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FG Plans N6.8tn Budget for 2017

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budget
  • FG Plans N6.8tn Budget for 2017

The Federal Government plans to spend an estimated N6.812tn as its budget for 2017.

The figure is about 13.3 per cent or N806bn above the N6.06tn budgeted for 2016.

These details were contained in the 2017-2019 Medium-Term Expenditure Framework and Fiscal Strategy Paper, which President Muhammadu Buhari forwarded to the National Assembly on Tuesday.

The President wrote to the Speaker of the House of Representatives, Mr. Yakubu Dogara, attaching the MTEF and the FSP documents.

He explained that he was complying with the provisions of the Fiscal Responsibility Act 2007, adding that his action meant that the details of the 2017 budget would soon be laid before the legislature.

Part of his letter read, “Pursuant to the provisions of the Fiscal Responsibility Act 2007, the preparation towards the submission of the 2017 budget to the National Assembly is progressing well.

“The MTEF and the FSP, which provide the framework for the development of the 2017 budget, were designed against the backdrop of the generally adverse global economic environment, as well as fiscal challenges in the domestic economy.”

The documents also indicated the government’s intention to continue to provide for the needs of vulnerable people in the coming year.

“Thus, the recurrent (non-debt) expenditure and capital payments are projected to increase in nominal terms by N217.42bn and N177.6bn, respectively in 2017 over the 2016 estimates, “ the government said.

It stated that the aim of the 2017 budget was to “restore the economy to a sustainable, inclusive growth path” by laying emphasis on job creation and private-sector investments.

The documents projected a GDP growth of 3.02 per cent in 2017, while inflation was “expected to moderate to 12.92 per cent.”

Its assumptions on crude oil production indicated 2.2mbpd in 2017; 2.3mbpd in 2018; and 2.4mbpd in 2019.

On the benchmark, it projected $42.5 per barrel for 2017 budget; and $45 for 2018. For 2019, the figure was put at $50.

For the exchange rate, the government pegged it at N290 per dollar.

“It is also based on an average growth in employment and labour productivity, as well as an average gross fixed capital formation of 9.41 per cent of the GDP,” it stated.

The House did not make any comments on the documents on Tuesday.

But, as it is the tradition, copies will be distributed to all members to study before debates will start in the days ahead.

The requirement of law is that the MTEF and FSP must be approved by the National Assembly before the budget is laid by the President.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

Sterling Bank Approves Audited Financial Statements for 2020

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Sterling Bank

Board of Sterling Bank Approves 2020 Audited Financial Statements

The Board of Sterling Bank Plc said it has approved the audited financial statements for the year ended 31, December 2020.

The lender said the approval was done at a meeting held on 23rd February 2021.

Details of the financial statements will be released upon approval of the Central Bank of Nigeria (CBN), Sterling Bank stated in a statement filed with the Nigerian Stock Exchange on Thursday.

It said “We are pleased to inform our shareholders and other stakeholders that the Board of Sterling Bank Plc at its meeting of 23rd February 2021 approved the audited Financial Statements for the year ended 31st December 2020 subject to the approval of the Central Bank of Nigeria (CBN).

“Kindly note that details of the Financial Statements will be communicated to you upon approval of same by the CBN.

“Consequently, the closed period for trading in the shares of the Bank by its insiders which commenced from 8th February, 2021 will continue until 24 hours after the Audited Financial Statements for the year ended 31st December, 2020 are released on the floor of the Nigerian Stock Exchange.”

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Banking Sector

CIBN, NIBSS Introduce e-Payment Certification Programmes

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NIBSS

CIBN, NIBSS Introduce e-Payment Certification Programmes

The Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with Nigerian Interbank Settlement Systems Plc (NIBSS) have introduced professional certification programmes on electronic payments for financial service providers and institutions.

Both organisations disclosed that the programme was designed to enhance the electronic payment skills and knowledge of financial practitioners in order to equip them with efficient tools and information required to upscale innovation and services.

Speaking to journalists at a media briefing in Lagos, yesterday, the Chief Executive Officer, Chartered Institute of Bankers of Nigeria, Mr. Seye Awojobi, said the initiative is an international programme, well grounded in the local realities of the Nigerian e-payment industry and captures the current dynamics, as well as aspects of digital financial services practices.

“This programme would set the standards for e-payment expertise in Nigeria; foster a category of high performing professionals in the industry and build a resilient, safe and secured payment technology driven platform.

“The curriculum for the programme adequately covers recent methods required, which are in line with global practices.

“The introduction of the scheme cannot be more timely than now considering the COVID-19 pandemic, which created serious disruptions in our professional and personal lives,” he added.

On his part, Chief Executive Officer, Nigerian Inter-Bank Settlement Systems Plc, Premier Oiwoh explained that the introduction of the programme would determine the capacity and work experience criteria required to recognise beginners, intermediate and advanced.

“It would create a growth roadmap for fledging e-payment workers, including the unemployed who has the desire to make a career in the electronic sector.

“Also, it would enable us continue to tackle the issue of insecurity within the financial technology payment and banking space,” he added.

The institutions also noted that in order to maintain a certification credential, the practitioners must earn some recertification credits over a three year span and valid for three years after it has been issued.

The CIBN last week has reintroduced its mentoring scheme. The initiatives aims at up-scaling the leadership capacity and productivity of workers within the financial and banking sector.

Speaking during the virtual forum, Director General, Securities and Exchange Commission, Lamido Yuguda, had explained that mentoring schemes are essential for the sustenance and development of the sector as it is built upon values such as trust and professionalism.

“These values can be taught. But are reinforced when practiced by the senior co-workers and emulated by junior colleagues. Such initiatives enable workers to avoid being distracted by the material, prestigious and monetary incentives the space presents.

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Finance

Stanbic IBTC Offers Low-Interest Agric Loans

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Stanbic IBTC Bank

Stanbic IBTC Offers Low-Interest Agric Loans

Stanbic IBTC Bank Plc has reaffirmed its commitment to the growth of Nigeria’s agriculture sector by supporting farmers and other players in the agricultural value chain.

As the demands on agribusinesses change seasonally, the financial institution provides financing solutions for agricultural enterprises to suit their requirements.

A statement explained that the needs range from availability of resources, to farming equipment, as well as enhancement of seasonal cashflow, amongst others.

Stanbic IBTC Bank offers various low-interest credit facilities across the agricultural sector that will help clients to cushion the impacts of the Covid-19 pandemic.

Speaking on this, Head, Agribusiness, Stanbic IBTC Bank, Wole Oshin, said the agribusiness financial solution was geared towards ensuring that players in the agriculture space are not hindered by lack of finance.

He said: “The bank’s suite of agribusiness solutions minimises risks, ensures maximum control and optimises profits associated with international trade by making transactions smoother, simpler and safer for all parties involved.

“Some benefits of the Stanbic IBTC Agribusiness Finance include: availability of gap-funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding. This facility is also versatile and can be utilised for funding resources, vehicles and farming equipment.”

Oshin noted that agricultural enterprises could access overdraft to finance their short-term cash flow and working capital needs.

“With quick and flexible processes, funds are available when needed and interest is paid only on funds utilised, not on the full amount on which the limit is set,” he added.

He further reiterated that the asset finance solution could aid in the financing of all farming vehicle and implement needs, with a wide range of packages to suit business’ cash flow and tax requirements.

“Vehicles and assets such as tractors, harvesters, irrigation equipment and so on, to enhance production,” he said.

Other available facilities are Business Revolving Credit Loan, Agricultural Production Loan and Medium-Term Finance.

These are suitable for grain farmers, individual farmers, groups and entities in the agricultural sector. Our loans are designed to accommodate the purchase of various agricultural inputs (like seeds, fertilizers etc), livestock, agriculture-related products and asset acquisition.

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