platform for discussions, collaborations and strategies that will contribute to the economic development and prosperity of Nigeria and its partners

This will come under the theme: “The Imperative of Global Trade for African SMEs as a Game Changer for the Future Prosperity of the Continent.”

The News Agency of Nigeria (NAN) reports that the president will on Sunday leave Abuja for New York to attend the 78th UN General Assembly holding from Sept. 19 to Sept. 23.

A statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this on Saturday in Abuja.

The trip will be Tinubu’s first UNGA outing.

Ngelale said that the theme of the UNGA is: “Rebuilding Trust and Reigniting Global Solidarity: Accelerating Action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress, and sustainability for all.” (NAN)

Edited by Julius Toba-Jegede