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Public Finance Reforms Lifting govt Savings, Says AGF

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Ahmed Idris
  • Public Finance Reforms Lifting govt Savings, Says AGF

The Accountant-General of the Federation (AGF), Ahmed Idris, yesterday said the public finance reforms had helped the Federal Government in building savings needed to for infrastructure and social security.

Idris, a Fellow of the Association of National Accountants of Nigeria (ANAN) spoke in Abuja at the 23rd Annual Conference of Certified National Accountants.

According to him, the public finance reforms initiatives like the Treasury Single account has impacted positively on

government desire for enhanced revenue generation, transparency and accountability in the management of public resources.

He said that the conference theme: “Economic Recovery and Growth: Issues and Options” was apt considering the collective desire to consolidate the gains in the successful implementation of the Economic Recovery and Growth Plan (ERGP).

“I am confident that presentations and deliberations during this

conference would unearth additional insights and ideas that can impact on national economic development. Nigeria receded into economic difficulties long before the formal declaration of recession in 2016. We must not forget what led us into those difficulties and how the ERGP as a strategic macro-economic tool was used by the government to recover the economy successfully,” he said. Continuing, he said failure by the previous governments to save falling oil prices and past corrupt practices were the major factors responsible for the 2.06 per cent contraction of the economy, marking the beginning of the worst recession Nigeria had ever experienced.

“However, the conception and diligent implementation of the ERGP by the present administration stabilised the macro-economic environment. Similarly, there was a boost in primary agricultural production and food security. Nigeria also recorded energy efficiency, improvement in power and petroleum exploration and export in recent times.“These achievements, according to the World Bank, earned Nigeria recognition among the top 10 most improved economies in the world, even as the International Monetary Fund cited the business climate reforms as a significant contributor to lifting the economy out of recession in 2017,’’ he said.

He said: “In direct contrast to the activities that led us into recession, the policies of the present administration are responsible for our foreign reserves hitting the 47 billion dollars mark as at the end of second quarter of 2018, representing 124 per cent increase from $21 billion at the onset of the recession.’’

Idris explained that the achievements recorded by government through the TSA and other public finance reforms initiatives would not have happened without deployment of ICT tools and principles of good corporate governance in all operations and processes.

He urged every member of ANAN and all Accountants in other professional bodies in the public sector to rise and attain self-elevation concerning the acquisition of knowledge in Information and Communication Technology (ICT).

The President of ANAN, Shehu Ladan, said that the 2018 conference with the theme “ Economic recovery and growth : issues and options ‘’, was chosen against the backdrop of Nigeria’s exit from recession and the need to sustain the gains from the economic recovery in line with various policies of the government to attain the desired growth’’.

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.

Finance

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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