BY SAM OTUONYE
The National Bureau of Statistics (NBS) has released a disturbing report on the Nigeria’s already declining economy as only 5 States out of 37 recorded some capital importation (foreign investments) in the first 9 months of 2024.
According to the latest Capital Importation data from the NBS for the third quarter of 2024 32 states out of 37 states in Nigeria attracted zero up from 27 states in the whole of 2023.
The data showed that Nigeria attracted $1.2 billion in the third quarter of 2024 compared to $2.6 billion and $3.3 billion in the second and first quarter of the year respectively.
Total capital importation in the first 9 months of the year totalled $7.1 billion compared to $3.9 billion in the whole of 2023.
The significant year-on-year rise in Nigeria’s total capital importation, from $3.9 billion in 2023 to $7.1 billion in 2024, marks the uneven distribution, suggesting that overall growth has failed to translate into widespread economic benefits across states.
The NBS data showed that only Lagos, Ekiti, Enugu, Kaduna and the Federal Capital Territory (FCT) recorded capital importation within the period under review.
Lagos State attracted the highest chunk of $4.6 billion followed by the FCT which recorded $2.39 billion imported in the first 9 months of 2024.
Ekiti state attracted $120k so far with $100k coming in the third quarter of the year and $10k each in the first and second quarter respectively.
Enugu State and Kaduna State only attracted capital inflows in the third quarter of the year with $180k and $1.95 million respectively.
Other states like Abia, Akwa Ibom, Anambra, Niger, Ogun, Ondo and Rivers State which attracted inflows in 2023 attracted no inflows within the stated period.
Pensioners rejoice as OAGF releases N44bn to offset arrears
BY SAM OTUONYE
The National Pension Commission (PenCom) has announced the release of ₦44
billion by the Office of the Accountant General of the Federation (OAGF) to defray the outstanding accrued pension rights to retirees of federal government Treasury-funded Ministries, Departments, and Agencies (MDAs).
According to PenCom, the money was part of the 2024 budget appropriation for the period of January to June.
The regulator said the funds have been
deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at
the Central Bank of Nigeria to partially settle unpaid accrued pension rights for retirees
of Federal Government Treasury-funded Ministries, Departments, and Agencies
(MDAs) under the Contributory Pension Scheme (CPS).
It added that the disbursed funds have been applied to settle the accrued pension rights of retirees who were duly verified and enrolled, covering the period March to September 2023, as well as some deceased employees.
“Accordingly, the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs),” PenCom stated.
It encouraged all affected retirees to contact their PFAs to complete the necessary
documentation to access their retirement benefits, directing PFAs to expedite the processing of payments to ensure retirees promptly receive their entitlements.
“In the meantime, PenCom remains steadfast in its commitment to engaging with
relevant authorities to secure the full settlement of all outstanding accrued pension
rights and related liabilities. The Commission assures all retirees of FGN Treasury-
funded MDAs that these efforts will be sustained until all pending pension liabilities
under the CPS are fully resolved,” it assured.
It would be recalled that the affected retirees few weeks ago besieged the Ministry of Finance in protest of the delay in off-setting their accrued backlog.
Meanwhile, New National Star investigations revealed that the affected pensioners were happy that the government have taken action after their protest at the Ministry of Finance, appealing to PenCom and the PFAs to avoid any forms of delay in processing their payment.
Tax Reform Bill: CITN cautions FG on derivation principle
The Chartered Institute of Taxation of Nigeria (CITN) yesterday endorsed the proposed tax reform bills but advised the Federal Government to drop the derivation aspect in order to ensure the success of the reforms.
The President of the Institute, Mr. Samuel Agbeluyi, gave this advise at a media workshop for finance journalists in Lagos, saying, “If the derivation principle would pose a problem, then it can be dropped as we cannot throw away a baby with the bad water”.
Agbeluyi noted that the government has demonstrated a strong commitment to overhauling the nation’s tax system, reducing dependency on oil revenues, and promoting fiscal stability.
The CITN President, while welcoming the government’s efforts at reforming the tax system, urged stakeholders to base their assertions on facts and figures.
He said: “The government’s key reforms and initiatives include introduction of Executive Orders and Tax Relief Measures.
“President Bola Tinubu signed four executive orders in July 2023, which included significant tax relief measures, such as the suspension of the 5% excise tax on telecommunications services.
“Establishment of the Presidential Fiscal Policy and Tax Reforms Committee, which committee was inaugurated in August 2023 to address critical challenge
s in fiscal governance, revenue transformation, and economic growth facilitation.”