All Posts in "Day: November 17, 2022"

CIIN entreats Corps members on becoming insurance professional

By Favour Nnabugwu

 

The Chartered Insurance Institute of Nigeria (CIIN) has entreat the National Youth Service Corps (NYSC) members on the need to become professional members of the Institute.

This is part of its mandate to boost insurance education, awareness and attract young graduates into the insurance industry

Speaking at the NYSC Orientation Camp in Sagamu, Ogun State, the Director General of CIIN, Mrs. Abimbola Tiamiyu, enlightened the Corps members on the benefits of insurance to individuals, businesses and the economy at large.

According to her, “Being a member of the Institute comes with numerous advantages for the graduates especially, those who have entrepreneur skills”

Tiamiyu said, “Insurance stands as the back bone of any civil society because it repositions an individual or business to its former foundation when eventualities occur”.

“A major instance is the #ENDSARS protest that resulted in massive destruction; those who had one form of insurance policies or the other were able to recover from the unfortunate incident.

“The beauty of insurance is that it gives peace of mind and the industry as a whole is very lucrative and viable. There are various professional career positions you can attain by being in the insurance industry.

“With entrepreneurial prowess, you can be an agent who markets insurance policies and earn commissions, insurance broker, loss adjuster, underwriter; consultant and much more”

“We have different entry levels at the CIIN. The foundation level qualification is suitable for those coming into the industry to gain the essential basic knowledge of the market, key discipline and products.

The Intermediate level qualification recognizes technical development achieved by those with a growing understanding of the industry.

“The advanced level is the professional qualification awarded to experienced and expert market practitioners. In essence, becoming a member of the Institute would give you an edge above others in the labour market, it makes you a professional”, Mrs. Tiamiyu explained.

Patoma Admin by — November 17, 2022 in Insurance 0
RSAs transfer over N227bn between PFAs since inception in 2020

*** PenCom marks two years of RSA transfer window
By Favour Nnabugwu
Retired Saving Accounts, RSA, owners have been able to pull out over  N227 billion between the Pension Fund Administrators, PFAs by 78,821 RSAs as National Pension Commission, PenCom marks two years of it
RSA Transfer is the transfer of an individual’s Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another, processed through the RSA Transfer System (RTS).
Since inception of the RSA transfer window, a total of 78,549 RSAs have transferred accounts from one PFA to another, pulling out a grand total of N227,200,170.318.02 from November 16, 2020 to September 30, 2022.
Even as PenCom marks the second anniversary of the rollout of RSA Transfer window, the main goal of the RSA Transfer Window is to allow RSA holders the right to transfer their accounts from their existing Pension Fund Administrators (PFAs) to other PFAs of their choosing as provided by Section 13 of the Pension Reform Act (PRA) 2014.
In the second quarter of 2022, 14, 821 RSAs moved N50, 218,505,218.53 form one PFA to another.

Specifically, section 13 of the Pension Reform Act (PRA) 2014, states that a Retirement Savings Account (RSA) Holder may transfer his RSA from one Pension Fund Administrator (PFA) to another. It also specifies that such transfer should not be more than once a year.

The RSA transfer window, between November 2020 and December 2021 has enabled over 50,000 contributors to switch to their preferred PFA. This has increased the competition in the industry, as PFAs are forced to best themselves by printing impressive ROIs and improving their consumer experience in order to ensure customer retention.

In terms of transfer eligibility, Only recaptured RSA holders and those who registered after June 2019 can transfer their RSAs. Active contributors and retirees on Programmed Withdrawal can transfer their RSAs. Retirees who are receiving an annuity and making voluntary contributions can also transfer their RSAs. 

Furthermore, RSA holders can only make subsequent RSA transfers 365 days after the effective date of their last RSA transfer.

Director-General of PenCom, Mrs Sishat Dahiru-Umar said the Data Recapturing Exercise, DRE is necessary before transfer of RSAs.

According to her, “The DRE is of immense benefit to the RSA holder, as it will facilitate the payment of retirement benefits to RSA holders and transfer by RSA holders from one PFA to another”

Dahiru-Umar further stated, “The  DRE would also allow RSA holders to amend incorrect personal details earlier submitted to PFAs and assist the commission in identifying and eliminating multiple RSA registrations from the contributors registration system (CRS) database”.

Patoma Admin by — November 17, 2022 in Pension 0
Kebbi Govt to pay retirees N3.5bn Outstanding gratuities

By Favour Nnabugwu

 

 

Kebbi State Governor, Senator Abubakar Atiku Bagudu said his administration has earmarked N3.5billion for the payment of outstanding gratuities to retired civil servants in the state.

Bagudu revealed this at a Town Hall meeting on the 2023 budget of the state held at the Banquet Hall of the Presidential lodge, Birnin Kebbi.

According to the governor, the state government will defray the outstanding gratuities owed retirees from Dec. 2021 to Sept. 2022.

He explained that the state government has made adequate arrangements to ensure that the payments were made on before the end of this year.

Bagudu also vowed that his administration would not bequeath any unnecessary liabilities to the incoming government in the state.

The governor said hat the last seven years had been horrendous for the world economy, resulting in global financial turbulence.

The Chairman of the APC Governors’ Forum further said,”it is even a miracle that Nigeria had been kept together.

Bagudu said:”I must thank the public servants and the generality of the people of the state for their uncommon show of support and cooperation.

“” I must also thank the people of the state for making do with some of our inadequacies .

“”However, every government should be judged by the challenges it faces and we are glad that we have done our best.

“We will sustain our modest efforts to govern the state transparently, honestly and piously and insha Allahu, the incoming administration will consolidate our achievements.”

He reeled out some completed and ongoing programmes, projects and policies of the state government, saying, “our main objective is to make life easier for the people of the state.

“This affects all the sectors of the economy and we are happy that we have done modestly fabulous.”

He commended the Ministry of Budget and Economic Planning under the leadership of the Commissioner, Dr. Abba Sani Kalgo, the Permanent Secretary, Hajiya Aisha Usman and their team for ensuring the annual budget of the state receives input from traditional rulers, associations and other of relevant stakeholders.

In his welcome address, the Secretary to the State Government, SSG, Babale Umar Yauri,mni appreciated the presence of Kebbi State Governor, Senator Abubakar Atiku Bagudu, top Government officials ,royal fathers, civil society groups and international partners at the town hall meeting.

He said the budget town hall meeting, which was the 4th in the series of town hall meetings organized by this administration, was aimed carrying along every indigene of the State in the preparation and execution of fiscal policies aimed at promoting good governance.

Earlier, the Permanent Secretary, Ministry for Budget and Economic Planing, Hajiya Aisha Usman gave and overview of 2022 budget performance while the Co-Chair Open Government Partnership, OGP, Ibrahim Abdullahi Ngaski presented outcomes of zonal town halls meeting and citizen input into the 2023 budget.

The Commissioner of Budget and Economic Planning, Abba Sani Kalgo had earlier given highlights of the 2023 budget tagged ‘ Budget of Enduring Legacies ‘

According to him the proposed 2023 budget was prepared in
line with the Kebbi State 2023-2025 Medium Term Expenditure Framework.

He explained that the 2023 Budget is based based on a benchmarked oil price of $57 per barrel, Oil production is benchmarked at 1.8 million Barrels Per day, inflation rate is estimated at 20.77% and an Exchange rate of N440 to $1.

The Commissioner averred that the proposed 2023 Budget is in the total sum of One Hundred and Sixty-Six Billion, Nine Hundred and Eighty-Five Million,Seventy-Five Thousand, One Hundred and Ten Naira (N 166,985,075,110) only.

Capital Expenditure he said is 107,323,421,342 – 64% while
Recurrent Expenditure – 59,661,653,768 – 36%.

He pointed out that ‘ This is 10.7% reduction in total budget size from 2022 This is a 3% reduction in capital expenditure from the 2022 budget

” Projected VAT increases from 20.05 billion in 2022 to 20.05 29.95 billion in 2023. Grant and aid projections are down from
47.63bn in the 2022 budget to 38.56 bn. Our Miscellaneous Revenue projections have
reduced from N3.0bn in 2022 Budget to N3.47 bn in the proposed 2023 budget.

Kalgo commended Kebbi State Governor, Senator Abubakar Atiku Bagudu for his transparency and accountability approach in the management of state’s resources which earned the state five honors from the Federal Ministry of Finance and the World Bank.

Patoma Admin by — November 17, 2022 in Pension 0
AfDB predicts 4.0% economic recovery for East Africa

By Favour Nnabugwu

 

The African Development Bank, AfDB, has  predicted a slow recovery in the region in 2022 at 4.0 percent against 5.1 percent in 2021.

AfDB in it’s latest East African Economic Outlook released said slowdown is due to the lingering effects of COVID-19; the adverse impacts of geopolitical tensions (notably the Russia-Ukraine conflict); climate change and devastating locust invasion, together with regional conflicts and tensions.

The report notes that because of these obstacles, countries in the region have experienced heightened inflationary pressures, particularly on food and fuel, leading to rising cost of living. This has resulted in weakening national currencies, floods and drought, contraction in agricultural production; depressed business activity, and falling revenue collection, among others.

However, the continued reopening of economies globally could mitigate these adverse effects in 2023 with a projected growth rate of 4.7%, repositioning East Africa as the top-performer in growth among the regions of the continent, according to the report.

The report, themed “Supporting Climate Resilience and a Just Energy Transition”, was launched on 28 October 2022.

In developing the 2022 East Africa Economic Outlook, the African Development Bank critically studied various factors affecting growth in the 13 countries which constitute the East African region. The vulnerability of the region to the impact of climate change effects such as drought and flooding, could further hold back the region’s fragile recovery.

Speaking at the launch, Tanzania’s Finance Minister, Dr. Mwigulu Lameck Nchemba, said that the report was timely, considering the current cost of living which is of concern to every citizen in the region.

Disruption of the regional supply chains, public debt, and the public discussions on the need for pro-poor spending policies were dominating debate, Mwigulu said. He noted: “despite the ramp up in infrastructure investments, more needs to be done to accelerate the development of sustainable infrastructure, including renewable energy to support industrialization and catalyze inclusive growth.”

He called for mobilization of additional resources to expanded energy access, observing that the Democratic Republic of Congo was endowed with immense renewable energy resources to light up the entire continent.
risks affecting the region’s medium-term economic outlook.

Dr Rose Ngugi, Executive Director of Kenya Institute for Public Policy Research and Analysis (KIPPRA) encouraged countries of the region to intensify their efforts to increase their annual growth rate at a least 7%, the minimum rate required to ensure the achievement of Sustainable Development Goals (SDGs). To this end, countries should achieve internal and external macroeconomic stability, she said.

Reflecting on the theme of the report – climate resilience- Edward Sennoga, Lead Economist at the Bank, noted that East Africa has the second lowest resilience to climate change in Africa, with most countries in the region also characterized by high vulnerability and low readiness to respond to climate change.

He said there was the urgent need for innovative financing approaches to bridge the huge gap in climate change financing
According to the report, the climate financing gap for East Africa is estimated at an average of about $60 billion per year for the period 2020-2030.

The report cites Public -Private partnerships, Green Bonds, partial risk and partial credit guarantees, carbon offsets, and regional energy trade as some of the measures that can provide alternative financing for climate change. Teddy Mugabo, CEO Rwanda Green Fund echoed this perspective by stressing on need for innovative financing instruments and the effective use of carbon market.

Patoma Admin by — November 17, 2022 in Banking & Finance 0