Economy
FG Cautions MDAs Against Implementing Unapproved Salaries, Allowances
The Federal Government has directed all Ministries, Departments and Agencies (MDA) implementing increases in salaries, allowances and fringe benefits without its approval to desist from such acts.
The Chairman, National Salaries ,Income and Wages Commission(NSIWC), Mr Ekpo Nta, gave the warning at a Two-Day Training Workshop for Salaries Inspectors in Abuja.
Report states that the workshop is for the execution of the Phase II of the 2022 Salary Inspection Programme.
According to Nta, the commission over the years , through the salary inspection programmes, found out that some agencies are implementing unapproved salaries, allowances and fringe benefits.
“I want to unambiguously, state that even where the establishment Acts of any fully funded, partially funded and self-funded federal agencies allow its board to determine its remuneration.
“It can only do so after statutory input in line with Section 3(1) of the NSIWC Act 1999. This is irrespective of whether their establishment Act predates 1993 or not.
“They are bound by our Act in the same way and manner that the Public Procurement Act 2007, the ICPC Act 2000, Fiscal Responsibility Act 2007, etc upon enactment.
“Whether pre-dating or post-dating their establishment Acts, apply to all federal government agencies.
The chairman said it was based on this that the federal government issued two circulars signed by the Secretary to the Government of the Federation.
He said the circular directed all MDAs to desist from implementing any increase without NSIWC’s input, and after approvals by the government, such approvals must be conveyed by NSIWC.
“The country will not accept fiscal indiscipline where the personnel budget and non-regular allowances of the overhead budgets for public service employees are not controlled and spiral out of control without a corresponding increase in productivity, especially in self-funded institutions.
“This can be attributed to unregulated recruitment, implementation of the National Minimum Wage etc. ,” Nta said.
The NSIWC boss reiterated that the commission had through this inspection and other activities saved the government over N400 billion yearly which would have been abused, wasted or misappropriated.
He said this year’s programme would cover agencies which had obtained approvals to implement new salaries, allowances and fringe benefits within the last six months.
He said they include the Federal Ministry of Industry, Trade and Investment and their parastatals and the Federal Ministry of Mines and Steel Development and their parastatals.
Nta urged the salary inspectors to enrich themselves during the workshop, go into the field and carry out the inspection with dedication and zero tolerance for compromise.
He warned that any inspector found acting contrary to set rules and regulations would be sanctioned appropriately for criminal breach of trust or unethical conduct.
He then solicited support and corporation of the selected agencies for the success of the exercise which was a statutory requirement. (NAN)
Economy
Value Addition is new Standard in Mining Operations – Alake
The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.
Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.
The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.
He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.
According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.
(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.
“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.
He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.
The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.
He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.
“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.
“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.
“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.
The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)
Economy
Life Insurance Records 95% Net Claims in Q4 2023-NAICOM
The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.
A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.
NAICOM said the insurance market average stood at about 71.
4 per cent of the N536. 5 billion gross claims reported at the close of the fourth quarter.The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.
7 per cent for the period.It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.
According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.
”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.
”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.
”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.
”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)
Economy
No Mining License without Mineral Value Addition Plans-Alake Warns
The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.
Alake gave the warning in a statement by his Special Assistant on Media, Segun Tomori on Tuesday.
He said the Federal Government had resolved to ensure compliance before permitting investors to operate.
He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.
He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.
According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.
“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition, like processing, refining and this has a multiplier effect on the economy.
“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.
“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.
Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.
The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.
He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)