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Lagos Pays N941m to 228 Retirees in November

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  • Lagos Pays N941m to 228 Retirees in November

The Lagos State Pension Commission (LASPEC) has paid another N941 million to 228 retirees of the state government.

The payment was made to those who retired from the Mainstream Civil Service, Local Governments, and State Universal Basic Education Board (SUBEB), Teachers Establishment and Pensions Office (TEPO) and other parastatals of government for the month of November.

LASPEC Director-General, Mrs. Folashade Onanuga, who disclosed this said the amount was issued as bond and presented to the retirees at the 33rd Retirement Benefit Bond Presentation ceremony in Lagos.

According to her, the administration has, from August, 2015 to date, paid N21.9 billion as accrued pension rights to 5,027 retirees under the Contributory Pension Scheme (CPS).

She urged them to take good care of their health by going for comprehensive check-ups and desist from frivolous spending.

She also advised retirees not to desire quick gains as fraudsters would make offers to defraud them of their benefits.

She reiterated that Lagos Governor, Akinwunmi Ambode, is interested in the welfare of the employees both in and out of office hence, salary and pension issues are given priority.

She further explained that beneficiaries can only choose Programmed Withdrawal benefit option as it is the option tenable presently pending the time, that Life Insurance Companies would open operational account jointly with a Pension Fund Custodian (PFC) to secure the funds for the provider of annuity services.

The retirees commented on the good human relations exhibited by members of staff of the Agency. They gave kudos to the government for making such an office responsible for the elderly with well cultured, humble staff with good disposition.

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 long experience in the global financial market.

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Finance

PoS Transactions Decline by N97 Billion in April

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PoS Transactions Depreciated by N97bn in the Month of April

The Central Bank of Nigeria (CBN) said payments across the nation’s point of sale terminals declined by 26.2 percent in April when compared to March.

The federal government had imposed a lockdown on activities in Lagos, Ogun and Abuja on March 31, 2020 to curb the spread of the COVID-19 pandemic in Nigeria.

The lockdown weighed on economic activities and plunged PoS transactions by N96.7 billion in the month of April.

In the report put together by the central bank, data covers cheques, ATM, PoS, E-bills and NIP transactions for the month of April and excluded channels such as Web, Mobile, and NEFT.

The data collected by the apex bank showed the total volume of transactions declined from 251.9 million in March to 186.6 million in the month of April. The lowest since February 2018 when the volume of e-payments drops to 159.9 million.

Similarly, transaction values dipped by N4.6 trillion or 37.7 percent from N12.3 trillion in March to N7.6 trillion in April.

A break down of the report shows the value of PoS transactions depreciated by N96.7 billion or 26.2 percent from N368.9 billion in March 2020 to N272 billion in April.

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Finance

Government Deficit Spending Rises by 144% to N609bn in Two Months

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President Buhari

Deficit Spending Rises by 144% to N609bn in January, February

Federal Government deficit spending rose by 144 percent year-on-year in the first two months of the year to N650 billion, up from N250 billion in the same period of 2019.

In the monthly economic report released for the months of January and February 2020 on Tuesday, the Central Bank of Nigeria said the sharp increase was due to a 54 percent increase in the Federal Government’s expenditure from N798.9 billion in the corresponding period of 2019 to N1.22 trillion in 2020.

The report also noted that the increased erased the 13 percent increase recorded in retained revenue from N548.9 billion in the same period of 2019 to N619.3 billion in January and February 2020.

Breaking down fiscal activities, the CBN said “At N325.54 billion, the estimated Federal Government retained revenue for the month of January 2020 was below the monthly budget of N705.44 billion by 53.9 per cent.

“At N587.05 billion, the estimated total expenditure of the Federal government was below the monthly budget estimate of N865.31 billion by 32.2 per cent. It was also below the N757.07 billion recorded in the preceding month by 22.5 per cent.

“At N293.80 billion, the estimated Federal Government retained revenue for the month of February 2020 was below the monthly budget estimate of N705.44 billion by 58.4 per cent.

“At N641.08 billion, the estimated total expenditure of the Federal Government was below the monthly budget estimate of N865.31 billion by 25.9 per cent. It was, however, above the N587.05 billion recorded in the preceding month by 9.2 per cent.”

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Finance

AfDB Appoints Rabah Arezki As Vice President

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AfDB

The African Development Bank Group has appointed Rabah Arezki as Chief Economist and Vice President, Economic Governance and Knowledge Management.

The appointment takes effect from October 1, 2020.

According to a press release from the Bank, Dr. Rabah Arezki hails from Algeria and his presently the Chief Economist for Middle East and North Africa Region at the World Bank.

At the World Bank, he led the development of the bank’s “moonshot approach” for the Middle East and Africa which aims to achieve full internet and digital payment connectivity. He championed the agenda on fair competition, data and transparency to empower and unlock the potential of the region’s youth.

Arezki started his career at the International Monetary Fund as an Economist and became the Chief of the Commodities and Environment Unit in the Research Department.

provided leadership on IMF’s rapid response to the historical collapse in oil prices that started in 2014..

He is a senior fellow at Harvard University’s John F. Kennedy School of Government, an external Research Associate at the Oxford University, UK, a research fellow at the CESifo, a global independent research network. Mr Arezki is also a resource person for the African Economic Research Consortium and a Research Fellow at the Economic Research Forum.

He has been a non-resident Fellow at the Brookings Institute, USA.

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