Savings
Sustaining economic empowerment through financial inclusion, energy access
Financial inclusion and provision of sustainable energy is at a turning point in Africa’s largest economy, Nigeria. With a population of over 200 million, about 50 per cent of the total population live in rural areas, and only 39 per cent of those living in rural communities have access to electricity. This is in addition to over 40 per cent of the entire population who are financially excluded or underserved. However, the proliferation of digital financial services in Nigeria – powered largely by growth in fin-tech companies – has catalysed an unparalleled increase in the current number of people with access to formal financial services, while further opening up opportunities to address power supply challenges across rural communities; a major feat instrumental towards achieving the broad...
Payroll fraud: Gombe approves N1.49 billion for biometric system installation
The Gombe State Government has approved the sum of N1.499 billion for the supply and installation of biometric attendance system to check payroll fraud in the state’s civil service. Muhammad Magaji, the state’s Commissioner of Finance and Economic Development, stated this, on Wednesday, while addressing newsmen after the 12th State’s Executive Council meeting. Magaji said the initiative tagged “Gombe state Integrated Payroll Payment Gateway and Human Resource Management Information System’’ would help to reduce, if not eliminate, payroll fraud. According to him, when installed, the system would increase transparency in the payment of salaries and pensions, as well as effectively manage the state’s human resource capacities at both state and local government levels. He stated that the initi...
Barcelona, Atletico Madrid ordered to further tighten belts by La Liga
FC Barcelona and Atletico Madrid will have to cut down the costs of their squads by more than 35 million euros ($42.14 million) following new salary limits imposed by La Liga on Tuesday to cope with the financial impact of the Covid-19 pandemic. The figures, published twice annually following each transfer window, dictate how much teams can spend on players, coaches, support staff and their youth teams. They are calculated in line with revenues, which have been obliterated by coronavirus restrictions preventing fans from attending matches for 12 months while depressing the transfer market and reducing income from merchandising. Barcelona are the club most acutely affected by the new limits and will be forced to reduce their costs by an additional 35.7 million euros, to 347 million. League ...
Research: Nigeria records nearly 30,000 tobacco smoking-related deaths
An Abuja-based Centre for the Study of Economies of Africa (CSEA) has reported that a research it conducted had revealed that 28,876 deaths related to tobacco smoking are recorded annually in Nigeria. Marco Castradori, a research associate with the CSEA, revealed this, on Monday, in Kano, at a report dissemination workshop on the health burden and economic cost of smoking in Nigeria. According to Mr Castradori, the number represents around 16 per cent of deaths from smoking-related diseases and above five per cent of all cases of deaths. “Among the disease analysed, nearly 737,366 events are expected each year, of which 127,859 representing 17 per cent are attributable to cigarette consumption. “In terms of costs, these conditions burden the Nigerian healthcare system with nearly N634 bill...
SEC: Governments can unlock potentials by privatisation
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Delta workers accept salary review as monthly wage bill hits N7 billion
With over N7 billion monthly wage bill to 48,000 workers in Delta, the State Chairman of Trade Union Congress (TUC), Comrade Martin Bolum, has said that the decision of the state government to review the salary of political appointees and workers on salary grade level seven was one of the ways to keep the state afloat in this period of Coronavirus pandemic. The salary cut takes effect from July 2020 is for six months. According to him, the state was one of the first states to implement the new minimum wage, stressing that the present salary review was for a while. At a press conference by the secretary to the state government Barr. Chiedu Ebie to explain the interim fiscal measures adopted by the government, the Head of Service, Mr Reginald Bayoko also appealed to workers to see the develo...
