Connect with us

Economy

PenCom Develops App To Automate Pre-Retirement Enrollment

Published

on

PenCom Develops App To Automate Pre-Retirement Enrollment

The National Pension Commission (PenCom) on Tuesday announced that it had developed an online application to automate pre-retirement verification and enrollment.

A statement signed by the commission’s Head, Corporate Communications, Mr. Peter Aghahowa, in Lagos, said the application had the capability to register, verify and enroll prospective retirees of treasury-funded Federal Government Ministries, Departments, and Agencies (MDAs).

Aghahowa said PenCom would test-run the online enrolment application between Aug. 2 to 20 with selected MDAs.

READ ALSO: FG Inaugurates 16 Board Members Of PENCOM

He stated that the MDAs would be selected across the six geopolitical zones in the country, including the Federal Capital Territory (FCT).

“Accordingly, the online enrolment application would be hosted on the PenCom website.

“As a prelude to the formal deployment of the online enrolment application, PenCom would commence a pilot run of the exercise from between Aug. 2 to 20.

“This will be done with selected MDAs in the six Geo-Political Zones and the Federal Capital Territory (FCT) in order to test-run the application with real-time data,” he said.

He said the application would go live after a test run on a date to be announced by the commission in due course.

The PenCom spokesperson explained that the affected retirees or prospective retirees were expected to undergo the data recapturing with their respective Pension Fund Administrators (PFAs), as a pre-requisite for the online enrolment.

Aghahowa said the data recapturing entailed updating personal details and providing National Identification Number (NIN).

“However, retirees or prospective retirees who have already undergone the data recapture exercise with their PFAs are not required to repeat the exercise,” he said. 

Click to comment

Leave a Reply

Your email address will not be published.

Economy

Dollar To Naira Exchange Rate Today (Fri. Aug. 12, 2022)

Published

on

Dollar To Naira Exchange Rate Today (Fri. Aug. 12, 2022)

Dollar to naira, on Friday, August 12, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as foreign exchange (forex) trading closed at N419.22 per $1 on Thursday, August 11.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira is currently selling for N670, and being bought for N665 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

Continue Reading

Economy

FG Vows To Go Ahead With New Tax On Data And Call

Published

on

FG Vows To Go Ahead With New Tax On Data And Call

The Federal Government has vowed to go ahead with the planned implementation of a five percent hike in call and data tariffs.

A statement from the Federal Ministry of Finance Budget and National Planning maintained the tariff hike will go on despite resistance from Minister of Communication and Digital Economy Prof. Isa Ali Pantami.

The statement insisted the government will begin “the implementation of five percent excise duty tax on all voice calls, SMS and data services, in addition to the existing 7.5 percent Value Added Tax (VAT), paid for goods and services across all sectors of the economy”.

Minister of Finance Budget and National Planning Zainab Ahmed made the disclosure at a stakeholders’ meeting organised by the Nigerian Communications Commission (NCC), the telecoms industry regulator.

Ahmed, who was represented by the Assistant Director, Tax Policy, Federal Ministry of Finance, Budget and National Planning, Musa Umar, said: “Henceforth, the five percent excise duty will be collected by telecom operators and payment made to the federal government on a monthly basis, on or before 21st of every month.”

Reacting to Patanmi’s resolve to resist the tariff hike, Ahmed noted: “The five percent excise duty has been in the Finance Act 2020, but has never been implemented.

A circular stating the planned hike was addressed to the Communications and Digital Economy Minister and other relevant ministries and agencies of government.

Part of the circular reads: “This is to convey that his Excellency Mr. President has approved Supplementary Protection Measures (SPM) for implementation of ECOWAS Common External Tariff (CET) 2022-2026 and excise duties on non-alcoholic beverage, cigarettes and Tobacco products as well as telecommunication services with effects from 1st April 2022.

The circular signed by Ahmed adds: “A grace of ninety (90) days commencing from the date of implementation of this circular i.e April 1, 2022, shall be granted to all importers who had opened Form M and must have entered into irrevocable trade agreement before the coming into effect of this circular to process and clear these goods at the prevailing duty rates.

However new import transactions entered from the 1st of April 2022 will be subjected to the new import duty regime”.

Continue Reading

Economy

Nigeria’s Crude Oil Production Drops, Says OPEC

Published

on

Nigeria's Crude Oil Production Drops, Says OPEC

Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June, data from the Organisation of Petroleum Exporting Countries (OPEC) shows.

In its latest Monthly Oil Market Report for August 2022, OPEC stated that crude oil production figures based on direct communication indicated that Nigeria’s output dropped by an average of 74,000 barrels per day in July.

This implies that for the 31 days in July, the country lost about 2.3 million barrels of crude oil. The organisation further stated that the average cost of Brent crude, the global benchmark for oil, during the month under review was $105.12/barrel.

By losing 2.3 million barrels in July this year, it means Nigeria’s oil earnings fell by about $241.1m or N101.13bn (at the official exchange rate of N419.37/$) in the month under review.

Data from OPEC showed that Nigeria’s oil production in June 2022 was 1.158 million barrels per day, but this dropped to 1.084 million barrels per day in July.

The country had produced 1.024 million barrels per day in May this year, according to figures released by OPEC on Thursday.

The Federal Government, operators and experts have consistently fingered crude oil theft in the Niger Delta as the major reason for Nigeria’s poor output and its continued failure to meet the monthly oil production quota approved by OPEC.

Continue Reading

Trending