All Posts in "Day: February 21, 2023"

Why FG borrowed N2.13trn in 2mths – DMO 

By Favour Nnabugwu 

 

 

The Debt Management Office, DMO has explained the reason behind the N2.13 trillion the Federal Government borrowed in the first two months of the year.

The DMO in a statement said that the N2.13 trillion borrowing comprises N1 trillion to partly finance the budget 2023 deficit of N7.043 trillion, and N1.13 trillion to pay off debts that matured during the period.

The DMO stated: “The attention of the Debt Management Office (DMO) has been drawn to a report which stated that the Federal Government of Nigeria has raised the sum of N2.129 trillion between January and February 2023 through the issuance of Domestic FGN Securities.

“The Report further indicated that at this rate of borrowing, the Government may exceed its domestic deficit funding requirement of N7.043 trillion in 2023. “The DMO wishes to clarify that the Domestic Issuance Programme is designed not only to provide funds to finance the Budget Deficit but to also refinance the FGN’s maturing obligations during the fiscal year.

“Thus, while a total of N2.129 trillion has been raised in January and February from issuances of FGN Bonds, Nigerian Treasury Bills and FGN Savings Bond, only N1 trillion has been deployed for deficit financing, representing 14.2% of the total requirement of N7.043 trillion for the year.

“It should be noted that the balance of the funds raised is for refinancing maturing obligations. While the DMO is maximizing the opportunity provided by the strong investor demand to raise funds to facilitate early implementation of the 2023 Budget, the DMO is always guided by the law and thus, cannot exceed the legally approved New Borrowing in the Appropriation Act.”

Patoma Admin by — February 21, 2023 in Banking & Finance 0
NYSC deploys 200,000 corps members for 2023 elections

By Favour Nnabugwu

 

 

 

No fewer than 200,000 corps member has been earmarked to take part in the 2023 election by the National Youth Service Corps, NYSC,

NYSC Director General, Brigadier General Yushau Dogara Ahmed, who briefed journalists at the Scheme’s headquarters in Abuja, said the deployment was for the presidential and National Assembly elections scheduled for February 25.

Ahmed disclosed that the Scheme was working alongside other security agencies to ensure the safety of all corps members during the polls.

Nevertheless, he warned corps members against collecting any form of gratification, including food from politicians before, during and after the elections.

In the pre-election, the NYSC Director-General said: “We are deploying 200,000 corps members for the elections. What is fundamental for me to also mention is the security of these Corps members.

“Since I took over, I have met with the IG of Police, the DSS, I have met with the NSCDC, I have equally met with the INEC and every hand is on deck to ensure that the Corps members are secured

“We were assured by INEC that they will carry these Corps members to their respective places of assignment and bring them back safely from wherever they are picking them from.

“As for the welfare of these corps members, INEC has promised to provide them with sleeping kits and whatever they need for the elections.

“What I want to warn corps members about is that they should be careful in whatever environment they find themselves in. They should not accept any gift from any politician. They must not accept any food from anybody.

“As they go, they should carry at least their service support. Any form of gratification or gifts, we don’t expect any corps member to accept,” he added.

Ahmed also stated that those to participate at the elections had been provided with requisite skills for the conduct of the elections by officials of INEC.

“Those who are participating in this election have already been given proper training. Guidelines have been given to them. They have been well informed and they are ready to give their best.

“Some of them were trained outside the camps while those who just passed out (of the orientation exercise) were trained by INEC officials in the camp,” he added.

Patoma Admin by — February 21, 2023 in Education 0
JAMB suspends 2023 Direct Entry registration

By Favour Nnabugwu

 

 

 

The Joint Admissions and Matriculation Board,JAMB,has announced suspension of its ongoing 2023 Direct Entry registratin.

The board,in a statement by its Head, Public Affairs and Protocol,Fabian Benjamin, explained that the registration which commenced on Monday, 20th February, 2023, was suspended with effect from Tuesday, 21st February, 2023.

The suspension, according to a statement issued by JAMB on Tuesday, is to enable the deployment of certain measures, which are designed to better serve prospective candidates.

The statement said “a new date and fresh registration procedures, which will include upload of JAMB Admission Letter in the case of OND and NCE, Admission Letter issued by universities in the case of University Diploma, and Admission Letter issued by A’ Level examination bodies (IJMBE, JUPEB, etc.), would be announced in due course so that candidates could proceed to JAMB offices nationwide to register.”

Recall that JAMB had commenced DE registration on Monday, 20th February, 2023, and had slated it to end on Thursday, 20th April, 2023.

“Candidates are also to note that only JAMB offices are approved to register them for Direct Entry,”the statement added.

Patoma Admin by — February 21, 2023 in Education 0
Climate change; CAPI cleans up Nyanya Park, calls for safe, healthy environment.

By Favour Nnabugwu
A Non governmental Organisation advocating for a clean and healthy environment, Compassionate Advocacy for the Poor Initiative(CAPI) has began  to mitigate the effects of global change in Nigeria in Nyanya as the rainy season moves closer
Speaking at a clean up exercise in Nyanya motor park in FCT Abuja on Monday,. Amb Rukaiya M Dambuwa. , Director, Climate Change. CAPI said it is important to keep the environment safe and clean hence it’s the basis for avoiding natural disaster like flooding within an environment.
Dambuwa recalled that the effects of last year’s flooding is still taking its tool on the people adding that, the reason CAPI is in Nyanya was to collaborate with the people and see to the safety and clean environment within the area of operation.
 According to her’ “Global change is real and has come to stay, what we can do now is to mange the negative effects of climate change and see how the environment can improve through cleaning and maintaining the environment.
“We are at Nyanya today because this is a gate way out of Abuja city, many people travel from this motor Park to other parts of the country, if they notice that the park is clean and the environment healthy, they will copy and want to replicate same in their place” she said.
Also speaking,  the Director climate change called on residents of Nyanya to stop indiscriminate dumping of  refuse, especially by the road side hence the reason for blockage of drinage resulting to floods.
The best way to tackle flooding is to keep the environment clean. We were in Jabi, now we are in Nyanya motor park, our next point if call will be the school, the reason is that we want the students to know that a clean environment will enhance their learning,” Mohammad said.
Earlier, Mr. Solomon Oga, Director Accounts at CAPI said, the essence of the clean up exercise was not for any personal gain, but a show of commitment to a clean and healthy environment which is the core mandate fo the NGO.
“We are not cleaning the Park because of the forthcoming elections, maintaining a healthy environment and advocating for such is the reason for CAPI. he said.
 Mr. Oga called on all who are interested in environmental matters to join hands with CAPI or carry out the same advocacy within their area of operation adding that the Nyanya motor park management have demonstrated a strong will to maintain their environment by joining them in the cleaning of the Park.
For Amina Sani, she noted that the management of Nyanya Park has become partners because of the receptive and collaborative nature in which they allowed the clean up.
The Director of operations and partnership noted that the advocacy continue with the park management maintaining the Park and talking to their staffs and passengers on the need for a clean and safe environment. ‘We are glad you gave us opportunity to clean this environment. She said.
The park management thanked CAPI and pledged to continue to maintain the clean up exercise.
Patoma Admin by — February 21, 2023 in Metro 0
ITF disburses N24bn as allowances

By Favour Nnabugwu

 

 

The Director-General of the Industrial Training Fund (ITF), Mr Joseph Ari, has disclosed that more than N24 billion has been disbursed by the fund as students and supervisors’ training allowances from 2016 to date.

Ari said this on Monday in Jos when the Correspondents’ Chapel of Nigeria Union of Journalists (NUJ), Plateau council, gave him an award of excellence in leadership and human capital development.

He said that given the fund’s integral role in the training of students of Engineering, Technology and other allied disciplines in tertiary institutions, the ITF had accorded priority attention to the management of the scheme.

Ari assured the public of the fund’s commitment to the prompt payment of students and supervisors’ allowances, “as soon as money is received from the Federal Government”.

He further said that the ITF had automated its business processes in a bid to facilitate business processes within the ITF and with its stakeholders.
He commended the chapel for finding him worthy of the award and dedicated the award to the entire workforce of the ITF for their dedication and resilience.

Earlier, the Correspondents’ Chapel chairman, Mr Gyang Bere, who presented the award to Ari, said that the award was in recognition of the ITF training of thousands of youths with requisite skills for employability and in turn to reduce unemployment. nan.

Patoma Admin by — February 21, 2023 in Industry, Trade & Investment 0
NANS confers Awards on DG PenCom, inducts her into Hall of Fame

By Favour Nnabugwu

 

 

The Director-General (DG) of the National Pension Commission (PenCom) has received accolade from the National Association of Nigerian Students (NANS) through her professional service and purposeful leadership in the pension industry was inducted into the Association’s Hall of Fame.

NANS also conferred on Mrs Dahir-Umar the NANS Merit Award for her contributions to national development and support for young people and students.

Speaking during the award ceremony held in Abuja at the weekend, the Senate President of NANS, Comrade Attah Felix Nnalue said NANS Merit Award is presented to individuals whose lives exemplifies the ideas of living for the sake of others and dedicate themselves to national building and service to humanity.

Comrade Nnalue said the induction of Mrs Dahir-Umar into NANS Hall of Fame and the presentation of NANS Merit Award to her were in line with the resolution of the 68th Senate Meeting of NANS held on 25 January 2023 at the University of Abuja.

He Commended the Director General for her hard work, exemplary lifestyle, contribution to nation building and the advancement of the pension industry.

Mrs Dahir-Umar has been part of the journey to reform pension administration and management in Nigeria. Under her leadership as the Director General, PenCom has attained significant milestones in its diligent implementation of the Pension Reform Act (PRA) 2014 through the successful conclusion of several critical initiatives.

Pension fund assets have been on a sustained growth trajectory, increasing from N6.15 trillion in 2016 to N14.99 trillion as of December 2022. Similarly, the number of registered pension contributors grew from 7.41 million to 9.86 million over the same period.

The launch of the Micro Pension Plan (MPP) by President Muhammadu Buhari in March 2019 was another significant step under her towards the promotion of financial inclusion for self-employed persons and workers in the informal sector. In November 2020, PenCom launched the Retirement Savings Account (RSA) Transfer System (RTS).

The system is an in-house developed computer application that enables a pension contributor or retiree to switch from one Pension Fund Administrator (PFA) to another. Activating the RSA transfer provision was another essential milestone she recorded in implementing the CPS that has been on the drawing board since the advent of the Pension Reform in 2004.

She also implemented the maiden Pension Enhancement for CPS retirees in December 2017. This initiative enhanced the monthly pensions of most retirees on the programmed withdrawal based on significant incomes earned from investment.

In 2021, the Director General oversaw the recapitalisation of PFAs. As a result, all PFAs raised their Shareholders’ Funds from N1 billion to N5 billion. In 2022, the Commission issued the Guidelines on Accessing RSA Balance Towards Payment of Equity Contribution for Residential Mortgage by RSA Holders. This innovative policy will enable workers to own residential houses while in active service.

Patoma Admin by — February 21, 2023 in Pension 0