Connect with us

Economy

MDAs Owes FG N5.2 trillion – Official

Published

on

Share

The Permanent Secretary in the Federal Ministry of Finance, Budget and National Planning, Malam Aliyu Ahmed, says more than 5,000 companies and individuals spread across 10 Ministries Departments and Agencies (MDAs) are owing the Federal Government about N5.

2 trillion.

Ahmed stated this at the zonal sensitisation workshop on Federal Government Debt Recovery Drive Through Project Lighthouse Programme held in Minna.

According to him, the debt came to the spotlight from data aggregated from ongoing debt aggregation efforts from more than 5,000 debtors across 10 MDAs by the Federal Ministry of Finance Budget and National Planning.

Represented by the Director, Special Projects, Mr Victor Omata, he explained that the lighthouse initiative which was initiated by the ministry had enabled the aggregation of relevant economic and financial information from multiple agencies that, hitherto, did not share data.

Ahmed further said that all the recoveries made during the ongoing debt recovery effort of the Federal Ministry of Finance Budget and National Planning went to the Federal Inland Revenue Service (FIRS) for prompt action.

According to him revenue loopholes have been aided by poor information sharing and enforcement those the need for this workshop to sensitise and educate participants to better ways of addressing tax evasion by companies and individuals for growth.

Gov. Abubakar Bello of Niger described the initiative by the Federal Ministry of Finance Budget and National Planning as apt timely and appropriate.

Represented by Secretary to Niger State Government Ahmed Matane, the governor frowned at ways individuals and companies, sometimes, deliberately refused to pay taxes to relevant government bodies.

He promised that the Federal Ministry of Finance Budget and National Planning of Niger would continue to support the ministry.

The workshop which was more of an interactive saw the presentation of various papers such as Public Finance Sustainability, among others, by many resource persons.(NAN)

Economy

Value Addition is new Standard in Mining Operations – Alake

Published

on

Share

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)

Continue Reading

Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

Published

on

Share

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)

Continue Reading

Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

Published

on

Share

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)

Continue Reading

Read Our ePaper

Top Stories

NEWS11 hours ago

FCT HOS: Why President Tinubu Extends Atang’s Tenure By 6 Months

ShareBy Laide Akinboade, AbujaPresident Bola Ahmed Tinubu, has approved the extension of Atang Udo Samuel, as the the Head of...

NEWS11 hours ago

FGGC Benin Emerges Winner of 2023 National Senior Secondary Schools’ Debate

ShareBy Tony Obiechina, AbujaThe Federal Government Girls College, Benin has emerged overall winner of the 2023 National Senior Secondary Schools’...

NEWS11 hours ago

We’re Meeting Our Targets on Airport -Kuje Road Construction – Wike

ShareBy Laide Akinboade, AbujaThe Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, haom Wednesday,  expressed satisfaction with the...

NEWS11 hours ago

Osun to Partner FG on Culture, Tourism Development

ShareFrom Kunle IdowuGovernor Ademola Adeleke has secured a partnership deal with the Ministry of Tourism on the development of tourism...

POLITICS11 hours ago

I Didn’t Call for Ganduje’s Resignation – Alia

ShareFrom Attah Ede, MakurdiGovernor Hyacinth Alia of Benue has denied calling for the resignation of Alhaji Abdullahi Ganduje, the All...

POLITICS11 hours ago

Mutfwang Meets PDP North Central Leadership Calls for Unity among Officials

ShareFrom Jude Dangwam, JosThe Executive Governor of Plateau State, Barrister Caleb Manasseh Mutfwang has called for unity a purpose among...

POLITICS11 hours ago

FG Seeks Swedish Govt Support on Technical Education

ShareBy Tony Obiechina, Abuja The Federal Government is seeking the support of the Swedish Government to help drive its ongoing...

Metro12 hours ago

FG Declares March 29, April 1, Public Holiday to Mark Easter Celebration

ShareThe Federal Government has declared Friday, March 29, and Monday, April 1, as public holidays to mark the Easter celebration.This...

NEWS12 hours ago

Nigeria Prepared to Expedite Sustainable Dev’t in Collaboration with Partners — Tinubu

SharePresident Bola Tinubu yesterday said his administration is committed to deepening democracy by ensuring adherence to the rule of law...

NEWS12 hours ago

Police Engage Bandits in Gun Battle, Kill two, Arrest One in Benue

ShareFrom Attah Ede, Makurdi Men of the Benue State Police Command yesterday engaged bandits in gun duel in Mba-Mtsar village,...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc