Business
FG begins payment of stipends for 774,000 jobs
The Federal Government says it has commenced partial payment of the N20,000 monthly stipend to the 774,000 beneficiaries of the Special Public Works programme.
Minister of State, Labour and Employment, Festus Keyamo (SAN), gave the indication in a statement in Abuja on Sunday.
He gave the update on the payment on his Twitter handle, saying Access Bank had verified accounts for payment while the National Directorate of Employment had commenced payment into accounts with the bank.
The minister said the government was waiting for Zenith, UBA, FCMB, Fidelity, Heritage and Yobe Microfinance Banks to clean up the anomalies.
The statement titled, ‘NDE commences partial payment of SPW stipends, read in part, “After the release of some of the funds by the Ministry of Finance for the payment of SPW stipends, I directed rigorous scrutiny of the accounts of the participants before payment.
“We discovered instances of accounts not matching BVNs, multiple accounts bearing a single BVN, non-existent BVNs, etc.
“Because of our determination to eliminate fraud, I further directed the NDE to write to the banks to clean up these anomalies before commencing payments.
“So far, only Access Bank has responded with accounts verified for payment and the NDE has today commenced payment of those accounts with Access Bank.”
Keyamo said the determination of the government to ensure that those selected for the programme got paid “to assist them in these tough times is also matched by our determination to ensure that the programme does not spiral into a vehicle for fraud; not under the watch of Mr President; not under my watch.”
Business
CBN raises commercial banks’ capital base to N500bn
CBN raises commercial banks’ capital base to N500bn
The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.
The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.
This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.
The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.
It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.
Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.
The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.
To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.
The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.
“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
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