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Fiscal Responsibility Has Faild In States, LG’s – Yelwa

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The chairman of the Fiscal Responsibility Commission (FRC) Alhaji Aliyu Jibril Yelwa has described as daunting, the implementation of the Fiscal Responsibility Act at the state and local levels of government in the country. Yelwa regretted that most stakeholders tend to think that the Act is only applicable to the federal level alone. Yelwa, who spoke in Abuja at a two-day forum on the execution of the Act organised by the House of Representatives and the Centre for Social Justice, lamented that states and local government across the country have yet to buy into the Fiscal Responsibility Act. He noted that the daunting task of implementing the Act at the lower levels of government arose from the fact that the state and local government lacked technical capacity and legal frame work for fiscal discipline. He also noted that the states and local government do not have the existing models and templates, records, process or examples on which to build.

Yelwa, however, stated that the commission is willing to guide and assist operators of public financial management on their responsibility as provided for under 54 of the Act. This mindset, he added, may hinder the effectiveness of the act when it is realised that state and local government control over 48 per cent of the national shared resources. According to Yelwa, the state governments are all bound by the provisions for the preparation of the Medium Term Expenditure Frame work, Savings and Assets Management and the excess Crude Account, Debt and indebtedness and borrowing. However, Yelwa said the commission had begun enlightening all state governments, heads of ministries, agencies as well as banks and other financial institutions under the Act.

He added that most of the fiscal performance report submitted by the agencies were riddled with material inconsistencies, over spending, under spending under utilisation of funds, misapplication of funds, revenue sub-optimality, outright revenue leakages, etc. some of the responses, he added, fell short of the standard and world best practices in financial and accountings reporting system. Yelwa said the commission, having observed some lapses in the first quarter Budget Implementation Report, 2009 has now designed a format which it has forwarded to the appropriate quarters, adding that the commission will soon undertake on the spot visits to physically verify and confirm actual existence of projects.

Alhaji Yelwa said despite the economity of the task, the commission was undaunted, adding that it will soon convene a stakeholders’ forum to address issues of leakage in revenue collection, spending inefficiencies, management of public funds, borrowing and other abnormalities.

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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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