FG releases additional N31. 97bn for accrued pension

By admin

 

The National Pension Commission (PenCom) announced an additional release of N31.97 billion by the Federal Government for the payment of Accrued Pension Rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies (MDAs).

A statement by the Head Corporate Communications Department PenCom Peter Aghahowa, the release followed an earlier release of the sum of N16.67 billion, thus bringing the total amount released for payment of the 2021 accrued pension rights to N48.64 billion.

The Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020.

Inspenonline gathered that the released fund is being processed by PenCom and would be made available to pension operators before the end of this month for payment to the retirees.

FG posts N7 trn deficit

By Favour Nnabugwu

 

The federal government recorded a budget deficit of N7. 052 trillion as at November last year, in the implementation of the 2021 budget.

The aggregate 2021 budget deficit had been put at N6.449 trillion, however, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed at the Public Presentation of 2022 budget, in Abuja, yesterday, that as at the end of November, deficit spending rose N7.052 trillion, instead of the prorata figure of N 5.911trillion.

She noted that the 2021 budget implementation report was provisional, capturing only the first 11 months, an indication that the deficit figure could be higher when the entire year’s budget implementation report is concluded.

Mrs. Ahmed who disclosed that as at November 2021, the federal government aggregate revenue was N5.51 trillion (74% of target), justified the deficit spending, as according to her, it would not have been possible for the economy to exit the recent recessions without such a strategy.

Her words, “Having witnessed two economic recessions we have had to spend our way out of recession, which contributed significantly to the growth in the public debt.  It is unlikely that our recovery from each of the two recessions would have been as fast without the sustained government expenditure funded partly by debt.”

Giving details of the 2021 budget performance, she said, “FGN share of oil revenues was N970.3 billion (representing 53% performance of the prorated sum in the 2021 budget).

“FGN share of non-oil tax revenues totaled N1.62 trillion (118.8% over and above the target). Companies Income Tax (CIT) and Value Added Tax (VAT) collections were N718.58 billion and N360.56 billion, representing 115% and 165% respectively of the prorata targets for the period.”

According to the minister, non-oil revenue exceeded its target of N1.488 trillion, as it recorded N1.621 trillion, showing a positive variance of 256.4 billion or 18. 8 percent.

Out of the N2.011 trillion Non-Oil revenue forecast in the 2021 budget, the sum of N1.843 trillion should have been realized as at the end of November.  However, only N970.33 billion was recorded, indicating a shortfall of about 47 per cent.

“On the expenditure side, N12.56 trillion (or 94.1%) has been spent out of the N13.57 trillion prorata budget. This performance is inclusive of expenditure estimates of the GOEs but exclusive of Project-tied Loans.

“Of the expenditure, N4.20 trillion was for debt service, and N3.02 trillion for Personnel costs, including Pensions.

“As at November 2021, N3.40 trillion had been expended for capital. Of this, N2.98 trillion represents 83% of the provision for MDAs’ capital, N369.9 billion for Multi-lateral / Bilateral Project-tied loans, and N49.52 billion as GOEs capital expenditure.”

The minister was elated by growth in the non-oil sector, saying that the sector showed greater resilience, recording 5.44% in real terms during the reference quarter (Q3 2021).

Her words, “In real terms, the non-oil sector contributed 92.51% to GDP in Q3 2021, higher from the share recorded in the Q3 2020 which was 91.27.

“As at November, 2021, we had surpassed all collections for FGN independent revenues from 2017 to date. This reflects performance of our revenue growth initiatives for this revenue stream.

“We have now for the first time surpassed the 1 trillion mark collection for independent revenues (

NAICOM, NCRIB commensurate with family of George Onekhena

By Favour Nnabugwu
The National Insurance Commission (NAICOM) and the Nigeria Council of Registered Insurance Brokers, NCRIB have expressed condolences to the family of the former Deputy Commissioner for Insurance, Finance and Administration over the demise of George Onekhena.
A statement by Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami, said he died last night in the United States, adding that the burial arrangement will be as announced by the family.
According to the statement, the Board, Management and Staff of the Commission commiserate with the family and pray that God grants them the fortitude to bear this irreparable loss.
In the same manner, the Executive Secretary of NCRIB, Mr Tope Adaramola who was obviously shocked but the sad news, said it was like a thunderbolt in the wind to hear that the Nigerian insurance industry and the financial services sector has lost one of the prominent stars in its galaxy. Mr. George Onekhena.
He said the news of his death has cast a deep gloom and an undesired beginning of the year gift from nature on the staff hierarchy of the Commission, many of who are morning and ruing his departure at this crucial period when his impact was still being tapped by many who were close to him.
Before his dead, Onekhena was the Chief Executive Officer, Crown Height Consulting Services, based in Mooresville, North Carolina, United States.
He was a professionally certified Accountant with competence in financial reporting, general management, auditing, and insurance regulations.
He was an alumnus of the University of Lagos having graduated from the institute  with a Master of Business Administration – MBA Business Administration and Management, General George Onekhena was also a member of the Institute of Chartered Accountants of Nigeria (ICAN).
George Onekhena: Eclipse of an impactful life

By Tope Adaramola

It came like a thunderbolt in the wind to hear that the Nigerian insurance industry and the financial services sector has lost one of the prominent stars in its galaxy. Mr. George Onekhena, the immediate past Deputy Commissioner, Finance and Administration of the National Insurance Commission is dead.

According to information pasted on NAICOM Social media platform, George died in the United States during a brief illness, bringing a flourishing chapter to a close.
Personally, I came in contact with Mr Onekhena late 90s when he was the Executive Director of Finance of Lion of Africa Insurance Co. Ltd. He was one of the regular contributors to the Nigerian Insurers Association Journal, of which I was the Editor. On first contact, no one could resist the rich gift of pedagogy of George and his ever desire to impart knowledge.

Quite unassuming, you could feel his knack for making disciples amongst younger professionals who were still at cross roads or at sea about what to do with life. An encyclopedia of some sort, Onekhena was a pride to the accounting profession, having graduated from the University of Benin and earned the Associateship and Fellowship of the Institute of Chartered Accountants of Nigeria, amongst others.

Prior to his foray into the insurance profession, he had flourishing `experience with first-class Accounting consultancies, the rich knowledge of which he availed the insurance industry as one time Chairman of the NIA Accounting Technical Committee, among others.

After the defunct of “Lion of Africa”, the late Onekhena had a break from public view, taking advantage of the period to further fortify himself and raise other younger fellows through his rich reservoir of knowledge and noble heart. He came back to the front row of the industry ‘s reckoning again when news broke out that he had been appointed as the Deputy Commissioner, Finance and Administration of the Commission, where he served his two term tenure with profound impact on the finances and administration of the Commission as the officer in charge. Feelers from the Commission indicated that the present level of manpower development coupled with the increasing savvy technological innovation of the Commission could not be entirely devolved from the impact of this egg head.

Little wonder, the news of his death has cast a deep gloom and an undesired beginning of the year gift from nature on the staff hierarchy of the Commission, many of who are morning and ruing his departure at this crucial period when his impact was still being tapped by many who were close to him.

In retirement, the late Onekhena left for the US to join his family and also take a vantage position to be of value to the industry and humanity. His knack for training continued unabated with his highly resourceful Crown Height Consulting Services, oiled by the benefit of the social media and IT. He was able to rally many prominent egg heads in the field of economy, commerce and academia as think thank and facilitated rich intercourse of ideas for the benefit of the financial services industry.

A common feature on several platforms and professional discourses facilitated by Financial Institute Training Centre (FITC), KPMG, ICAN, the College of Insurance and Financial Management, Late Onekhena was apt at digging out issues relating to the future of the Nigerian economy and global advancement in areas such as impact of Artificial Intelligence (AI), Internet of Things (IoT), Digital Economy and Cyber security. Like Nostradamus, he was a man who had a glimpse of the future, but unfortunately, he could not live to experience it.

Many, including this writer are in mourning mood for the loss of this iconic lecturer, mentor and intellectual in the professions. In one of our conversations I recalled him telling me, on inquisition about why he was so passionate about impacting knowledge on others, saying that it was going to be a great disservice for anyone who had been providentially blessed like him to go to the grave with all he had.

Though this seemed he had a premonition of his death, he indeed fulfilled this mandate, especially towards the eclipse of his life for those who were close to him. Like the passionate sower who had sowed all his previous seeds, what would be a delight to him in death is that those seeds of greatness germinate in all the soils upon which they were planted.

Adieu a great teacher, quintessential administration, rabid scholar, and noble hearted persona, until we meet to part no more. Painful, but we have abided with the omnipotent power of the Almighty God, whom you passionately believed while here, that He alone had the power to give and to take. No dout, the world will sorely miss you!

Tope Adaramola
Executive Secretary,
Nigerian Council of Registered Insurance Brokers