Business
Nigeria Earns N5.5 Trillion In Eight Months
Nigeria earned N5.5 trillion from mineral and non-mineral
revenue between January and August, a data from the Federation Accounts
Allocations Committee (FAAC), said.
The figures obtained in Abuja showed that the country
recorded the highest revenue of N825.39 billion in July.
Out of the total amount generated so far in 2012, a total of
N1.5 trillion was recorded to have been lodged into the Excess Crude Account
(ECA) between January and August.
A portion of the revenues above the benchmark oil price are
saved while the remaining revenue is distributed among the federal, state, and
local governments according to a set formula.
Reports say that records from the FAAC during the months
under review however contained only information on lodgments into the excess
crude account and not withdrawals made from it.
We recall that on Sept. 14, the accountant-general had announced
that the balance in the ECA was 8.03 billion dollars, following lodgment of
N124 billion into the account in August.
Similarly on Aug. 15, the Minister of State for Finance, Dr
Yerima Ngama told reporters that one billion dollars was withdrawn from the
account for distribution among the federal, states and local governments “to
execute some on-going projects.’’
A breakdown of the country’s revenue in the month of July
showed that mineral revenue accounted for N646.47 billion while the non-mineral
revenue amounted to N178.92 billion.
In other months, FAAC recorded N666.32 for January, N766.77
in February, 726.77 in March and N626.17 for the month of April.
Also, a total of N586.91billion was credited to the national
treasury in May, N763.55 billion in June and N564.88 billion for the month of
August.
Notably, the country recorded its least revenue of
N564.88billion in the month of August, compared with figures recorded in the
months of May, April and January, respectively.
The Office of the Accountant-General of the Federation,
headed by Mr Jonah Otunla, computes the figures and also distributes monthly
revenue from the Federation Accounts to the three tiers of government.
The office attributed the shortfall in oil revenue to
decline in production, poor sales and strikes embarked on by Labour unions in
January.
For instance in the month of January, the office reported a
shortfall in revenue from N892.7 billion recorded in December 2011 to N666.32
billion in January 2012.
The one-week nationwide strike called by the Nigeria Labour
Congress and Trade Union Congress because of the removal of fuel subsidy by the
Federal Government was partly responsible for the drop in revenue, the office
said.
The figures from FAAC also recorded that N142.19 billion was
transferred to Subsidy Reinvestment and Empowerment Programme (SURE-P) between
April and August.
It will be recalled that on September 21, Dr Ngozi
Okonjo-Iweala, the Minister of Finance announced that the Federal Government
had so far disbursed N30 billion for projects under SURE-P, out of N180 billion
appropriated for Federal Government projects in the programme.
Since April, the FAAC had transferred the sum of N35.54
billion to SURE-P for distribution to the three tiers of government.
SURE-P was initiated early in 2012 following the partial
removal of subsidy on petroleum products.
Federal Government’s share of the subsidy removal money is
being reinvested in healthcare, public transportation, vocational training and
key infrastructure projects.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter