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Tag: Adeosun

  • Fashola, Adeosun, others for IIM’s economic recovery confab

    The Minister of Power, Works & Housing, Mr. Babatunde Fashola, Minister of Finance, Mrs. Kemi Adeosun, Minister, Budget and National Planning, Senator Udoma Udo-Udoma are set for this year’s annual lecture of the Institute of Information Management (IIM).

    The lecture is slated for tomorrow at the University of Lagos.

    Other members of the Federal Executive (FEC) expected at the occasion are the Minister of Industry, Trade & Investment, Dr. Okechukwu Enelamah, Minister of Solid Minerals, Dr. Kayode Fayemi and the and his counterpart in the  Labour & Employment Ministry, Dr. Chris Ngige.

    Fashola will grace the occasion as guest speaker. Information Management: A Strategic Tool for Economic Recovery & Growth is the of the forum.

    The event is also expected to recognise and honour different stakeholders, including past and present public office holders, captains of industries including leaders in different sectors of the economy.

    President/Chairman Board of Directors/Governing Council,  IIM-Africa, Dr. Oyedokun  Oyewole, said  the event is aimed at highlighting the role of IM in supporting and ensuring adequate implementation of government’s Economic Recovery and Growth Plan (ERGP).

  • Adeosun: Devt Bank ‘ll catalyse SMEs’ growth

    Adeosun: Devt Bank ‘ll catalyse SMEs’ growth

    he Minister of Finance, Mrs. Kemi Adeosun said the Development Bank of Nigeria (DBN) is being positioned to galvanise the Small and Medium Scale Enterprises (SMEs) sector for the overall development of the economy.

    According to her, the government is aware of the role of SMEs in national development, hence the resolve to position the DBN as a catalyst for the development of the SMEs. “The wide range of SMEs is a reflection of our economic diversity,” she said.

    Mrs Adeosun who spoke during a Board/Management/Development partners’ retreat of the DBN in Abuja, yesterday, also assured the Board that the government is ready to provide support for the institution.

    The DBN had convened its development partners and incoming management team and Board of Directors for an inaugural strategy retreat to prepare them for immediate operation upon the issuance of its license by the Central Bank of Nigeria (CBN).

    She decried the present situation where SMEs account for 45 per cent of the  Gross Domestic Product (GDP) but just 10 per cent of bank credit.

    She pointed out that currently, Nigeria’s financing of Micro, Small and Medium Enterprises (MSMEs) lagged significantly behind other countries, including Brazil (63 per cent), Ghana (36 per cent), China (30 per cent), Kenya (24 per cent), and South Africa (21 per cent).

    However, the minister who disclosed that the operating licence for DBN is expected imminently also believes that through the activities of the DBN, some of the problems currently discouraging the growth of the SMEs sector would be effectively tackled.

    She stated that DBN would lend to microfinance banks, which will in turn develop specific products for specific markets at a lower interest rate than currently available to SMEs.

    She said the Finance Ministry is in discussion with the CBN on the need to use the development bank as a vehicle for any of its subsequent SMEs intervention.

     

  • Some banks are yet to remit state revenues to TSA, says Minister

    Some banks are yet to remit state revenues to TSA, says Minister

    One or two unnamed commercial banks are yet to remit state revenues to the Federal Government in line with the Treasury Single Account (TSA) policy, Finance Minister Mrs Kemi Adeosun, has said.

    “We have written to all banks,” Adeosun told CNBC, adding that one or two lenders were yet to move revenues to the new account.

    In 2015, Nigeria decided to move government revenues to a TSA account at the Central Bank as part of an anti-corruption drive, draining the banking system of liquidity.

    The TSA is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets consolidated view of its financial status at any given time.

    The TSA policy – initiated by the administration of former President Goodluck Jonathan but implemented by his successor, President Muhammadu Buhari’s administration – stipulates that all government  taxes, levies and tariffs should be deposited with the Central Bank of Nigeria (CBN).

    The funds would subsequently be disbursed to Ministries, Departments and Agencies (MDAs) based on approved rules to ensure accountability in the management of government resources.

    Several attempts to adopt TSA in the past were unsuccessful. Reason: the CBN lacked the technological-know-how to manage the retail aspect of the policy. An e-technology platform, Real-time gross settlement systems (RTGS), initially expected to drive the payment leg of the TSA policy in Nigeria was unsuitable for retail payments.

    The implementation of the TSA policy has significantly reduced government’s debt servicing costs, lowered liquidity reserve needs, and fostered effective use of surplus cash.

    Beyond transparency and accountability, the TSA introduces economy and efficiency into overall management of public finances and this will in the long run, lead to effectiveness of the government spending since it places the government in a better position to realise overall policy goals.

  • Fed Govt eyes $2.3b from World Bank, China

    Fed Govt eyes $2.3b from World Bank, China

    The Federal Government wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said yesterday.

    The economy needs to plug a gap in its record N7.3 trillion ($23.17 billion) 2017 budget, which boosts capital expenditures by a quarter to end its first recession in 25 years due to low oil prices.

    The government has been in talks with the World Bank for a year and wants to finalise this month a reform proposal necessary for a loan application, according to officials.

    “We expected to borrow at least $1 bln dollars. There is also some possibility of doing sector specific intervention in the power sector, they are working very closely with us on power,” Adeosun told CNBC when asked about the talks with the Washington-based bank.

    Nigeria had initially promised to submit an economic plan to the World Bank by the end of December but did not do so, sources told Reuters last month.

    Adeosun also said Nigeria had been offered by China’s state Export-Import Bank (Exim) a $1.3 billion loan to fund railway projects.

    Nigeria will also present a reform proposal to the African Development Bank (AfDB) to release a second loan tranche worth $400 million, officials have said.

    The bank had paid out a first tranche of $600 million but has held back the rest pending reforms. Its president has criticized hard currency curbs hitting investment.

  • Adeosun, Amosun for insurers’ retreat

    Minister of Finance Mrs. Kemi Adeosun and Ogun State Governor Senator Ibikunle Amosun will  address insurers at the first Annual Insurers’ Committee Retreat scheduled to hold at the Park Inn by Radisson Hotel Abeokuta, Ogun State between February 16 and 19.

    This was made known in a statement  by the National Insurance Commission (NAICOM) Head of Corporate Affairs, Rasaaq Salami.

    The statement explained that the retreat which will be held under the leadership of the commission is a continuous effort to chart a progressive way forward for the Nigerian insurance industry.

    The theme of the retreat is: Growing the Insurance Industry through Innovation and Healthy Competition.

    Amosun will deliver the keynote address while Mrs.Adeosun will be the chief host.

    “Speakers at the event include Mrs. Bisi Lamikanra of KPMG; Chidima Lawanson, CEO of EFInA; Rotimi Okpaise, Managing Consultant, HR Nig. Ltd and Dr. Phil Osagie of JSP Communication. The Nigeria Insurers Association (NIA) is expected to deliver a paper from the perspective of the underwriting firms on Developing the Nigerian Insurance Industry 2017 – 2020; Issues, Concerns and Recommended Agenda.

    “The NAICOM’s Regulatory Agenda 2017 – 2020; Issues, Concerns and Strategic Intent” will also be shared by the commission at the retreat. It is imperative to state that the retreat will provide among others, an avenue to review the activities of the Committee for the period 2016 and plan for the year 2017, an avenue to discuss ways to reposition the Insurance industry for significant contribution to the Nigeria economy and also to discuss extensively on issues affecting the industry such as Risk Based Supervision, Compulsory Insurance, Bancassurance, Annuity and New Channel for Insurance Distribution, etc.

    “The two-day event would be rounded off with the first meeting of the Insurers Committee for 2017 to deliberate on the outcome of the retreat,” it stated.

  • Adeosun: $300m Diaspora bond out in March

    Adeosun: $300m Diaspora bond out in March

    he Minister of Finance, Mrs Kemi Adeosun, yesterday said the $300 million Diaspora bond approved by the National Assembly would be rolled out in March.

    Mrs. Adeosun spoke yesterday when the Senior Special Assistant on Foreign Affairs and Diaspora, Mrs Abike Dabiri-Erewa,  visited her in Abuja.

    “The Diaspora bond which the National assembly has approved where Nigerian in the Diaspora who wants to invest can key into, we are hoping that by March the Diaspora bond will be rolled out.

    “Beyond that of course, the investment opportunities in Nigeria are very huge, a lot of Diasporans who are interested in investing at home are encouraged to do so.

    “Government is putting in place a lot of incentives, such as infrastructures; and also creating conducive environment for them to thrive. We are encouraging them to come back home and join the trend,” she said.

    Mrs. Adeosun noted that the Ministry of Trade and Investment was working  to reduce the bottlenecks hindering people from doing businesses.

    Mrs. Adesoun, who was optimistic that 2017 would be a better year for Nigeria, said the country was going to overcome its challenges and all hands must be on deck to restore the economy.

    “We are very confident that Nigeria is going to overcome its challenges; we have to ensure that we invest and ensure that the economy is moving,” she said.

  • Fed Govt’ll punish agencies holding back revenue, says Adeosun

    Fed Govt’ll punish agencies holding back revenue, says Adeosun

    The agencies indicted by a federal government audit for failure to remit over N450 billion into the government coffers between 2010 and 2015, are to be prosecuted, Finance minister Mrs Kemi Adeosun, has said.

    They are to be reported to the Economic and Financial Crimes Commission (EFCC) for prosecution.

    Mrs Adeosun said demand notices had been issued to affected agencies for the payment of outstanding operating surpluses, which was a violation of the provisions of the Fiscal Responsibility Act 2007.

    She said the agencies had been invited to a meeting on Tuesday , to enable them submit a repayment plan or face appropriate sanctions, including deduction of amount owed directly from TSA balances, besides prosecution by the EFCC.

    The defaulting agencies are: ?Nigeria Communication Commission, Nigerian Ports Authority, Nigeria Civil Aviation Authority, Bureau of Public Enterprises, Nigeria Shippers Council, National Pensions Commission, Nigeria Bulk Electricity Trading? and National Health Insurance Scheme.

  • SEC, sole approving authority for local debts, says Adeosun

    SEC, sole approving authority for local debts, says Adeosun

    The Minister of Finance, Mrs. Kemi Adeosun, has said the sole responsibility for the supervision, regulation and approval of issuance of securities in the local market for Nigeria’s internal debt rests with the Security and Exchange Commission (SEC).

    The two circulars endorsed yesterday by the minister stated that “in pursuance of its powers as conferred by the Investment and Securities Act No. 29 of 2007(ISA) and the Rules and Regulations of the Securities and Exchange Commission made pursuant to the ISA (the SEC Rules), the Securities and Exchange Commission(SEC) shall continue to have and discharge the sole responsibility for the supervision, regulation and approval of the issuance of such securities in the local market by Federal, Government agencies, state and local governments, their agencies and corporations.”

    Adeosun added that “henceforth, all applications in relation to the issuance of such securities by any of the aforementioned entities shall be made to the SEC for review and approval.”

  • FG spends N750b on infrastructure in five months-Adeosun

    FG spends N750b on infrastructure in five months-Adeosun

    The federal government has spent over N750billion on infrastructure in the last five months, Minister of Finance, Mrs. Kemi Adeosun, has said.

    The minister gave this hint yesterday at a public forum in Lagos, where she was guest speaker at the Wealth Creation Platform 2016, organised by KICC International.

    According Mrs. Adeosun, the federal government was concerned about the growing infrastructural deficit in the country, hence the President Muhammadu Buhari-led administration has made infrastructure finance one of its major priorities.

    “In the past few years, 90% of all what we were spending on was on recurrent leaving just 10% for capital projects. For instance, when we came on board, we discovered that the federal government spent N19billion on infrastructure in 2013 while it spent a total of N64b on travels, N51billion on welfare like rice, biscuits, coffee, and tea. If you spend for the wrong things you are going to get the wrong results,” she said.

    The economy, she emphasised, “Can’t grow if you don’t have the right infrastructure. Why is infrastructure important? It is important because it helps to unlock the economy and productivity of the nation. This is why the federal government released over N750 billion in the last five months to boost infrastructure. The country requires at least N25billion yearly to cater for our infrastructure and that is why we’re prioritising infrastructure and also urging the state governments to align with us so that we can all move in progress together.”

    The minister who acknowledged the fact that country was in dire financial straits at the moment, said things would have been a lot better if the right infrastructure was in place.

    Waxing philosophical, she said, “Often things get worse before they get better. Most nations that are doing well today have passed through some kind of adversity. Ethiopia, that everybody is talking about today invests over 60% of its budget on infrastructure, they export flowers to Holland and make a lot of forex in return. Nigeria needs to take a cue from such good examples.”

    The federal government, she further hinted plans to increase its expenditure on infrastructure in 2017 to bridge the growing infrastructure gap in the country.

    “We have set up the Road Trust Fund, where we hope to use pension funds to massively fund roads that can be tolled,” she said.

    Besides fixing infrastructure, the Buhari administration, she stressed, is also determined to address the ease of doing business.

    Speaking earlier, Mrs. Folorunsho Alakija, a businesswoman who is the richest African woman, urged the prospective start-ups to work hard, prioriotise, manage their expectations and plan adequately for their businesses in order to succeed.

    Addressing the participants separately, the host pastor of KICC International, Maryland, Lagos, Pastor Femi Ashiru, the Senior Pastor Matthew Ashimolowo, said Nigerians must be willing to endure the present predicaments for the country to be great again.

     

  • Adeosun urges multinationals to pay tax

    Adeosun urges multinationals to pay tax

    Nigeria has urged G-24 member countries to compel multinational corporations to pay their fair share of taxes in places where they operate.

    The Minister of Finance, Mrs. Kemi Adeosun spoke with reporters in Washington D.C on the outcome of the closed door meeting of the G-24 Finance Ministers and Central Bank Governors on the sideline of the ongoing International Monetary Fund (IMF)/the World Bank Group General Meetings, yesterday. The G-24  represents the world’s most industrialised nations.

    Mrs. Adeosun lamented that the country loses huge amounts of money yearly through tax evasion perpetrated by multinational corporations. The appeal she said, has become imperative because Nigeria was determined to block revenue leakages and streamline its finances to develop infrastructure and create jobs.

    “We were able to make two contributions to members of the G-24. One of the contributions was the need for accelerated investment in infrastructure as the way out of our current situation which we believe will create jobs and reduce poverty. Another issue that we raised was tax evasion and the fact that we need the multilateral agencies to support us.

    “Trade is very important, but we need the multilateral nations to ensure that all multinational companies that trade in Nigeria pay their fair share of taxes and that point was well taken,”she said.

    She added that she was optimistic that before the end of the IMF/World Bank meetings, she would be able to tie up some of the pledges agreed on to specific projects in the housing and energy sectors.

    On the possibility of accessing IMF loans, Mrs. Adeosun restated Nigeria’s resolve not to rely on loans from the IMF, but rather to pursue budget support facilities from the World Bank and the African Development Bank (AfDB).

    Meanwhile, the Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), Mr Mohammed Barkindo said he has briefed the country’s representatives on recent developments in the international oil market.

    He said OPEC came to brief the Commonwealth Ministers of Finance and Central Bank governors on the recent short time developments.

    “I briefed them on the outcome of the last OPEC meetings and the immediate prospects.Our last meeting was not only positive for Nigeria, but to the entire group. If you recall, Nigeria together with the Islamic Republic of Iran and Libya are being considered as countries undergoing special circumstances,” he said.