The Nation Newspaper

Tag: cash

  • Essay winner gets cash prize

    The overall winner of the 2016 essay competition organised by the Rising Tide Foundation in collaboration with The Nation, Network for a Free Society and African Liberty Organisation for Development (ALOD) has received his cash prize of $1,000.

    Linus Unah, a 400-Level Mass Communication student of the University of Nigeria, Nsukka (UNN) got the prize from the Head of Mass Communication Department, Dr Greg Ezeah, at a ceremony attended by the ALOD Executive Director, Adedayo Thomas.

    As part of the first prize, Linus got scholarship to attend Liberty and Entrepreneurship Camp held at St. Paul University in Limuru, Kenya, last month. He joined other prize winners at the four-day event.

    Presenting the naira equivalent of the cash prize to Linus, Thomas said the first prize winner’s essay was adjudged the best of the 634 entries received from over 22 countries in Africa. He urged students to hone their entrepreneurial skills by joining the ALOD network to propagate the ideals of liberty and free market.

    Thomas said: “Students should think outside the box. The university system is a place where young people can be empowered to generate ideas. Look into the policies that help and those that encourage free market economy, property rights and principle of individualism. These are the idea that can move thousands of jobless youths out of poverty.”

    Dr Ezeah said Linus’ feat showed students of the department could compete with their peers anywhere in the world. He enjoined students to be hardworking and committed to their studies.

    Linus praised the essay’s organisers for taking him to Kenya, noting that the trip improved his knowledge and exposure.

    His words: “I appreciate the essay organisers for the opportunity. In terms of exposure, the trip to Kenya was not something I can measure in money. The experience is a treasure I will cherish forever. That is more like a pathway to the entire world. I cannot thank them enough.”

  • Chase the cash

    Chase the cash

    •Federal Government should pursue the 1,000 dormant revenue lines instead of raising VAT

    Minister of Finance, Mrs. Kemi Adeosun, may well be the most up and doing among the current cabinet members. Perhaps given the nature of her portfolio and current economic situation which has been described as being in technical recession, she is daily in the news.

    Recently, in one of such rounds of brainstorming over Nigeria’s economy, she had noted that the Federal Government has identified 1,000 dormant revenue lines. It was at a two-day National Revenue Retreat in Kano. Perhaps not to be outdone, her host, the state governor, Alhaji Abdullahi Umar Ganduje informed the audience that even his state had also identified about 106 dormant revenue lines which it was working assiduously to activate.

    Giving perspectives to her assertion, the minister said the days were gone when revenue-generating government agencies acted as if they were autonomous entities outside of budget. She noted that whether the funds were from fees, fines, taxes or projects, the law was clear that every naira must be paid into the Consolidated Revenue Fund.

    She says: “The first step required is the preparation of a detailed revenue map which identifies the specific lines of revenues and understands how such revenues are generated. Disaggregating revenues into line items is an important first step… To maximise revenue collection the task of plugging leakages must be undertaken. It is also important to understand the costs of collection; that is, the essential equipment, technology, and resources that are required to support revenue.”

    By the foregoing, it can be adduced that the minister is focusing her mind on the numerous revenue-generating departments and agencies of the Federal Government as the untapped revenue lines. She is spot on. Hundreds of Federal Government establishments do not only generate revenues, they have the potentials to yield much more than  they currently do and declare.

    But the situation till date is that most of them, instead of yielding revenues, actually draw subventions. They hardly render accounts but merely write off most revenues generated as cost of operation. The result is that huge revenues from agencies of government end up in the pockets of public officials charged with running such agencies.

    This has been the troubling narrative of Nigeria’s government business while the oil boom lasted for about four decades. Now that the crude oil bubble has burst and Nigeria is said to have lost about 70 per cent of revenues accruing from crude oil sales in the last two years, it is time to take another look at all the possible revenue lines available to government in order to resuscitate them.

    It is interesting to note that while the finance minister canvassed a return to the basics in order to capture all loose revenues of government, another agency, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) is calling for the raising the Value-Added Tax (VAT). RMAFC wants the rate to be raised from current five per cent to between 7.5 to 10 per cent.

    What is remarkable however, is that the reasons given by the chairman of the commission, Mr. Shettima Gana, for raising this consumption tax is simply because it is higher in other countries and that it would help government increase her revenue base.

    As we have stated in the past, we condemn what we consider a lazy approach to revenue mobilisation that is devoid of creativity and purpose. No serious government would contemplate raising taxes of any kind at a period like this when inflation is closer to 20 per cent, wages are low and irregular and jobs are vanishing daily. It would amount to sheer insensitivity to burden the populace with even more tax at this time.

    We tend to agree with the postulations of the finance minister. Governments across the board are not collecting current taxes and revenues efficiently enough. There is still a lack of fiscal discipline while treasuries leak like sieve. Ministries, departments and agencies (MDAs) are yet accountable. For instance, revenue-yielding agencies must be subjected to rendering publicly, annual accounts.

    Quick-fingered public officials have recently been found to lift huge cash from the treasuries because of current weak accounting regiment. Now that we no longer earn cheap dollars from crude oil sales, government must decide to trail every kobo of her revenues and chase her cash more aggressively.

  • Fed Govt’s $6b cash call indebtedness unacceptable, says Senate

    Fed Govt’s $6b cash call indebtedness unacceptable, says Senate

    • ‘$5.9b lost to oil theft’

    The Senate yesterday said the country’s current cash call indebtedness standing at over $6 billion is unacceptable.

    Senate President Bukola Saraki, stated this while inaugurating a public hearing on the urgent need for effective implementation of the Joint Venture Cash Calls Obligations by the Nigeria National Petroleum Corporation (NNPC) according to the appropriation of the National Assembly.

    The Joint Committee on Gas, Finance, Appropriation and Petroleum Resources Upstream was given the task of unravelling the operations of the NNPC Joint Venture Cash Call Obligations.

    Saraki noted that as part of the legislative agenda of the 8th Senate, it set among others, a mandate to block economic leakages, improve on constitutional powers of investigating Ministries, Departments and Agencies (MDAs) of government with a view to exposing corruption, inefficiency and waste in the conduct of government business.

    He said as a responsible arm of government with the hopes of millions of Nigerians resting on their shoulders, “we are disturbed with the frequent distortions that keep coming out of the oil and gas industry.”

    He said: “Despite the fact that NNPC has a larger amount of the proceeds from the joint venture, it worries the parliament to know that it has consistently been defaulting in payment of its own counterpart funding of projects.

    “There is no doubt also that there is still lack of clarity in the current financial regimes, royalties and taxes in the oil and gas industry.

    “The NNPC is expected to lead in public disclosures of financial dealings earned and its expended revenues.

    “This is vivid with the confusing and conflicting figures reeled out during reconciliation process among the agencies responsible for the receipts of funds meant for the federation accounts.”

    Saraki said at a period of disturbing and increased pipeline vandalism in the Niger Delta region, “the current cash call indebtedness standing at over $6 billion is a big problem staring at our economic health.”

    He noted that the 2013 Nigeria Extractive Industry Transparency Initiative (NEITI) report submitted to the Senate on June 15 this year clearly showed that the huge sums of money that were not remitted to the Federation Account between 2005 and 2013 by the NNPC amounted to about $12.9 billion.

    Meanwhile, the  Nigeria Extractive Industries Transparency Initiative (NEITI) has said over $5.9 billion was lost to oil thieves in 2013 alone.

    Its Executive Secretary, Mr Waziri Adio, who spoke in Abuja, lamented  that of this huge financial loss, $4.7 billion was lost to pipeline vandalism while another N20 billion was lost due to delay in payment made by the Nigerian National Petroleum Corporation (NNPC) and its subsidiaries.

    “NNPC and its subsidiaries were given 90 days to pay N20 billion, though they paid the amount but could not meet up with the credit grace period given to them by the government.

    “If we calculate all the money that the country lost and put in fixed deposit at 12 per cent rate in one transaction, the country lost N13 billion and N7 billion respectively,’’ he said.

    He also said  $600 million was under paid due to under assessment, as a result of non renewal of expired memorandum of understanding (MoU) with some oil companies.

    “We signed MoU with some oil companies that expired and because we did not renew the MoUs, the oil companies used a particular pricing methodology called realisable price.

    “Government wanted oil companies to use official selling price; if we calculate the difference between official selling price and realisable price, the country lost $599 million  in one year,” he told the News Agency of Nigeria (NAN).

    He said the money was lost due to under payment and under assessment because the oil companies were using realisable price instead of official price on expired MoUs.

    Adio also recalled that the country lost $5.18 billion to crude-for-product swap and oil shore processing arrangement in one year.

  • Liquidity rises over N120b bond cash

    Liquidity rises over N120b bond cash

    •Emefiele lures US, UK investor

    The interbank overnight lending rate rose for the second consecutive week last Friday to an average of 15 per cent from 10 per cent a week ago, as banks scrambled for liquidity to settle bond purchases.

    The Debt Management Office (DMO) sold N120 billion worth of local currency-denominated bonds with mixed yields compared with the returns from previous issues last month while payment for the debt sale was due on Friday.

    Total banking system liquidity opened at N137.30 billion, but payment for bonds significantly reduced the level of cash in the market, leading to a sharp rise in the cost of borrowing among commercial lenders.

    Traders told Reuters some banks actually quoted as high as 50 per cent for overnight placement in early trade in their quest to get cash to pay for their bond purchases. But demand for cash dropped after the central bank refunded about 40 billion naira in cash reserve ratio to some banks.

    “We see the market trading around this level next week because of anticipation that some banks would prefer to go to the discount window to borrow at a cheaper rate of 14 percent,” one dealer said.

    Meanwhile, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele flew to Britain and the United States last week to try to lure back investors scared off by the plunge in oil prices and resulting financial turmoil, a central bank official told Reuters.

    The CBN last month bowed to foreign pressure to remove the 16-month-old 197-per-dollar peg on the naira it had brought in to try and control its fall as crude prices plummeted.

    Investors welcomed the move but many said they were still steering clear until the economy shows signs of concrete recovery. Trade has been thin and dollar liquidity tight, leaving the CBN as the main supplier of hard currency.

    Emefiele and his deputy Dr Sarah Alade held meetings with investors in Britain and the United States, the central bank official said. “It was more like a road-show to get investors back into the country,” and authorities were particularly keen to boost dollar liquidity, he added.

    The naira tumbled to a record low of 295.25 in thin trades against the dollar on Friday after the central sold dollars to try and boost liquidity on the interbank market, traders said. It was quoted at 365 on the black market on Friday

  • Ondo lawmaker doles out cash, cars, others to constituents

    Ondo lawmaker doles out cash, cars, others to constituents

    A lawmaker representing Akoko Northeast/Northwest Federal Constituency of Ondo State, Hon. Friday Olemija has distributed empowerment facilities and funds to his constituents in fulfilment of his electoral promises. DAMISI OJO reports.

    The lawmaker representing Akoko Northwest/Northeast Federal Constituency, Hon Friday Olemija, has dolled out cash and other items to his constituents.

    Among the items distributed at Ikare-Akoko, headquarters of Akoko Northeast are cars, tricycles, motorcycles, deep freezers, grinding machines, sowing machines, hair dryers, plasma television sets, electricity generating sets, musical instruments and wheel chairs for the handicapped with substantial cash.

    The All Progressives Congress (APC) lawmaker, who is the former chairman of Akoko Northeast Local Government, Ikare-Akoko, praised the people of his constituency for the support rendered to him during the last year general elections.

    According to him, “to whom much is given, much is expected from such person and in fulfilment of my campaign promises, I have to make my people happy.”

    Olemija said in spite of the economic downturn in the country, he still obliged to put smiles on the faces of the people in his constituency.

    He said he had sponsored three bills on roads in the lower chamber to better the lot of his people, while providing boreholes in many towns.

    He promised that such gesture would be continuous.

    Olemija urged the Ondo State government to pay the salary arrears of the public servants.

    “The state government has no reason to owe its workers salary, considering the Internally Generated Revenue (IGR) and Federal allocation accrued to the state monthly,” he said.

    He lamented that no fewer than 35 civil servants and pensioners have died due to lack of money for medication.

    The lawmaker, who decried the poor condition of workers in the employ of the Ondo State government, said the state has enough resources to cater for the needs of its workers without leaning on the Federal Government.

    He said Ondo State is blessed with abundant mineral resources, and being part of the Niger Delta states receives more allocation than many states in the Southwest, and wondered why the state government owes its workers five months salaries.

    Olemija expressed worry on what he described as poor welfare of workers in the state, saying the Mimiko-led administration has little respect for the state’s work force.

    He challenged the state government to pay the workers all their outstanding salary arrears, even as he urged the workers to fight for their right and ensure that the state government understands their plight.

    He maintained that the state is economically buoyant to pay its workers and execute physical projects in all the Local Government Areas in the state, adding that government’s insensitivity to the welfare of the people accounts for the under development.

    The legislator advised the people to vote for APC in the governorship election for the state to experience the development it deserves.

    Some beneficiaries of the legislator’s kindness appreciated him for fulfilling part of his promises, urging him to continue impacting on the lives of the people.

  • Buhari’s wife gives N30m cash to Chibok girls’ parents

    Buhari’s wife gives N30m cash to Chibok girls’ parents

    Wife of the President Hajia Aisha Buhari yesterday presented about N30 million cash support to parents of the abducted Government Secondary School (GSS) Chibok, Borno state

    Mrs Buhari, represented by Hajiya Nana Shettima, the wife of the Borno governor presented the cash to the parents at a ceremony in Maiduguri.

    She explained that the gesture was aimed at assisting the parents with some financial support towards alleviating their sufferings.

    Mrs Buhari pointed out that the presentation was in fulfillment of her promise to assist the less privileged and victims of insurgency in the North East.

    “Today’s presentation was in fulfillment of the promise I made earlier in the year during my book launch in Abuja.

    “I made a promise that the proceeds will be use to better the lives of women and victims of insurgency in the North East,” she said.

    She urged the beneficiaries to invest the money in productive ventures, so it can better their living conditions.

    “This money is not a sort of compensation, but a kind of support for those in need.

    “Our immediate prayer is for God to help trace and rescue the abducted girls so that they can be safely re-united with their families,” Buhari said.

  • Ondo lawmaker doles out cash, cars, others to constituents

    Ondo lawmaker doles out cash, cars, others to constituents

    The lawmaker representing Akoko Northwest/Northeast Federal Constituency, Hon Friday Olemija, has dolled out cash and other items to his constituents.
    Among the items distributed at Ikare-Akoko, headquarters of Akoko Northeast are cars, tricycles, motorcycles, deep freezers, grinding machines, sowing machines, hair dryers, plasma television sets, electricity generating sets, musical instruments and wheel chairs for the handicapped with substantial cash.
    The All Progressives Congress (APC) lawmaker, who is the former chairman of Akoko Northeast Local Government, Ikare-Akoko, praised the people of his constituency for the support rendered to him during the last year general elections.
    According to him, “to whom much is given, much is expected from such person and in fulfilment of my campaign promises, I have to make my people happy.”
    Olemija said in spite of the economic downturn in the country, he still obliged to put smiles on the faces of the people in his constituency.
    He said he had sponsored three bills on roads in the lower chamber to better the lot of his people, while providing boreholes in many towns.
    He promised that such gesture would be continuous.
    Olemija urged the Ondo State government to pay the salary arrears of the public servants.
    “The state government has no reason to owe its workers salary, considering the Internally Generated Revenue (IGR) and Federal allocation accrued to the state monthly,” he said.
    He lamented that no fewer than 35 civil servants and pensioners have died due to lack of money for medication.
    The lawmaker, who decried the poor condition of workers in the employ of the Ondo State government, said the state has enough resources to cater for the needs of its workers without leaning on the Federal Government.
    He said Ondo State is blessed with abundant mineral resources, and being part of the Niger Delta states receives more allocation than many states in the Southwest, and wondered why the state government owes its workers five months salaries.
    Olemija expressed worry on what he described as poor welfare of workers in the state, saying the Mimiko-led administration has little respect for the state’s work force.
    He challenged the state government to pay the workers all their outstanding salary arrears, even as he urged the workers to fight for their right and ensure that the state government understands their plight.
    He maintained that the state is economically buoyant to pay its workers and execute physical projects in all the Local Government Areas in the state, adding that government’s insensitivity to the welfare of the people accounts for the under development.
    The legislator advised the people to vote for APC in the governorship election for the state to experience the development it deserves.
    Some beneficiaries of the legislator’s kindness appreciated him for fulfilling part of his promises, urging him to continue impacting on the lives of the people.

  • Blind cleric showers car, cash gifts on blind students

    Blind cleric showers car, cash gifts on blind students

    Blind cleric and the General Overseer of the Hour of Mercy Prayer Ministries Worldwide, (Orioke Alaseyori) Moniya Ibadan., Prophet Moses Muyideen Kasali, has showered car and cash gifts on the students of Bethseida Home/School for the Blind, Mosalasi, Lagos.

    It was a moment of unspeakable joy for the excited blind students as they all rushed to enter into the car, asking those who could see to lead them in so they could feel its comfort.

    Kasali said the gesture was to appreciate the blind students for making efforts to be relevant in life by engaging in profitable handiworks instead of begging for alms.,

    The cleric spoke at Orioke Alaseyori, hour of mercy prayer Ministries, Ibadan while presenting a Toyota Camry car and cash gifts to the visiting blind students.

    The students presented an award and a flower vase to Prophet Kasali.

    Kasali said: “On behalf of the Hour of Mercy Prayer Ministries, I express my gratitude to you my people. We are in the same condition having the same feeling. I want to believe that by the grace of He that dwells in his infinite mercy, our lives will affect the lives of the non-blind positively. I appreciate you and your gift to me.

    “I am particularly happy for you because you are not begging on the streets, but you are making use of your talents to create things that would bring you means of livelihood. Please continue to do this and the good Lord will continue to bless the works of your hands”.

    The founder of Bethseida Home/ School for the Blind, Mrs Chioma Ohakwe, said: “Prophet Kasali is a great inspiration to the blind in my school and elsewhere in the world. From following his activities as a Man of God, I am convinced that he is a true prophet of God.

    “We presented a flower vase made by some of the blind students as a mark of love to him as a father, spiritual mentor and friend. We also presented an award entitled ‘The Grace to See the Future’ to Prophet Kasali with a view to tell the world that there is indeed ability in disability as profoundly shown by the prophet.

    “We want to urge everyone and particularly the government and well-meaning philanthropists to support the indigent blind ones because as we can see in the life of the Prophet, there is ability in disability and many of those with challenge in sight can become great and very useful for our society if they are so empowered. Blind students can now operate computers, browse on the internet, play keyboards, and even designing a flower vase is just one of the small things they can do. Some of them are studying Law, Banking and Mass Communication among others in the university. This year, some of them who sat for the Joint Admission and Matriculation Exams and West African Examination Council scored the highest marks among others in the country.”

     

  • Ondo lawmaker doles out cash, cars, others to constituents

    Ondo lawmaker doles out cash, cars, others to constituents

    A lawmaker representing Akoko Northeast/Northwest Federal Constituency of Ondo State, Hon. Friday Olemija has distributed empowerment facilities and funds to his constituents in fulfilment of his electoral promises. DAMISI OJO reports.

    The lawmaker representing Akoko Northwest/Northeast Federal Constituency, Hon Friday Olemija, has dolled out cash and other items to his constituents.

    Among the items distributed at Ikare-Akoko, headquarters of Akoko Northeast are cars, tricycles, motorcycles, deep freezers, grinding machines, sowing machines, hair dryers, plasma television sets, electricity generating sets, musical instruments and wheel chairs for the handicapped with substantial cash.

    The All Progressives Congress (APC) lawmaker, who is the former chairman of Akoko Northeast Local Government, Ikare-Akoko, praised the people of his constituency for the support rendered to him during the last year general elections.

    According to him, “to whom much is given, much is expected from such person and in fulfilment of my campaign promises, I have to make my people happy.”

    Olemija said in spite of the economic downturn in the country, he still obliged to put smiles on the faces of the people in his constituency.

    He said he had sponsored three bills on roads in the lower chamber to better the lot of his people, while providing boreholes in many towns.

    He promised that such gesture would be continuous.

    Olemija urged the Ondo State government to pay the salary arrears of the public servants.

    “The state government has no reason to owe its workers salary, considering the Internally Generated Revenue (IGR) and Federal allocation accrued to the state monthly,” he said.

    He lamented that no fewer than 35 civil servants and pensioners have died due to lack of money for medication.

    The lawmaker, who decried the poor condition of workers in the employ of the Ondo State government, said the state has enough resources to cater for the needs of its workers without leaning on the Federal Government.

    He said Ondo State is blessed with abundant mineral resources, and being part of the Niger Delta states receives more allocation than many states in the Southwest, and wondered why the state government owes its workers five months salaries.

    Olemija expressed worry on what he described as poor welfare of workers in the state, saying the Mimiko-led administration has little respect for the state’s work force.

    He challenged the state government to pay the workers all their outstanding salary arrears, even as he urged the workers to fight for their right and ensure that the state government understands their plight.

    He maintained that the state is economically buoyant to pay its workers and execute physical projects in all the Local Government Areas in the state, adding that government’s insensitivity to the welfare of the people accounts for the under development.

    The legislator advised the people to vote for APC in the governorship election for the state to experience the development it deserves.

    Some beneficiaries of the legislator’s kindness appreciated him for fulfilling part of his promises, urging him to continue impacting on the lives of the people.

     

  • Alumni donate equipment, cash to alma mater

    Alumni of the University of Nigeria, Nsukka (UNN) Faculty of Pharmaceutical Science have donated equipment to the faculty to promote excellent research.

    They donated the equipment during an event tagged: “Home-coming”, which brought students of the 1976 Class back to the campus. The alumni created endowment fund, which must be contributed to by past and present students to restore infrastructure in the faculty.

    The event started with a courtesy visit to the Vice-Chancellor. The Deputy Vice-Chancellor for Academic, Prof James Ogbonna said management was delighted to receive the equipment. He praised the alumni for their gesture. He said management would not relent in providing the faculties with academic equipment to improve excellence and standards.

    Dean, Faculty of Pharmaceutical Sciences, Prof Emmanuel Ibezim, appreciated the alumni’s intervention and urged the students to embark on quality research with the equipment.

    Prof Ibezim urged the students to  continue to work and study in groups for better understanding.

    Prof Amechi Attama, a lecturer, said the faculty, in the last three years, has experienced positive changes in terms of infrastructure and academic. He said the alumni’s gesture would challenge the faculty’s staff to maintain the culture of excellence.

    Dr Nkechi Anyawu, an alumnus and president of African International Pharmaceutical said: “After years I left the school, I am happy to return to my alma mater. Coming back to the school for this home-coming event shows we don’t have bad memory of this faculty. That is why we turned out en mass to attend this event.”

    Another alumnus, Mr Ige Adewumi, said the faculty taught him hard work and resilience. Recalling his undergraduate days, he said: “I am very happy to see my friends of those days, both the stubborn ones and the gentle ones at that time. If it is possible for me to come back to this world, I would choose UNN to study pharmacy again.”

    Some of the items donated to the faculty include computers, projectors and undisclosed amount of cash.