Aso Villa Reads for 06/11/2018

Every day, we bring you the best stories that the media is reporting about the Government of Nigeria

Punch reports that “the Nigerian Aviation Handling Company Plc has said it recorded N7.25bn turnover for the nine-month period that ended on September 30, 2018. According to the company, this is an increase of 25 per cent over the same period in 2017. NAHCO said in a statement that the performance saw it declare a profit before tax of N731.8m, representing a 107 per cent increase over the N336m recorded during the same period last year. It added that profit after tax stood at N601.3m, about 109.8 per cent higher than the N287.4m recorded over the same period last year. The company said the performance was an outcome of initiatives and actions undertaken by its management, led by the Managing Director/Chief Executive Officer, Mr Idris Yakubu, who assumed office in November 2017. It explained that Yakubu had started the implementation of a series of short and medium- term process reviews and a service improvement initiative that had led to enhanced service delivery and improved customer satisfaction by the company’s growing clients.”

“There was relief yesterday as a midnight agreement between labour and the federal government on the dispute over minimum wage for workers averted a nationwide strike that was scheduled to commence today.” According to This Day, “the agreement, which would see the nation’s workers receive a minimum pay cheque of N30,000, was reached among labour, Organised Private Sector (OPS) and the federal government after a 12-hour meeting of the National Minimum Wage Tripartite Committee that was composed to resolve the dispute. The Chairman of the committee, Mrs. Amal Pepple, said at the end of the meeting at the Office of the Secretary to the Government of the Federation, that the report, which was signed by all the parties, would be submitted to President Muhammadu Buhari today by 4.15 p.m. After receiving the document, the President will address the nation and unveil a new national minimum wage”.

“Less than a year since it commenced lending operations in November 2017, the Development Bank of Nigeria (DBN) is in many significant ways helping to redefine the shape, size and depth of small business financing in the country. This is refreshing given the urgent need to re-orient the national economy away from dependence on the oil and gas sector by building other critical growth sectors of the economy such as agriculture, services, mining and light manufacturing. Over the years, several initiatives by government, alone or in collaboration with the private sector, either by design or implementation, have failed to close the funding gap required for this important subsector to grow in spite of the fact that it accounts for about 60 per cent of national income. Statistics indicate that this sub-sector gets less than six per cent of commercial banks’ loan; and loans are largely short-term at high interest rates that live little room for growth. Indeed, the bank’s operational roll-out strategy that puts eligible financial institutions at the centre, innovative ideas designed to plug systemic gaps and mitigate lending risk to the sub-sector along with the unmatched longer loan repayment durations is inspiring new levels of confidence and spurring increased enthusiasm within lending circles”. This Day reported this.

According to Daily Trust, “the Association of Bureaux De Change Operators of Nigeria (ABCON) said the 163 percent increase in dollar sales to its operators to $3.1 billion in the first half of the year helped to sustain exchange rate stability and protected 25,000 jobs in the subsector. ABCON President, Alhaji Aminu Gwadabe stated this while commenting on the half year (H1’18) economic report released by the Central Bank of Nigeria (CBN) last week. The report among other things showed that CBN dollar sales to BDCs rose by 163 percent to $3.1 billion in the first half of the year (H1’18) from $1.2 billion in the corresponding period of 2017 (H1’17). The report stated that the significant increase in BDC sales reflected the bank’s policy to increase the supply of foreign exchange to small end-users.”

Business Day reports that “traders at the Jalingo Main Market in Taraba State have commended the Federal Government for the National Social Investment Programme scheme geared towards boosting financial inclusion for small medium enterprises by disbursing N10,000 TraderMoni to petty traders in the state. They say initiative such as this will greatly improve the fortune of local traders in the state. Shuaibu Muhammad, one of the beneficiaries, says the money would help expand his business for more profit and a better standard of living. Elizabeth Kuma, who deals in provision, lauds the Federal Government for remembering the micro small medium scale enterprises in the society with the TraderMoni initiative. Earlier, Ayuba Baju, the Adamawa and Taraba coordinator of the Federal Government Entrepreneurship and Empowerment Scheme ‘TraderMoni’ at the flag off of the registration in Jalingo, notes that the benefiting traders were expected to pay back the money in six months. Baju says the traders who would successfully pay back the money within the six months period would be given N15,000 by the scheme to equally payback in six months.”

“The Nigerian Investment Promotion Commission (NIPC), a Federal Government agency established to promote and co-ordinate investment in Nigeria, has invited reputable and experienced suppliers and contractors to submit quotations for three projects. This is according to procurement notice ‘Invitation to Tender under 2018 Budget’ issued on their website and signed by the head procurement. The commission is seeking quotations for the construction of borehole at its head office at Maitama, Abuja, purchase of IT equipment and purchase of computer printer and scanner, as indicated in the notice. According to the notice, the commission however intends to use the funds to procure the under listed goods for work in line. Business Day (Tuesday 6 November 2018, page 35) reported this.

According to Daily Trust, “President Muhammadu Buhari, yesterday, said the Federal Government is saving N24.3bn monthly as a result of public financial management reforms embarked upon by his administration. Declaring open this year’s e-Nigeria international conference and exhibition organized by the National Information Technology Development Agency (NITDA), Buhari said the enforcement of government’s policy on the Treasury Single Account (TSA) has facilitated the recovery of huge sums of money including the recent N1.6bn. He said the enforcement of the policy on TSA, the Integrated Payroll and Personnel Information System (IPPIS) and the Bank Verification Number (BVN) and the impact they had made on the administration’s public financial management reforms resulted into huge savings for the government. “In addition to the consolidation of accounts and elimination of ghost workers that resulted in a combined monthly savings of about N24.7 billion, the TSA facilitated the recovery of huge sums of money including the recent N1.6 billion from a single account,” he said.”

“In line with its commitment to ensure transparency, values, efficiency as well as growth in the oil and gas industry, the Department of Petroleum Resources (DPR) has unveiled a digital assets development platform for operators and stakeholders in the industry known as the Value Monitoring and Benchmarking (VMB). According to the DPR, the digital platform is secure and in line with ISO 19008: 2016 Standard Cost Coding System (SCCS).” This Day reports that “all operators in the industry are mandated to upload into the platform, their annual budget, yearly reserves, data technical cost data for exploration, appraisal and development stages as well as monthly technical production in accordance with the extant law. In his keynote address, the Director of DPR, M.D.B Ladan, noted that the strategic launch of VMB digital platform for oil and gas asset development of the agency was solely resolved to close critical gaps that impede the industry transparency, efficient and accountability. Ladan, who was represented at the event which took place in Lagos recently, by Mrs. Pat Marceli, emphasised that it had been the federal government and petroleum minister’s priority to unravel the mystery of the industry high cost in the exploration and production of petroleum resources. This, she said was evident in the ‘Nigerian Petroleum Policy, Gas policy and the 7 Big Wins.’”

“The Nigeria Agricultural Quarantine Service (NAQS) said that Nigeria would resume the export of hibiscus, popularly known as Zobo, to Mexico. Dr Vincent Isegbe, the Coordinating Director, NAQS, disclosed this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja. He said that in 2017, Nigeria exported 1,983 containers of hibiscus to Mexico alone and earned $35 million within nine months of that year. He added that NAQS had initially suspended the export following the detection of storage pest in some consignments from Nigeria. ”The issue has now been taken care of. That is why we are resuming the export of the plant again.” He noted that the issue was resolved in collaboration with stakeholders across the value chain, adding that Mexico is the largest importer of Nigerian hibiscus”. This Day reported this.