All Posts in "Pension"

Anthonia Smart, wife of Tope Smart is dead

By Favour Nnabugwu

 

 

 

The insurance and Pension may have be thrown into a sober mood with the death of the wife of the 47th president of Africa Insurance Organisation and the 23rd Chairman of the Nigerian Insurers Association, NIA, and the Group Managing Director of NEM Insuranc, Mr.Tope Smart.

Dr Anthonia Smart until her death, she was the chairman of Indo State Pension Commission and a past president of Professional Insurance Lady Association, PILA in 2010
Born in 1971  Tonia Smart died at the age of 51. Tonia Smart is a seasoned insurance practitioner and pensions administrator with nearly three decades of work experience and currently the Managing Director / CEO of YorkCity Consult Limited.
She holds the Fellowship status of both the insurance and pension institutes in Nigeria and a doctorate degree from the USA with an MBA (Management) and M.Sc and B.Sc in Chemistry.
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She is a director of Direktwire Ltd. (UK) which is an International Money Transfer
Operator. She is also a director of three companies into Property & Investments in Nigeria as well as an Agric Investor.
Tonia is an Executive Member of the Commonwealth Business Women Network Nigeria and currently the Head of Programs. She is a Member of the Board of Trustees of Uplifting Women Through Farming.
She has worked as an insurer and pension for close to three decades with work experience in insurance broking, life insurance, pension administration and pension regulator having worked for Hogg Robinson Nigeria, Capital Express Insurance, NLPC Pension Fund Administrators and Lagos State Pension Commission.
She holds the Fellowship status of both the insurance and pension institutes in Nigeria as well as a doctorate from Evangel University in the USA, an MBA from the University of Nigeria, and an MSc in Chemistry from the University of Lagos.
Tonia has delivered several papers on varied topics at conferences and seminars on insurance, pension administration and human capital development and has packaged trainings both locally and internationally for several organisations.
She is the author of the book The Contributory Pension Scheme and its Administration including Death Benefits payment, Trusts and Wills, which was published in 2012. The book has received praise from employers, employees and various states in Nigeria.
On her achievements, she has been rewarded with various awards notably from the Lagos State Government, Professional Insurance Ladies Association and Nigeria Junior Chamber.
 and was a Senator & Ambassador of the Nigeria Junior Chamber and JCI. Tonia is also an Associate of Women in Management, Business and Public Service (WIMBIZ) and a Member of the prestigious Ikoyi Club 1938
Patoma Admin by — December 26, 2022 in Insurance 0
PenCom rated top among CBN, NDLEA, DSS – CCSN

By Favour Nnabugwu

 

 

The Conference of Civil Society of Nigeria (CCSN) has identified the National Pension Commission (PenCom) as one of the top performing Ministries, Departments and Agencies (MDAs) in Nigeria.

The CCSN who rated PenCom among top performing MDAs like the Department of State Services (DSS), National Drug Law Enforcement Agency (NDLEA), and Central Bank of Nigeria (CBN).

In a letter was signed by the CCSN’s Chairperson, Comrade Adams Otakwu, and two other members of the coalition, John Ogar and Acheme Arumona said PenCom “has become synonymous with positive, transparent and goal-oriented pension administration in Nigeria,” the letter intimated President Buhari.

The CCSN, which is a coalition of Civil Society Organisations (CSOs) crusading for good governance and transparency, said PenCom “stands out as one of the most ambitious financial inclusion programmes targeted at the Civil Society and the informal sector of any developing economy in the world.”

The CSOs disclosed this in a letter to President Muhammadu Buhari dated 19 December 2022.

The coalition observed that PenCom embodies “a welcome departure from the humongous corruption and inhumane treatment of our pensioners, that was the stock in trade prior to the current dispensation.”

The letter stated that PenCom, since 2019, has recorded phenomenal reforms of global reference.

“These include the extraordinary rise of pension assets and Retirement Savings Accounts, enhanced contributory registration system, payment of outstanding pension liabilities, recovery of outstanding pension contributions, increase in Minimum Share Capital for Pension Fund Administrators, and effective implementation of the Micro Pension Plan, which coopted the Civil Society into the pension scheme and has greatly enhanced our productivity and well-bring.”

Patoma Admin by — December 20, 2022 in Pension 0
Our books are ready for scrunity – PenCom

By Favour Nnabugwu
Against all odds and allegations of misappropriation leveled against the Director-General of the National Pension Commission (PenCom), Mrs Aishat Dahir-Umar has dared anyone or institution to investigate and will not find any fault with her
PenCom in a Statement released today said the regulatory books are open for scrutiny.
Dahiru-Umar said the Commission is ready to open it’s books for probe, adding that there is nothing to hide.
She said PenCom is aware of a coordinated plan to bring the commission into disrepute with frivolous petitions to the anti-graft agencies in collaboration with disgruntled insiders.
“These elements, some of whom are yet to come to terms with the fact that PenCom is no longer at their beck and call, have been sponsoring negative media reports and getting faceless groups to write frivolous petitions to the Economic and Financial Crimes Commission (EFCC),” Mrs Dahir-Umar said.
“Although some low-level media outfits are giving a voice to these defamatory
petitions, those who know how we conduct our affairs at PenCom are not in any way bothered.
Since I took over as the DG, we have undertaken far-reaching reforms within the organisation which are yielding positive results.”
Describing the era of “anything goes” as long dead and buried, she said: “Those who think they can use the commission to make money or that they should be the ones calling the shots are bitterly disappointed and are sponsoring false publications and trumped-up petitions. We will cooperate fully with the agencies.
“Our message to the disgruntled elements today is exactly as it was yesterday: we will not allow anyone to pilfer pension funds for self-aggrandizement. It will never happen under my watch.”
Dahir-Umar added that if PenCom had anything to hide, “We would have surrendered to the agents of blackmail who have been on our case since 2017 when I became acting DG”.
Patoma Admin by — December 17, 2022 in Pension 0
PenCom, PenOp set the ball rolling for 25% acquisition residential mortgage

By Favour Nnabugwu
The National Pension Commission (PenCom) and the Pension Operators Association of Nigeria (PenOp) have set the ball rolling for the Retirement Savings Account holders to access their equity contributions for the acquisition of residential mortgage.
At the seminar for Nigerian Association of Insurance and Pension Editors, NAIPE organised by PenOp themed: “Pension: An Opportunity to Own Your Own Home, An X-Ray of the New RSA Plan On Home Ownership, revealed that RSA holder should have contributed for five years (60 months) cumulative of employer and employee’s mandatory contributions.
Presenting the theme paper, the Head of Investment Department, PenCom, Ibrahim Kangiwa, said for contributors under the Contributory Pension Scheme (CPS) to be eligible to use their RSA balance for acquisition of residential mortgages said five contribution is needed to access residential mortgage.
Kangiwa said the same thing was applicable to the contributors under the Micro Pension Plan (MPP), adding that married couples, who individually met the eligibility criteria, are also eligible.
On the authorised limit for equity contribution that qualifies a contributor, Kangiwa put the maximum allowed at 25 per cent of the RSA balance, noting that “where 25 per cent of RSA balance is more than equity contribution, the RSA holder can only access the amount equivalent to equity contribution required.
“Where 25 per cent is not sufficient for equity contribution, RSA holder may utilise Voluntary Contribution (VC) in line with the Voluntary Contribution guidelines.
To make it easier for RSAs to acquire their own house, he further said, “Where 25 per cent is not sufficient for equity contribution, Micro Pension (MP) contributor may utilise contingency portion in line with MP guidelines.
“Where 25 per cent is insufficient as equity contribution, RSA holder shall deposit the difference with the mortgage lender,” Kangiwa explained.
Those exempted from this initiative, according to Kangiwa, include RSA holders that have less than three years to retirement; existing retirees on CPS; exempted persons under the PRA 2014 and RSA holders who do not have both employer and employee’s mandatory contributions for a cumulative minimum period of 60 months.
He said that equity contribution was not for refinancing existing mortgage, outright purchase of property and purchase of land, noting that the property shall be for residential purpose only.
Kangiwa said the objective of the initiative was to provide housing for first time home owners and improve the standard of living of RSA holders under the CPS by facilitating their ownership of residential homes during their working life.
PenCom guidelines states that
Application for equity contribution for residential mortgage shall be in person and not by proxy.”
On the maximum withdrawal percentage, PenCom said this must be 25 per cent of the total mandatory RSA balance as at the date of application, irrespective of the value of equity contribution required by the mortgage lender.
Earlier in his remarks, the President, PenOp/Managing Director, Stanbic IBTC Pension Managers, Olumide Oyetan, emphasised the need for stakeholders to work together to ensure the successful implementation the guidelines.
He said the successful implementation of this initiative would improve people’s welfare and move the country forward.
to qualify for the mortgage,
Patoma Admin by — December 10, 2022 in Pension 0
PenCom confirms 34 approved mortgage banks for residential mortgage …19 from Lagos, 7 from Abuja 

By Favour Nnabugwu
National Pension Commission, PenCom has released a list of 34 approved primary mortgage banks to participate in  the use of the Retirement Savings Accounts, RSAs for residential mortgage
The Director-General of PenCom, Mrs Aishat Dahir-Umar released the list of 34 mortgage lenders that have been approved RSA for their residential mortgage.
Of the 34 banks, 19 are from Lagos, 7 from Abuja and the remaining  8 are from other states.
The mortgage lenders from Lagos are Abbey Mortgage Bank Plc; Brent Mortgage Bank LTD; AG Mortgage Bank Plc; Centage Savings & Loans; City Code Savings & Loans; First Trust Mortgage Bank; Global Trust Mortgage; Haggai Mortgage; Homes-Base Mortgage; Imperial Homes; Jubilee-Life Mortgage Bank; Lagos Building & Investment; Prudential Mortgage Bank and Refuge Homes Savings & Loans.
Others from Lagos include Resort Savings & Loans; Safetrust Mortgage Bank; STB Building Society; Union Homes, Mayfresh Mortgage Bank and Resort Savings & Loans
Those from Abuja are Aso Savings & Loans; FHA Homes Ltd; First Generation Homes; Infinity Trust Mortgage Bank; MDSL Mortgage Bank LTD; Nigeria Police Mortgage Bank and Platinum Mortgage Bank
The remaining are from other states: Akwa Savings & Loans Ltd and Mutual Alliance both from Akwa Ibom; Coop Savings & Loans from Oyo State; Delta Trust Mortgage Bank; Gateway Mortgage Bank, Ogun State; Jigawa Savings & Loans, Jigawa state; Kebbi Stare Homes, Kebbi State and Living trust formally Omoluabi, Osun State
The mortgage firms are divided into two: national with minimum capital requirement of N5bn and state with N2.5bn minimum capital. In all, there are 13 categorised under national while the remaining 21 under state 
It will be recalled that PenCom released guidelines to allow contributors of the Contributory Pension Scheme to access part of their RSAs for payment of equity contribution for residential mortgage.
It stated that this was in line with Section 89 (2) of the Pension Reform Act 2014, which allows RSA holders to use a portion of their RSA balance towards payment of equity for residential mortgage.
The guidelines cover pension contributors in active employment, either as a salaried employee or as a self-employed person.
It noted that the maximum amount to be withdrawn is 25 per cent of the total mandatory RSA balance as of the date of application, irrespective of the value of equity contribution required by the mortgage lender.
PenCom said the applicant must have an offer letter for the property duly signed by the property owner and verified by the mortgage lender.
On criteria for mortgage lenders, the guidelines stated that, “To qualify as a mortgage lender for this purpose, the company must be licensed by the Central Bank of Nigeria, comply with the Contributory Pension Scheme and have valid Pension Clearance Certificate. The commission shall publish names of the eligible mortgage lenders on its website
Patoma Admin by — December 10, 2022 in Pension 0
Faces @ PenOp Seminar for NAIPE members in Lagos

 

 

Pensions Funds Operators, PenOp, held a one day seminar for the members of the Nigeria Insurance and Pension Editors, NAIPE in Lagos today

CAPTION

L – Managing Director/CEO Leadway Pensure Limited, Lanre Idris; President Pension Operators Association of Nigeria/Managing Director Stanbic IBTC Pension Limited, Olumide Oyetan and Head, Surveillance Department, National Pension Commission, Dr. Ehimeme Ohioma at the event

Mr. Oguche Agudah, Chief Executive Officer, Pension Fund Operators Association of Nigeria, (PenOp) 

Members of the Nigerian Insurance and Pension Editors, NAIPE at the seminar today at Lilygate Hotel, Lekki Phase 1, Lagos

 

Patoma Admin by — December 9, 2022 in Pension 0
PenCom’s focus is to drive MPP – Dahir-Umar tells CSGs

By Favour Nnabugwu
National Pension Commission, PenCom, has said the one of main focus of the Commission is the strategic efforts to drive the Micro Pension Plan (MPP) as PenCom sensitise Civil Society Groups, CSGs, on Micro-Pension Plan, MPP.

The conference which the second in the series to theme: ‘Enhancing Informal Sector Participation in the Contributory Pension Scheme’ held in Abuja, said the Roles of Civil Society Groups’ is meant to bridge the gap between PenCom and the public.

The Director-General of PenCom, Mrs Aishat Dahir-Umar in her paper delivered at the conference said the conference provides a great opportunity for the Commission to enlighten and interact with relevant Civil Society Groups in order to elicit better understanding of the Contributory Pension Scheme (CPS) and the Commission’s activities in general.
Dahir-Umar said that the need to constantly interact and inform you of recent developments in the pension industry and some of the other laudable transformational initiatives by the Commission.
The Commission, she said is facilitating efforts by the Pension Fund Administrators to provide incentives for the MPP. One key incentive that is being worked upon is the provision of health insurance to the Micro Pension contributors.
“This recognizes the need for the MPP to provide more access to health care services, which is often lacking in critical times of need”.
She told the participants that the  Micro Pension Plan (MPP) was conceptualized to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs.

“The MPP aims to curb old-age poverty by assisting the participants to contribute while working and build long-term savings to fall back on when they are no longer in active working life”.

PenCom’s expectation, according to the DG, is learning points from the conference which would be disseminated to your target audience and the larger society, “in addition to creating awareness and deepening the understanding of members of the CSGs, the conference should also elicit their participation in the MPP”.
Dahir-Umar recounted the feats achieved by the Commission, “Some of the recent significant accomplishments by the Commission include the issuance of the Guidelines on Accessing 25 percent (%) of RSA Balance towards payment of Equity Contribution for Residential Mortgage by RSA holders.
“This innovative development provides equity finance for RSA holders, facilitates their ownership of residential homes during their working life, and ultimately improves their living standards”
“The  Guideline effectively implements the provisions of Section 89(2) of the Pension Reform Act (PRA), 2014 which aligns with one of the Commission’s core value of responsiveness, based on the need to improve the standard of living of active employees and retirees under the CPS”
“In  addition to the above stated, the Commission also concluded the increase of the Minimum Regulatory Capital (Shareholders’ Fund) requirements of PFAs from N1 billion to N5 billion”
The recapitalisation exercise, which spanned a 12-month period was concluded on 27 April 2022. As of the deadline, all PFAs had complied with the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion.
“The recapitalisation exercise was to ramp up the capacity of the PFAs to manage the increasing number of registered contributors and pension fund assets, the value of which I am pleased to inform you stands at about N14.42 Trillion as at 30 September, 2022”.
She continued, “The exercise is expected to bring about increased effectiveness and efficiency as well as improved service delivery in the industry.
“Further to its regulatory and supervisory functions, the Commission has continued to issue new Guidelines, Frameworks, and Regulations while strengthening existing ones, to make for the smooth implementation of the CPS and the welfare of active employees and pensioners under the Scheme”
“The  Commission issued the Revised Regulation on the Administration of Retirement and Terminal Benefits to ensure that pensioners receive their benefits promptly”
The DG went on to relay other achievements by PenCom, “The key highlights of the Revised Regulation include clarifications and simplification of documentation processes, RSA consolidation before payments of retirement benefits, accrued pension benefits for private sector contributors, and additional lump sum payments”
 The Revised Regulation also contains several new provisions on Pension Enhancement, Voluntary Contributions, payment under the MPP, payment of benefits of missing persons, and payment of Nigeria Social Insurance Trust Fund (NSITF) benefits.
Patoma Admin by — November 24, 2022 in Pension 0
PenCom DG, Aishat Dahir-Umar speech at Sensitization of Civil Society Group on Micro-Pension Plan

WELCOME REMARKS BY AISHA DAHIR-UMAR, DIRECTOR GENERAL, NATIONAL PENSION COMMISSION, AT THE SENSITIZATION CONFERENCE FOR CIVIL SOCIETY GROUPS ORGANIZED BY THE COMMISSION ON 24 NOVEMBER, 2022 AT ROCKVIEW HOTEL ROYALE, PLOTS 194/196, CADASTRAL ZONE A8, ADETOKUNBO ADEMOLA CRESCENT, WUSE II, ABUJA

  Protocols

Distinguished Ladies and GentlemenI am highly delighted to welcome you all to this sensitization Conference for Civil Society groups. The theme of this year’s conference is ‘Enhancing Informal Sector Participation in the Contributory Pension Scheme: The Roles of Civil Society Groups’.

This conference provides a great opportunity for the Commission to enlighten and interact with relevant Civil Society Groups in order to elicit better understanding of the Contributory Pension Scheme (CPS) and the Commission’s activities in general. Distinguished participants, this Conference, which is the second in the series, has become quite imperative due to your critical roles as the bridge between government agencies and the public, thus, the need to constantly interact and inform you of recent developments in the pension industry and some of the other laudable transformational initiatives by the Commission.

The Micro Pension Plan (MPP) was conceptualized to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs.  I am pleased to inform you that members of the Civil Society Groups are also welcome to participate and save for their old age. The MPP aims to curb old-age poverty by assisting the participants to contribute while working and build long-term savings to fall back on when they are no longer in active working life.

 Given the peculiarities of the target participants, the Commission is facilitating efforts by the Pension Fund Administrators to provide incentives for the MPP. One key incentive that is being worked upon is the provision of health insurance to the Micro Pension contributors. This recognizes the need for the MPP to provide more access to health care services, which is often lacking in critical times of need.The Strategic efforts to drive the Micro Pension Plan (MPP) remains one of the important areas of focus of the Commission.

 Therefore, it is the Commission’s expectation that the learning points from this conference would be disseminated to your target audience and the larger society, in addition to creating awareness and deepening the understanding of members of the CSGs, the conference should also elicit their participation in the MPP. Distinguished participants, the current Commission’s leadership is focused on transforming the pension sector.  Some of the recent significant accomplishments by the Commission include the issuance of the Guidelines on Accessing 25 percent (%) of RSA Balance towards payment of Equity Contribution for Residential Mortgage by RSA holders.

This innovative development provides equity finance for RSA holders, facilitates their ownership of residential homes during their working life, and ultimately improves their living standards. The Guideline effectively implements the provisions of Section 89(2) of the Pension Reform Act (PRA), 2014 which aligns with one of the Commission’s core value of responsiveness, based on the need to improve the standard of living of active employees and retirees under the CPS.In addition to the above stated, the Commission also concluded the increase of the Minimum Regulatory Capital (Shareholders’ Fund) requirements of PFAs from N1 billion to N5 billion.
The recapitalisation exercise, which spanned a 12-month period was concluded on 27 April 2022. As of the deadline, all PFAs had complied with the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion. The recapitalisation exercise was to ramp up the capacity of the PFAs to manage the increasing number of registered contributors and pension fund assets, the value of which I am pleased to inform you stands at about N14.42 Trillion as at 30 September, 2022.
The exercise is expected to bring about increased effectiveness and efficiency as well as improved service delivery in the industry. Further to its regulatory and supervisory functions, the Commission has continued to issue new Guidelines, Frameworks, and Regulations while strengthening existing ones, to make for the smooth implementation of the CPS and the welfare of active employees and pensioners under the Scheme.
The Commission issued the Revised Regulation on the Administration of Retirement and Terminal Benefits to ensure that pensioners receive their benefits promptly.The key highlights of the Revised Regulation include clarifications and simplification of documentation processes, RSA consolidation before payments of retirement benefits, accrued pension benefits for private sector contributors, and additional lump sum payments.
 The Revised Regulation also contains several new provisions on Pension Enhancement, Voluntary Contributions, payment under the MPP, payment of benefits of missing persons, and payment of Nigeria Social Insurance Trust Fund (NSITF) benefits.  Furthermore, it introduced Administrative Sanctions on PFAs who disregard the provisions of the Regulation. The sanctions are to ensure that PFAs promptly process the payment of retirement benefits to retirees. Distinguished participants, the conference was carefully designed to reflect the stated theme.
The first paper to be presented is titled “The Micro Pension Plan: panacea for Old Age Poverty in the informal Sector”. This paper provides a synopsis of the MPP, and its objectives. The second presentation is titled” How Micro Pension Funds are Invested for the Benefit of the Contributors” and;The third paper is titled” The Administration of Retirement Benefits under the MPP”. I therefore, implore all participants to maximise the benefits of these presentations towards greater understanding of the Micro Pension Plan.
Finally, I wish to express the Commission’s immense gratitude to you all, for taking time off your busy schedules to participate in this conference.  I encourage you to make this conference as interactive as possible by seeking clarifications where necessary. I wish you all a successful participation at this conference.Thank you and God bless.
Patoma Admin by — November 24, 2022 in Pension 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