Business
FG withholds salaries of 331 workers over IPPIS default
Salaries of 331 federal civil servants have been suspended for not complying with the directive of the government on Integrated Payroll and Personnel Information System.
The affected workers were said not to have carried out the online IPPIS records update being implemented in the Ministries, Departments and Agencies (MDAs) and participate in the physical verification needed for the
The Head of Service of the Federation, Dr Folasade Yemi-Esan, issued the directive via a circular dated June 9, 2021.
The circular with reference number: HCSF/CSO/HRM/T/41, signed on her behalf by the Permanent Secretary, Career Management Office, Mahmuda Mamman, was addressed to all permanent secretaries, the Accountant General of the Federation and the Auditor-General of the Federation.
It stated that despite all the various circulars issued requesting employees of the MDAs to carry out an online records update on the IPPIS verification portal, some employees in the core-MDAs had failed to comply with the directive.
It said as a result of this lapse, the affected workers could not participate in the physical verification that was carried out between June 2018 and December 2020 as their records could not be traced on the verification portal.
The IPPIS records update exercise was initiated to rid the service of ghost workers, strengthen accountability, cut down on government expenditure and improve service delivery through automation of human resource functions and provision of reliable and timely information for decision making.
A statement by the Director, Press and Public Relations, Office of the Head of Civil Service of the Federation, Abdulaganiyu Aminu, described the present exercise as the first phase as more names would be published in the subsequent phases.
The circular urged the concerned officers to report to the office of the Director, (IPPIS-SW) in the office of the Head of Civil Service of the Federation for further information/clarification.
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)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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