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NYSC’s Hostels Building To Cost N400m

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The National Youth Service Corps (NYSC) has secured a N400 million loan to finance the building of hostels for corps members during their one-year compulsory national service.

Speaking during the visit to Mr. Babatunde Fashola, the Lagos State governor, Brig-General Maharazu Ismail Tsiga, Director-General of NYSC, said the loan would be used to build hostels and lodge for corps members across the federation.

The scheme has secured a N400 million facility to construct hostels for corps members.

Corps members accommodation problem has given the nation a great concern that Mr. President directed the NYSC to provide adequate security and housing for the corps members.

According to Brig-General Maharazu Ismail Tsiga, Director-General of NYSC, undisclosed bank has agreed to advance the sum of N400 million to the NYSC, which he said would be used in building lodges for the corps members throughout the federal.

Tsiga condemned the killing of corps members in their areas of primary assignments, especially in the north. The DG who said he served in 1981, described the killing of corps members as unfortunate adding that it is the responsibility of everybody to protect them in their places of primary assignments. He also noted that NYSC has resolved not to send members to crisis areas, saying that those serving in such areas will be withdrawn.

Fashola has called for the need to reappraise the scheme so as to prepare graduates for challenges of the future.

According to him, “it is no longer fashionable to prepare people for jobs; but to equip them with relevant skills that could turn them into employers of labour”. He also raised doubt about the duration of the camping exercise and its capacity to impact relevant skills on Corps members, and wondered why they are not engaged in making their uniforms or using one particular set to farm, so as to supply good food for other batches.

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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