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Base States’ Allocations On Economic Potential –Commissioner

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Mr Labo Usman, Taraba Commissioner for Finance, has suggested that allocation of revenue from the Federation Account to the states should be based on their economic potential.

He made the recommendation in Jalingo at a gala night organised in honour of a peer review team from the Nigeria Governors Forum (NGF).

Usman said the measure was necessary to enable the states to effectively harness their potential for the benefit of the entire country.

He also said that the development of infrastructure, such as roads and railway lines in states with great agricultural potential, should not be left entirely to such state governments.

Usman said such infrastructure should be provided in collaboration with other state governments, because of the benefits the country stood to gain.

Such efforts, he noted, would ensure free flow of both human and agricultural produce, from one state to another without rancour.

The commissioner noted that while Taraba was blessed with fertile soil that had made the cultivation of farm produce bountiful, most of its produce were not getting to other parts of the country.

“This is because the state lacks a railway line, which is critical to the evacuation of its agricultural produce to other parts of the country.

“The Federal Government should therefore see any state with economic potential as one to be given special attention in the areas of infrastructure development and revenue allocation,” he added.

According to reports, agricultural produce available in commercial quantity in Taraba include coffee, tea, groundnuts, cotton, maize, rice, sorghum, millet, cassava and yam.

Cattle, sheep and goats are also being produced in large quantities, especially in the Mambilla Plateau area of the state and along the Benue- Taraba valleys, in addition to other livestock production.

Mr Asishana Okauru, NGF’s Director-General, who led the team, had earlier said they were in the state to inspect government projects and their impact on the people.

He said the exercise, which began in 2009, was an initiative of the 36 state governors to peer review themselves, with a view to encouraging healthy competition.

Okanuru said the exercise was aimed at identifying best practices in the areas of agriculture, health, education, water and revenue drive that could be benchmarked for replication in states that were not doing well in such sectors.

The team had earlier visited states in the South South, South East, North Central and South West.

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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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