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TSA: FG Collects N10tn From 1,674 MDAs

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Nigeria 1000 notes
  • TSA: FG Collects N10tn From 1,674 MDAs

Since the start of the implementation of the Treasury Single Account in 2012, the Federal Government has collected over N10tn from 1,674 Ministries, Departments and Agencies.

The TSA initiative, which is one of the public financial management reforms, had led to the closure of over 20,000 bank accounts.

The Director of Information Technology Department in the Office of Accountant-General of the Federation, Mr Afolabi Ajayi, said this in a presentation on Thursday in Abuja at a Peer Review Mechanism of MDAs in Abuja to the Head of Civil Service of the Federation.

Ajayi stated that under the TSA, the government had been able to save over N45bn monthly interest on its borrowings from banks.

He disclosed that N50bn revenue from MDAs had so far been mopped up from commercial banks as a result of the TSA implementation.

Ajayi also told the delegation led by the Head of Service, Mrs Winifred Oyo-Ita, that from April 2007 when the Integrated Payroll and Personnel Information System commenced to February 2018, over N288bn had been saved.

He said the savings were as a result of the difference between the amount the government would have released to MDAs, based on appropriation and the actual amount released and paid through IPPIS.

Ajayi stated that from the period when the IPPIS was introduced till date, 506 MDAs with total staff strength of 344,625 were on the platform.

He said, “Since IPPIS commenced, many departments and agencies, having realised that personnel cost was no longer coming to them for direct disbursement, had embarked on recruitment to utilise their approved manpower/personnel budget so much so that between September 2011 and now, many Nigerians had been employed in the IPPIS MDAs, thereby reducing unemployment in the country.”

Earlier, the Accountant-General of the Federation, Ahmed Idris, said his office had fully digitalised its function, particularly those driving public finance reforms initiatives.

He said the purpose of the review was to share ideas among MDAs with a view to improving service delivery.

This, he stated, would help to actualise government policies and programmes for the development of the nation.

He said the thematic areas outlined to drive the review were dynamic, robust and directly linked to the Federal civil service strategy and implementation plan for 2017 to 2020.

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

India, Spain, the Netherlands, USA, Nigeria’s Major Export Markets -NBS

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Nigeria’s major export and import market in the fourth quarter of 2020 were India, Spain, the Netherlands, the United States and China, the National Bureau of Statistics has said.

It disclosed this in its just released Commodity Price Indices and Terms of Trade Q4 2020.

The bureau stated that the major commodities exported from Nigeria to the five nations were crude oil and natural gas.

The NBS said, “The major export and import market of Nigeria in Q4 2020 were India, Spain, the Netherlands, United States and China.

“The major export to these countries were crude petroleum and natural gas. The major imports from the countries were motor spirits, used vehicles, motorcycles and antibiotics.”

The bureau stated that the all-commodity group import index increased by 0.13 per cent between October and December 2020.

This was driven mainly by an increase in the prices of base metals and articles of base metals (one per cent), boilers, machinery and appliances; parts thereof (1.03 per cent), and products of the chemical and allied industries (0.75 per cent),” it stated.

The NBS, however, noted that the index was negatively affected by animal and vegetable fats and oils and other cleavage products.

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Banking Sector

TAJBank Deploys NQR Solution To Ease Customer Transactions

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TAJBank, Nigeria’s non-interest bank, has announced the deployment of the NQR Payment solution, an indigenous Quick Response Code (QRC) by the Nigeria Interbank Settlement Scheme (NIBSS), for merchants and customers as the newest addition to its innovative e-business channels.

The NQR Payment solution is a secure QR-code-based payments and collections platform developed for merchants and customers to receive and make payments for goods and services in a quick, easy, contactless and secure manner.

A statement signed by the Founder/Chief Operating Officer of the bank, Mr. Hamid Joda, indicated that the ingenious solution would further drive TAJBank’s culture of innovation and create a seamless payment experience for its rapidly growing individual and corporate customers in their banking transactions.

“We are excited to have this payment channel introduced into the nation’s financial system as an addition to other innovative solutions we have deployed over the past few months.

This is a proof that, as we have said in our communications signature line, TAJBank’s interest is always in our customers”, Joda enthused.

In his remarks, the non-interest lender’s Chief Marketing Officer/Co-Founder, Mr. Sherif Idi, also maintained that the deployment of the NQR payment solution would revolutionize the e-payment experience and open new frontiers for small, medium and large scale businesses who are major stakeholders of the bank.

Since it commenced operations in the non-interest banking segment of the financial services industry, TAJBank is noted for its impeccable track record of growth and innovation, rendering exceptional quality services to customers.

The lender’s NQR solution is open to all customers of the bank, both merchants and individuals, across all its branches and digital channels globally.

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Finance

African Development Bank’s First Virtual Business Opportunities Seminar of 2021, Draws 450 Global Partners and Suppliers

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AfDB

The African Development Bank hosted its first virtual business opportunities seminar (BOS) of 2021 on 6 and 7 April.

The BOS seminars offer a one-stop shop for companies, civil contractors, manufacturers, consultants, and suppliers from the Bank Group’s regional and non-regional members seeking to provide goods and services to projects or to the Bank.

Held virtually as a result of the ongoing Covid-19 pandemic, delegates were informed about the Bank’s strategy for supporting economic growth, its priority areas, rules and procedures for project and corporate procurement, and ongoing public and private sector operations.

During the sessions staff discussed the sectors that offer opportunities for partners and suppliers: climate change; infrastructure, cities and urban development; industries and trade; finance and SMEs; agriculture; health, human capital, youth, and skills development.

“The Bank’s 2021 Business Opportunities Seminar was an impressive learning experience and an open door to interact virtually with different experts and gain insights into best practices and directions for conducting effective business approaches within the Bank,” said David Andrés Rojas Mejía, Senior Business Development Specialist at Catalonia Trade and Investment Promotion Agency.

Private sector partners contributed richly to the discussion, sharing their experience around partnering and contracting with the Bank. They included Kwame Boate, country director of TechnoServe Inc., (Ghana) and Cletus Kayenwee of the Rural Enterprises Program at the Ghanaian Ministry of Trade, who shared their experience contracting with the Bank on Ghana’s “One District One Factory” Enable Youth Program. The program aims to build the entrepreneurial capacity of graduate youth. Participants also heard from Abdelillah Zenjari, Deputy General Director of TEKCIM. He shared his experience partnering and obtaining a loan of €45 million to build a cement factory with a capacity of 1.4 million tons in the region of d’El Jadida in Morocco.

Over the years, the seminars have hosted approximately 2,500 delegates from 55 countries, with an average of 75% of delegates from non-regional member countries and 90% from the private sector.

For the Bank, the seminars increase interest in Bank-financed projects and enhance competition, thereby promoting higher-quality offers that deliver optimal value for money for its regional member countries.

“The sessions have also helped me to understand how to find opportunities for my firm by being better able to navigate your procurement framework and processes,” said Dede Watkin, Business Development Manager at Beale &Co, a participant.

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