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FG Begins Audit of Govts: N510bn Bail-Out Funds.

FG Begins Audit of Govts: N510bn Bail-Out Funds.

The FG of Nigeria is set to commence an audit of the utilization of Fg bail-out funds to state govts amounting to about N510bn last year. Consequently, 8 accounting firms have been appointed to review how state governors have been spending the said money and whether or not they complied with stipulations of the fiscal sustainability plan which was the basis for the funds.

The firms are KPMG, Ernst & Co and Ijewere & Co. Minister of finance, Mrs. Kemi Adeosun, Price watercopers, PKF, Muhtari Dangana & Co, S.S Afemikhe & Co, said in Abuja yesterday that the accounting firms would evaluate the states based on their implementation of the 22 point FSP.

According to her, the ministry has been monitoring the utilization since last year but found it necessary at this stage to employ independent firms for  the monitoring and verification of the states against agreed milestones under the FSP. She said that the firms were expected to vigorously monitor, evaluate and verify the performance of the states against the agreed milestones set by each state govt under the FSP.

The minister warned that state govts that fail to implement the action plans as stated, would be taken off the facility with immediate effect. The funds under a programme of budget support facility, a 12 month stand by loan facility was designed to bring immediate financial relief to state governments and enable them meet their financial obligations with a monthly amount of N50 billion in the first three months and N40 billion available for the remaining nine months to 35 States. The Fiscal Sustainability Plan is a 22-point reform programme which commenced in June, 2016 with requirements including increasing internally generated revenues, introduction of biometric payroll, publication of audited annual financial statements, and reduction of wastages by establishing efficiency units.

She also introduced the FSP in 2016 to which State Governments acceded, with the view to enhancing fiscal prudence and transparency in public expenditure. The Plan is part of the nationwide Public Financial Management Reform which is being implemented by the administration of President Muhammadu Buhari.

Read more at: http://www.vanguardngr.com

 

 

 

 

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Naira Trade’s Tight On CBN’s Measures

Naira  Trade’s  Tight On CBN’s Measures

Next week as the Central Bank of Nigeria struggles to curb speculation on the local currency and reduce pressure on the dwindling external reserves, the naira is expected to trade in a tight range at the official and parallel markets, the naira was quoted at 465 against the dollar at the parallel market on Friday, lower than 460/dollar recorded last week, at the official interbank market, the naira was quoted at 314.80/dollar. The central bank has intensified its effort to manage the exchange rate at the present level by influencing how the scarce dollar is sold at the parallel market, while selling dollar daily at the interbank market to keep it from going down further, a trader at one of the commercial banks told Reuters, meanwhile Ghana’s cedi could drop  marginally on growing seasonal dollar demand by businesses settling their end-of-year import bills.

 

The Kenyan and Ugandan shillings are seen going down  in the week to next Thursday, while Zambia’s kwacha is seen coming up, according to traders meanwhile, the CBN sold N119.92bn ($394.21m) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Friday, the bank sold a total of N32.43bn of the three-month paper at 13.99 per cent, broadly unchanged from 14% at the last auction on November 2, it sold N22.82bn of the six-month debt at 17.40%, down from 17.5% at the previous auction, while a total of N64.67bn of one-year bills was sold at 18.70%, compared with 18.30% previously. Total subscriptions increased to N158.07bn, compared with N122.96bn at the last auction, the data showed. The FG gave treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation

 

Read more: http://www.businessnews.com

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FG GETS BACK N4.2BN

FG GETS BACK N4.2BN

The Revenue Mobilisation, Allocation and Fiscal Commission yesterday said it had recovered N4.2 billion in remittances from collecting banks into the federation account. Mr Shettima Gana, the commission’s acting Chairman, said this while inducting the lead consultants and other auditors on the verification and reconciliation of revenue collections and remittances by the collecting banks. The collecting banks collect excise duties and taxes on behalf of the Federal Inland Revenue Service  and the Nigeria Customs Service . He said that the money was recovered during the exercise that was carried out on banks’ collections of these taxes and duties between January 2008 and June 2012. Gana said that there was about N20 billion that was still outstanding but had not been recovered from the banks. He also stated that the success recorded in the first phase of the exercise made the National Economic Council approve a second phase which would cover July 2012 to December 2015.

He said that the commission had the constitutional mandate to monitor accruals into the Federation Account and spending  of the revenue. Several years ago , the commission observed discrepancies regarding the excessive charges, Commission On Turnover  for collections and delayed remittances made by banks on behalf of FIRS and NCS. The chairman said that the second phase of the exercise would involve about  109 adviser and 2 lead advisers  as against the 53 advisers and one lead adviser in the first phase. Un-remitted funds of government “From the first exercise we realised that the work was quite enormous because the banks have branches all over the country collecting these revenues. It requires quite a number of man hours to go through all the records of the banks to check when the money came in and when it was remitted and the various charges that were made. Now we want it done quickly and efficiently so as to get the funds into the federation account quickly.

The Chairman of the commission’s Non-oil committee, Mr Fagboyegun Ajibola, said that the exercise was important at this time to bring back  all accruals that should be in the Federation Account. This is because the FG cannot afford to allow any bank, individual or corporate body hold on unnecessarily to its money. We are expecting that as a result of this exercise, those in charge of  these accounts will ensure that we do not continue having our monies lying in the banks un-remitted. It is not just to bring in these monies but to ensure that there is efficient and effective collection without any delay or un-remitted funds of government.  Mr Olanrewaju Akinloye of Icon Festus and Co., one of the lead consultants, said that the major problem  encountered during the first phase of the exercise was the unwillingness of some banks to open up their books to the advisers. He added that RMAFC had to call all the bank’s  executives to tell them the importance of the exercise to the FG. He said that the banks that remained resisted the exercise had their cases are been transferred to the Economic and Financial Crimes Commission.

 

Read more at: http://www.vanguardngr.com.

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