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BREAKING: FG Collects Over N10trillion From TSA

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The Federal Government has collected over N10 trillion from the implementation of the Treasury Single Account (TSA) from 1,674 MDAs.

Office of the Account General of the Federation (OAGF) made this disclosure on Thursday at Peer Review Mechanism of Ministries Departments and Agencies (MDAs) 2019 in Abuja to the Head of Civil Service of the Federation.

The OAGF while making its presentation stated that under TSA, the government has been able to save over N45 billion monthly in interest on Ways and Means that it used to pay before the full implementation of the TSA.

It was also disclosed that N50 billion revenue from funds have so far been mopped from commercial banks as a result of TSA implementation.

Other achievements recorded since TSA became fully operational include the: Elimination of cash handling costs; ability to determine consolidated Federal Government cash position; Significant improvement on Federal Government liquidity position; improved revenue collection mechanism through e-collection; Oversight on government cash and better cash management capabilities; reduction in money supply and cost of managing liquidity and 24/7 online collection and payment systems; TSA has started full implementation of foreign currency component of TSA.

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The OAGF also stated that “from available information, the status of the budget implementation in 2017 was 67%.”

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Business

5 Mistakes To Avoid When Starting A New Business

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Starting a business is not an easy task and being in a position to run it successfully can become a challenge if you do not have a plan or goals.

Failing to find a better way to get the best out of your new business can trigger you to make poor decisions which in turn can lead to being a business setback.

To put yourself at a better place for a successful business, avoid making these mistakes;

1. SETTING UP YOUR BUSINESS WITHOUT A PLAN

Before starting you new business, it is good to go through the planning phase so that you have a rough idea of what the business will entail as well as the market for your goods or services.

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2. FAILING TO HAVE SPECIFIC GOALS

Setting smart goals before starting your business helps you to remain on the track as you go about your daily activities.

3. INADEQUATE FINANCES

It is worth noting that money is one of the main causes of business failure. Ensure that you have adequate finances for your new business so that you can comfortably run it, otherwise, it will fail in no time.

4. DOING IT ALL BY YOURSELF

For your business to succeed, it is good that you seek advice or support from your friends or other business owners and learn about different tricks to succeed in your place of expertise.

5. IGNORANCE OF MARKETING

Before settling on a business idea, take note of the marketing strategy you will employ as this will greatly affect your business progress and success.

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Business

Adesina Wins African Of The Year Award

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Adesina

African Development Bank President Dr Akinwumi Adesina received the African of the Year Award from the All Africa Business Leaders Awards (AABLA™), Thursday night, in recognition of his bold leadership and the innovation of the Africa Investment Forum which “opened up billions of dollars of investment into the continent.”

The ninth edition of the awards, organized by AABLA™ in conjunction with CNBC Africa, seeks to honour leaders who have contributed and shaped the African economy.

The Africa Investment Forum (https://AfricaInvestmentForum.com/), inaugurated in 2018, has been a trailblazer in tilting investments into the continent. The second edition of the Forum which was held in Johannesburg, South Africa ended on 13 November. It was attended by over 2,000 delegates and secured investor interest worth $40.1 billion – up from $37.1 billion the previous year.

“It is indeed a great honour,” Dr Adesina said in remarks during the exclusive gala dinner held at the Sandton Convention Centre in Johannesburg, at which the awards were announced. Adesina added that he was overwhelmed to follow in the footsteps of his “big brother” President Paul Kagame of Rwanda, who won the award in 2018. “My heartbeat is to serve the people of Africa,” Adesina said.

The event was attended by an A-list of business leaders, government representatives including David Makhura, Premier of Guateng Province, who gave the opening address. The event also attracted some of South Africa’s leading personalities. Vibrant music was provided by The Muses, a south African all-female string quartet and “Dr Victor And The Rasta Rebels.”

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The awards are decided by a jury of continent-wide judges led by Sam Bhembe, CNBC Africa Non-Executive Director, following evaluation of a shortlist of finalists to determine the overall category winners.

Bhembe said the award reflected how the winner would “shape the future of the African continent,” and that the winner would brace the cover of a special edition of Forbes Africa.

In other categories of the 2019 awards, Nigerian Co-Founder of Kobo360, Obi Ozor won Young Business Leader of the Year; Naspers CEO: South Africa, Phuthi Mahanyele-Dabengwa took the Business Woman of the Year award; while Nedbank, won the Company of the Year award.

Adesina dedicated his award “to the people of Africa who inspire me… I do not work alone.” He also said it was very rewarding to be at the helm “of an organisation that paves the way to progress.” Enditem

SOURCE: African Development Bank Group (AfDB)

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Nigeria Earned N275bn From VAT In Q3 — NBS

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NBS

The country earned a total of N275.12 billion from Value Added Tax in the third quarter of this year, figures released by the National Bureau of Statistics have revealed.

The NBS in its VAT report which was released on Monday said the N275.12 billion earnings represents a decline of N36.82 billion when compared with the N311.94 billion generated in the second quarter.

The report stated that during the period, professional services generated the highest amount of VAT with N32.09 billion.

This is closely followed by other manufacturing which generated N30.27 billion; while commercial and trading activities generated N14.47 billion.

It added that mining generated the least and it was closely followed by textile and garment industry, pharmaceutical, soaps and toiletries with N44.30 million, N253.83 million and N291.06 million generated respectively

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The report stated that out of the total amount generated in 2019, N150.74 billion was generated as Non-Import VAT locally while N63 billion was generated as Non-Import VAT for foreign. The balance of N61.37 billion was generated as NCS-Import VAT.

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