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RSG To Sack Idle Workers …Xmas Bonus, Dead, Buried –Amaechi

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The Rivers State Government says it may downsize its workforce to ensure efficiency in the civil service system, as the workforce is over populated with workers who had no clearly defined schedule of duty.

Governor Chibuike Rotimi Amaechi who disclosed this, Thursday, during his maiden interactive meeting with civil servants at the State Secretariat Complex in Port Harcourt said most civil servants were redundant in their various places of work, and end up roaming about, pointing out that modalities would be worked out with the labour unions to determine how to actualise the plan to prune  the workforce.

He decried the situation where the state civil service has a workforce of about 50,000 workers, some of which have no specific duties to perform, but collect their salaries at the end of the month, noting that it was therefore necessary to maintain only an effective number of staff.

“The civil service is unnecessarily large, there are a Iot of persons in the state civil service that have nothing doing”, Governor Amaechi stated, emphasising that the state civil service was begging for reformation.

He directed the Head of Service and the department handling the automated salary system to ensure that genuine civil servants who were not captured in the process earlier are paid their salaries, as well as the arrears of promotion.

The governor declared that henceforth promotion in the state would be done purely on merit, and advised the workers to update themselves in their various areas of training to meet the changing times in society.

The state chief executive reiterated his administration’s resolve not to “dash” money to people, but  to use such funds to provide social services to the generality of the people, and told the workers that Christmas Bonus would no longer be paid because it falls among the free money government was unwilling to pay.

He enjoined them to safeguard public property in their care and fight against, corrupt practices in the system, adding that civil service  as the engine room of government is vital to the success of any administration.    

Earlier, the Head of Service, Mrs Esther Anucha, thanked Governor Amaechi for finding time to meet with the workers and commended him for the prompt attention to the provision of facilities at the state secretariat complex.

Mrs Anucha noted that the introduction of an automated salary system has helped to check the perennial issue of ghost workers in the state civil service, as salaries and allowances of workers are paid in good time.

She used the occasion to invite the governor to attend the 2010 Civil Servants Week while pledging the cooperation of workers to the success of the state government.

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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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