Business
Consultant Tasks LG Payroll Staff On Techniques, Management
As the two-day workshop on Salary Preparation Payroll Accounts Management organised by the Local Government Service Commission in conjunction with Frezimas Manpower Development Services ends in Port Harcourt, participants have been enjoined to acquaint themselves with the techniques of salary preparation and payroll accounts management to facilitate efficient and effective local government system.
The Managing Consultant of Frezimas Manpower Development Service, Chief G.O Thomas, who said this in his address at the opening ceremony held at NULGE Consulate Hall, Port Harcourt recently, said that this would minimise cases of fraud.
Chief Thomas noted that Government at all levels, spends much resources on the payment of workers salaries and wages, adding that lack of efficiency, effectiveness and transparency in salary preparation and payment had resulted to situation of over bloated wage bills, delay in payment, wrong salary placement, duplications, ghost workers syndrome among other forms of irregularities in salary administration.
Inefficiency and ineffectiveness is largely attributed to lack of knowledge, skill, competence of treasury staff, Accounts officers, staff and financial administration in the local government areas.
He opined that if salary preparation and payroll accounts management were efficient, Nigerian politics, economy, government service would excel, adding the need for participants to back to their various Local Government Areas with idea, techniques, knowledge, skill and vigour to justify the rationale of being nominated for the seminar.
Chief Thomas congratulated the Chairman of the Local Government Service Commission, Chief Azubuike Nmerukini and the members for their tireless efforts of training and retraining of the local government functionaries, adding that it would surely enhance the workforce to be more efficient and effective in the discharge of their statutory functions.
In his paper presentation, a fellow of Institute of Chartered Accountant, Jeremiah Ugwu, who spoke on the topic “Understanding the Nature of Public Sector Account Management and Control”, outlined the various terminologies of public sector account. He also identified the objectives of public sector accounting and use of public sector accounting information.
Ugwu further stated that the paper dealth on the nature, objectives and processes of public sector accounting as well as the various financial management and control procedures related to the local government situation.
Another presenter, Chief Emmanuel Ambakaderemo on the title, “Salaries and Wages Management in Local Government, stressed that payroll section is an engine room of Local Government system as it is also an essential ingredient of wages and salary management, adding that payroll officers should always be mindful of the implications of indulging in all sorts of financial malpractices, therefore must handle their jobs with caution.
Business
Private sector gets N2.2tr credit in 30 days — CBN
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
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