Business

DPR Generates N1.3tn Revenue In 2018

Published

6 years ago

January 22, 2019

Mr Mordecai Ladan, Executive Director, Department of Petroleum Resources (DPR) says the organisation generated N1.3 trillion as revenue and additional 200 million dollars from legacy indebtedness in 2018. Mordecail Ladan, DPR Executive Dirrector Ladan made this known at the opening of a workshop on Revenue Generation, Accounting and Reporting Process to the Federation Allocation Accounting Committee (FAAC) in Abuja, on Tuesday. The workshop was organised by the Office of the Accountant-General of the Federation (OAGF). Ladan, represented by Mr Adewale Johnson, said that the DPR had over the years been working assiduously to shore up federation government revenue profile. “In DPR, to shore up our revenue we embarked on reducing approval time for permit certificates as it now takes 48 hours to get approval for permits. “All our interventions are to ensure that revenue accruable to the federation account comes in as soon as possible and in 2018, for the first time, we collected N1.3 trillion as revenue for the year.’’ Edo LGAs receive N3.2bn as September allocation The Minister of Finance, Mrs Zainab Ahmed, while declaring the workshop open, called on revenue generating agencies to re-strategise on their operational methods to surpass their previous records and targets. The minister was represented by Mr Mohammed Dikwa, the Executive Secretary, Presidential Initiative on Continuous Audit (PICA). According to Ahmed, low oil price and low revenue performance by some of the agencies result in low revenue, which in turn necessitate the introduction of series of palliative measures by the Federal Government to support states in payment of salaries. They include bail-out funds of N10 billion to each of the 35 states that had outstanding salary payments, restructuring of commercial loans and Budget Support Facility which the 35 states also participated in. She added that from the repayment of the Paris Club funds over deductions, N1.38 trillion was paid to the states in three tranches. Ahmed, however, said that there was the urgent need on the part of all revenue generating agencies to ensure accountability and transparency in the collection and remittances to the federation account. She said that the revised reporting template would provide in transparent manner information on revenue generation. “The reforms introduced by the OAGF and the various agencies should as much as possible lower the time-lag between collection and remittance into the federation account. “The reporting template should be explicit enough and user friendly too,’’ she said. Mr Ahmed Idris, the Accountant-General of the Federation, said that President Muhammadu Buhari had approved a new and improved performance management framework for Government Owned Enterprises (GOEs) to raise revenue generation and remittances. He said that performance contracts for Chief Executive Officers (CEOs) to set targets for revenue generation would be set, while mandatory regular monitoring to ensure monthly publication of revenue and expenditure performance would be carried out. Financial inclusion : Fidelity Bank doles out N16m to 13 customers Idris also said that quarterly remittance of interim operating surplus by GOEs would replace the annual remittance. Idris added that the OAGF was working on modalities of establishing revenue department in GOEs to be manned by its staff. The workshop was also attended by Mr Babatunde Fowler, the Executive Chairman, Federal Inland Revenue Service, representatives of the Nigerian National Petroleum Corporation (NNPC) and the Nigeria Customs Service. They all expressed their willingness and commitment to ensuring that remittances to the federation account were done transparently and timely.

Business

Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

Published

1 day ago

November 6, 2024

august24admin

Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

AJAGBE ADEYEMI TESLIM

Business

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Published

2 days ago

November 5, 2024

august24admin

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

AJAGBE ADEYEMI TESLIM

Business

Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

Published

2 days ago

November 5, 2024

august24admin

Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

L-R: Adebowale Shonekan, Head, Network Communications (Group & Subsidiaries), Access Bank Plc; Chukwudi Amadi, Team Lead, Digital Communications, Access Holdings Plc; Ezinne Nwene, Team Member, Digital Communications, Access Holdings Plc, receiving the Best Digital Commercial Bank award from Abbas Babagana, Chief Technical Officer, Federal Ministry of Communications & Digital Economy at the Digital Jurist Awards held in Lagos… recently.

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards.

At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers.

We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence.

Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.