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Abiodun Presents N351bn Budget to Ogun Assembly

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From Kunle Idowu, Abeokuta

Ogun State Governor, Prince Dapo Abiodun, yesterday presented a sum of N351billion before the State House of Assembly as the proposed budget for the next fiscal year.

The governor explained that with the budget, Christened “Budget of Restoration”, his administration would increase the pace of the implementation of its development plan as already designed and encapsulated in his agenda of ‘Building Our Future Together’.

He added that budget for 2022 will also seek to sustain and improve on the gains so far made in the delivery of good governance to the people of Ogun State.

Abiodun, who noted that the state under his watch, has begun moving very steadily towards full recovery from the effects of the COVID-19 pandemic, said that his administration’s budget credibility as determined by performance in year 2021 was better than what Ogun has ever had in its history.

According to him, his administration was able to achieve 80% IGR as at September 30, 2021.

A break down reveals that, out of a total estimation of N338.61Billion projected as total funding, comprising of expected inflows N121.81billion as internally generated revenue (IGR); N58.87 billion as Statutory Allocation/ Value Added Tax and N139.53 billion as the capital receipts, respectively.

The governor said that despite the economic constraints, his administration has made modest progress within the available limited resources in the outgoing year by carrying out people-oriented projects such as road re-construction and rehabilitation across the three senatorial Districts of the state.

The governor said that the estimated N350.74 billion for the year 2022 will be funded through the Ogun State Internal Revenue Service (OGIRS) expected to generate N56.30b, while other Ministries, Departments and Agencies (MDAs) estimated to generate N96.87 billion totaling N153.17 billion.

He added that N73.01b is expected from statutory allocation (FAAC and VAT), while capital receipt – internal and external loans, grants and aids –  is estimated at N124.56 billion.

Abiodun, who explained further that 51 percent capital expenditure has been achieved in view of the need to drive his administration’s developmental objectives, said that recurrent expenditure for 2022 will gulp N154b, while capital an aggregate sum of N170b will made available for capital expenditure, which according to him is an increase of N10b over the sum approved for the 2021 budget.

Highlighting the proposed budget, the governor announced infrastructure to take the lion share of N77, 775 billion, representing 22% of the total budget.

This was followed by education and health sectors with proposals of N56, 071.21 billion and N35, 073.51 billion, representing 16% and 10% of the total budget, respectively.

Abiodun, however, noted that N170 billion allocated to capital expenditure is to chart economic recovery growth through investment in physical projects that will create enabling environment for investment, create employment and trigger redistribution of resources.

He added a total sum of N7.7 billion is provided for transfers to the Stabilization Fund to insulate and position the state towards unprecedented activities and economic shocks.

Economy

CBN Takes Steps to Strengthen Banking Sector, Issues Routine Transitional Guidance

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The Central Bank of Nigeria (CBN), has introduced time-bound measures for some banks still completing their transition from the temporary regulatory support provided in response to the economic impact of the COVID-19 pandemic.

According to a statement issued by Mrs Hakama Sidi-Ali, , CBN’s Acting Director, Corporate Communications Department , this is part of its ongoing efforts to strengthen the banking system.

Sidi-Ali said that the step was part of the CBN’s broader, sequenced strategy to implement the
recapitalisation programme announced in 2023.

She said that the programme, designed to align
with Nigeria’s long-term growth ambitions, had already led to significant capital inflows and balance sheet strengthening across the sector.

“Most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.

“The measures apply only to a limited number of banks. These include temporary restrictions on capital distributions, such as dividends and bonuses to support retention of internally generated funds and bolster capital adequacy.

“All affected banks have been formally notified and remain under close supervisory engagement ” she said.

She said that to support a smooth transition, the CBN had allowed limited, time-bound flexibility
within the capital framework, consistent with international regulatory norms.

“Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums.

“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts.

“The CBN remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums,” she said.

She said that the goal to ensure a transparent, Nigeria’s banking sector remained fundamentally strong.

According to her, these measures are neither
unusual nor cause for concern.

She said that they were a continuation of the orderly and deliberate implementation of reforms already underway.

She said that the CBN would continue to take all
necessary actions to safeguard the sector’s stability and ensure a robust, resilient financial ecosystem that supports sustainable economic growth. (NAN)

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Economy

Cybercrime: First Bank Invests N15bn to Protect Systems From hackers in 5 months –CEO

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First Bank HoldCo Plc says it has spent more than N15 billion to protect its systems against criminals between January and June.

Olusegun Alebiosu, the Chief Executive Officer (CEO), First Bank HoldCo Plc, said this in an interview in Abuja on Wednesday.

Alebiosu, who spoke on the sideline of a two-day National Seminar on Banking and Allied Matters for Judges, said the Bank had spent three N3 billion in June to protect its systems.

He said the bank had the best cyber security framework in the country, hence the investment.

The CEO who was speaking on the increasing number of attacks by cybercriminals, especially on banks’ systems, assured First Bank customers of the safety of their monies.

Alebiosu frowned at the rate at which some citizens were involved in cybercrimes, saying the country must move fast to curb their excesses.

”No customer would lose their money in First Bank unjustly.

”If their money is missing in First Bank, First Bank will pay back.

”Before I joined First Bank, I have an account with First Bank.

”One of the reasons why I had an account with First Bank was, I said to myself, if my money is missing, it is the only bank I know I will collect my money without any excuses, ” he said.

Reacting to some customers’ complaints on the delay by the bank to handle cases of fraudulent transactions, Alebiosu said the bank must conduct investigations involving different stakeholders.

The CEO said the delay was caused by the collaboration between the stakeholders involving security agencies and banks where the money was transferred to determine the realities about the cases.

He urged customers to tread carefully in handling and releasing their financial information.

”Customers themselves, most times, also compromise their own security details; I have seen a lot of people that give their cards to somebody to help them withdraw money from their ATM.

”They compromise their password so, when something happens and you say, my money disappeared, you forget the day you gave your card to someone else and they can use that to transfer your money.

”Some people compromise even their own ID on the system carelessly, some give their Bank Verification Number (BVN) and they use it against them.

”Now, why does it take time for the bank to react, everything you give to the bank, the bank has to investigate it.

”The money might have gone to other banks so, you start tracking from other banks but

Sometimes customers are impatient,” he said.

On frauds allegedly perpetrated by staff, he said the bank had internal employee fraud software, that monitors activities of employees on the system.

According to him, if you know how many of our staff we sack on a monthly basis, you won’t believe me.

”So if there are triggers, people will be involved. It is for us to run faster than them, and see how we can help to stop these kinds of things in our system but wherever we see it, we deal with it decisively, ” Alebiosu said.

He said that various stakeholders including the banks, law enforcement agencies and the judiciary had a role to play in curbing cybercrimes. (NAN)

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Economy

GTCO Begins Deduction of USSD Fee From Airtime Balance

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Guaranty Trust Holding Company (GTCO), says it will begin the deduction of Unstructured Supplementary Service Data (USSD fee from the airtime balance of its customers from June 18.

The bank in a message to its customers on Wednesday, said the N6.98 fee would no longer be deducted from customers’ bank account balance.

”Dear Customer, please be informed that effective June, 18, the N6.

98 USSD fee will be deducted from your airtime balance, no longer from your bank account”.

The Nigerian Communications Commission (NCC) had directed deposit money banks (DMBs) to stop deducting charges for USSD transactions directly from customers’ accounts. (NAN)

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