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ADP Bags Agric Merit Award

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The Rivers State Agricultural Development Programme (ADP) has been honoured with an award of excellence for piloting the agricultural development of the state to a greater height.

The award was given to ADP by the Rivers State Ministry of Agriculture in commemoration of the World Food Day celebration, organised by the ministry recently in Port Harcourt.

Presenting the award certificate to the programme manager Barr Luke Nmehielle, the Rivers State Commissioner for Agriculture, Emma Chinda re-affirmed that the long over due payment of counterpart firm contribution to the ADP by the state government signals the commitment of government to increase agricultural production in the state.

He opined that with this laudable gesture of government, ADP programmes such as National Special Programme for Food Security (NSPFS), Root and Tuber Expansion Programme (RTEP), Community Based Natural Resource Management Programme (CBNRMP) and Fadama III that touch on the lives of the rural populace of the state will start yielding fruits.

While commending the efforts of ADP in complementing the contributions of the state government toward food security in the state, he added that the micro-credit scheme of the state government through the micro-finance banks was designed to assist farmers and fisher folk obtain credit facility for increased agricultural production.

Support, he said, was also given to large farm establishments and co-operatives by the state ministry of agriculture to access the commercial agricultural  credit facility put in place by the federal government and facilitated by the Central Bank of Nigeria, with a view to boosting food production in the state.

ADP Programmed Manager Barr Luke Nmuhielle who spoke to The Tide shortly after receiving the award, said the agricultural activities in ADP is geared toward manifesting the policy thrust of the state government on agriculture with a view to boosting food production in the state.

He commended the Rivers State Governor, RT. Hon Chibuike Rotimi Amaechi for repositioning agriculture in the scheme of things especially, the payment of arrears of counterpart funds contributions to all ADP programmes, saying that in the past agriculture was neglected by past governments, thereby denying the state from benefiting from Federal Government/World Bank agric initiative funds.

He re-affirmed ADP’s preparedness to play a leading role in the development of the agric sector of the state economy.

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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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