Connect with us

Economy

FRC Charges Corps Members on Fiscal Prudence

Published

on

Share

The Fiscal Responsibility Commission (FRC) has charged members of the National Youth Service Corps (NYSC) to be prudent in the management of the nation’s resources.

FRC Chairman, Mr Victor Muruako, gave the charge at an inaugural sensitisation programme that took place simultaneously at the NYSC Orientation Camps in Kubwa, Abuja and Keffi, Nasarawa State.

A statement issued on Thursday in Abuja by Mr Bede Anyanwu, Head, Strategic Communications Directorate of the FRC, said Muruako was represented at the event by his Special Assistant, Mr Chris Uwadoka.

Muruako introduced the corps members to the tenets of fiscal responsibility, prudence in public finance management, the budgetary process and economic management generally.

He urged them to take advantage of the Fiscal Responsibility Act, 2007 (FRA) and ask legitimate questions where and when necessary as contained in Section 51 of the Act.

Muruako encouraged the corps members to take into account the good things going on in the country and come up with ways to make them better.

He also assured them that the commission would continue to awaken the citizens consciousness to the need for a transparent and accountable public expenditure management by catching them young.

“The NYSC programme which ultimately produces the bulk of the public servants in our country is obviously a cherished target.

See also  Kano Donates Office Building to MAN

“The struggle to up the ante to achieve our mandates as a commission is on and all hands must be on deck,” he said.

The NYSC Camp Directors at the two orientation camps said it was a good exercise that would make corps members to be conscious of fiscal responsibility in their daily dealings.

The sensitisation programmes are a result of a collaborative pact reached with the management of the NYSC during a courtesy visit by Muruako to the Director-General of NYSC, Brig.-Gen. Shuaibu Ibrahim, recently.

The collaboration between the commission and NYSC is to provide a platform for developing future leaders on the importance of fiscal responsibility and prudent management of the nation’s resources.

It is also part of efforts by the FRC to ensure that the FRA, 2007 is wholly implemented and popularised in the day-to-day delivery of public service and guarantee value for money for the benefit of citizens.

The FRC also said there were plans to take the sensitisation programme to institutions of higher learning in a bid to push for the adoption of fiscal responsibility in the school curriculum.

FRA which came into existence in 2007 is an Act to provide for prudent management of the nation’s resources and ensure long-term macro-economic stability of the national economy.

See also  FIRS Retires Directors, Appoints Four Others

It also seeks to secure greater accountability and transparency in fiscal operations within a medium-term fiscal policy framework. (NAN)

Economy

CBN Set to Empower Tertiary Students, Releases Guidelines

Published

on

Share

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN), has released the guidelines for the implementation of the Tertiary Institutions Entrepreneurship Scheme (TIES).
The framework, according to the apex bank, was in pursuant to the CBN Act, 2007 and in line with its policy measures to address rising youth unemployment and underemployment.


The CBN stated that the scheme was in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.
It said in the guideline that the scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.

The initiative, the apex bank stated, aims to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development.
TIES has been designed to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
The guidelines listed activities to be covered under the scheme to include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in agribusiness – production, processing, storage and logistics; Information technology – application/software development, business process outsourcing, robotics, data management; and entertainment.
Others are artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics; and Science and technology – medical innovation, robotics, ticketing systems, traffic systems, renewable energy, as well as, waste management.
The document stated that there would be two classes of participants, with tier 1 receiving N5m with a tenor of five years at five percent interests, (nine per cent ) as from March 2022 and moratorium of 12 months.
It said that Tier 2 candidates could receive as much as N25m under similar terms, adding that the CBN interest payment and principal repayment shall be made on monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.
It said that under the scheme five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded grants, with the best receiving N150m, while from second to fifth, the grants would be N120m, N100m, N80m and N50m, respectively. 

See also  NYSC Dismisses Fake Travel Advice on Corps Members
Continue Reading

Economy

NGX Opens Week with N153bn Loss on MTNN, Nestle loses

Published

on

Share

Trading in the domestic bourse resumed for the week on Monday with bearish sentiments due to profit taking in bellwether stocks – MTNN and Nestle.

Specifically, the market capitalisation lost N153 billion or 0.

71 per cent to close at N21.471 trillion from N21.624 trillion on Friday.

Also, the All-Share Index dipped 293.48 points or 0.71 per cent to close at 41,144.67 against 41,438.15 posted on Friday.

Accordingly, the month-to-date and year-to-date return settled at 2.3 per cent and 2.2 per cent, respectively.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nestle, MTN Nigeria Communications (MTNN), FBN Holdings (FBNH), May and Baker and NPF Microfinance Bank.

Consequently, the market breadth closed negative with 21 losers as against 19 gainers.

May and Baker led the losers’ chart in percentage terms by 8.02 per cent to close at N4.36 per share.

Royal Exchange followed with 7.81 per cent to close at 59k, while NPF Microfinance Bank shed 7.57 per cent to close at N1.71 per share.

FBNH declined by 7.48 per cent to close at N11.75, while Mutual Benefits Assurance shed 6.67 per cent to close at 28 kobo per share.

See also  NYSC DG Assures Corps Members of Safety in Camp.

Conversely, the Nigerian Exchange Group dominated the gainers’ chart in percentage terms with 9.86 per cent to close at N19.50 per share.

Ikeja Hotel followed with 9.52 per cent to close at N1.15, while Custodian Investment rose 7.53 per cent to close at N7.85 per share.

Honeywell Flour Mills up by 6.48 per cent to close at N3.78, while Chams appreciated by 4.55 per cent to close at 23k per share.

In the same vein, the total volume of shares traded dipped by 53.53 per cent with an exchange of 338.72 million shares valued at N4.06 billion exchanged in 5,866 deals.

This was in contrast with a total of 728.96 million shares worth N8.53 billion traded in 4,852 deals on Friday.

Transactions in the shares of FBNH topped the activity chart with 67.615 million shares valued at N832.79 million.

Access Bank followed with 36.62 million shares worth N351.21 million, while Transcorp traded 26.55 million shares valued at N26.62 million.

Guaranty Trust Holding Company (GTCO) traded 25.56 million shares worth N755.25 million, while Fidelity Bank transacted 19.47 million shares worth N53.25 million. (NAN)

Continue Reading

Economy

165 Persons Benefit from Taiwo Afolabi Free Medical Outreach

Published

on

Share

Over 165 traders at the popular Gbagi market in Ibadan, Oyo State, have enjoyed free dental and medical care at the community health outreach sponsored by SIFAX Group.

Taiwo Afolabi Community Dental Outreach, which is organised by the University of Ibadan Association of Dental Students, is a free medical mission targeted at rural communities in Oyo State.

Mr Olumuyiwa Akande, Head, Corporate Communications, SIFAX Group, disclosed this in a statement on Monday in Lagos.

Akande who represented the company at the event noted that the beneficiaries were majorly traders at the market.

He noted that some of the services enjoyed by the beneficiaries were body mass index test, blood pressure test, blood sugar test and blood pressure test, among others.

“There was also a health talk on the imperative of maintaining good oral health.

“Medical personnel deployed for the event included doctors, medical and dental students from the University College Hospital, Ibadan.

“The sponsorship of the programme is part of the humanitarian initiatives of the company designed to provide succour and support for indigent Nigerians.

“This is in line with the company’s belief that a healthy citizenry translates to a productive nation,” he said.

Mr Olalekan Efunkunle, President, University of Ibadan Dental Students Association, said the aim of the outreach was to create an oral health awareness and promotion of good oral health hygiene in the society.

See also  NYSC Dismisses Fake Travel Advice on Corps Members

Efunkunle commended the SIFAX Group for the support noting that the outreach helped in extending medical care to rural persons.

He added that the outreach equipped the students with adequate field knowledge needed for them to excel in dentistry.

Efunkunle enjoined other corporate organisations to emulate the company by partnering the association to take the rural health mission to other communities. (NAN)

Continue Reading

Translate

Email Subscription

Name *

Email *

Top Stories

Foreign News2 hours ago

Japan’s Ex-Justice Minister Accepts 3-Years Prison Term Over Vote Buying

Share Post Views: 44 A three-year prison term over vote buying for former Japanese Justice Minister, Katsuyuki Kawai, was finalised...

JUDICIARY2 hours ago

REOPENED – Court Fixes Nov. 10 to Hear Nnamdi Kanu’s Application, Challenging Competence of FG’s Charge

Share Post Views: 23 A Federal High Court, Abuja has fixed Nov. 10 for hearing the application of leader of...

Agriculture2 hours ago

Agribusiness: Kebbi Govt. Disburses N126.7m Grant to 8 Cooperatives

Share Post Views: 32 The Kebbi Government in collaboration with the United States African Development Foundation (USADF), have disbursed N126.7...

NEWS2 hours ago

NYSC Extends 10 Corps Members’ Service Year, Remobilises 2 in Plateau

Share Post Views: 31 The National Youth Service Corps (NYSC) in Plateau has extended the service year of 10 corps...

JUDICIARY3 hours ago

Alleged Gang-Rape: Absence of Witness Stalls Defence of Late Chief Lanre Razak’s Son

Share Post Views: 20 The absence of a defence witness on Tuesday stalled the defence of Segun Razak the son...

JUDICIARY3 hours ago

Tight Security in Federal High Court Ahead of Nnamdi Kanu’s Trial

Share Post Views: 46 There is tight security at the Federal High Court Abuja as the court sets to continue...

SPORTS4 hours ago

2022 Access Bank Lagos City Marathon Holds Feb. 12

Share Post Views: 23 By Orkula Shaagee, Abuja The Access Bank Lagos City Marathon will join other elite races across...

SPORTS4 hours ago

Kanu Steers Falcons to 2-0 Lead Over Black Queens

Share Post Views: 33 By Orkula Shaagee, Abuja Nigeria’s Super Falcons took a 2-0 lead over Ghana’s Black Queens in...

SPORTS4 hours ago

Everton Striker Calvert-Lewin Suffers Injury Setback

Share Post Views: 30 Everton striker Dominic Calvert-Lewin has suffered a setback in his recovery from a quadriceps injury and...

SPORTS5 hours ago

Benzema Absent as Sex Tape Blackmail Trial Begins

Share Post Views: 33 The trial of Real Madrid FC striker, Karim Benzema for attempted blackmail linked to a sex...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc