The National Pension Commission’s report for the month of February 2019 shows that pension contributors reached 8.56 million in February this year. The number increased by 1 percent when compared to the about 8.4 million contributors that had been maintained since December. The report also shows that investments in FGN securities hit ₦6.51 trillion, up from ₦6.37 trillion in the preceding month. The FGN Securities constitute 73.12 percent of the total Pension Assets Class and the breakdown shows that FGN Bonds top the asset class under the FGN securities, with ₦4.49 trillion, indicating 50.43 percent of the total FGN security. A higher proportion of Pension contributions under the FGN securities, according to analysis, are invested in Bonds, while T-bills, the second most invested with ₦1.90 trillion, represent 21.4 percent. Other items under the FGN securities include Agency Bonds, Sukuk, and Green Bonds. The PenCom data also shows that funds in the Retirement Savings Account increased by 2 percent between January and February 2019, where the total RSA funds in January, stood at ₦6.66 trillion, while it increased to ₦6.78 trillion in the period under review. The RSA funds were remitted into 966,155 employees’ accounts, across 2,044 organisations. A further analysis of the report shows that the contributors under age 30 improved by 2 percent from 799,169 in January 2019, to 816,656 in February. However, this figure is still low when compared to the other age groups in the report. In total, contributors under age 30 constituted only 10 percent of the total contributory pension scheme. Specifically, contributors aged 30 and 39 years record the highest with 36 percent of total pension scheme contributors while contributors aged 40 and 49 ranks second.
Data from the NBS shows that inflation rate in Nigeria increased to 11.37 percent in the month of April 2019 from 11.25 percent in March 2019, indicating a 0.12 percent rise. The report released on Wednesday shows that the headline index increased by 0.94 percent on a month-on-month basis in April 2019, which is 0.15 percent higher than 0.79 percent recorded in March. The NBS said that the percentage change in the average composite CPI for the 12 months period ending April 2019 over the average of the CPI for the previous 12 months was 11.31 percent, showing 0.09 percent points from 11.40 percent recorded in March 2019. The statistics office said the urban inflation rate increased by 11.70 percent year-on-year in April 2019 from 11.54 percent recorded in March 2019, while the rural inflation rate increased by 11.08 percent in April from 10.99 percent in March same year. The urban index on a on a m-o-m basis, rose by 1 percent in April, up by 0.19 from 0.81 percent recorded in March 2019, while the rural index also rose by 0.90 percent in April, up by 0.13 percent from 0.77 percent recorded in March 2019. The corresponding 12-month y-o-y average percentage change for the urban index was 11.69 percent in April, lesser than 11.78 percent reported in March 2019, according to the NBS, while the corresponding rural inflation rate in the month under review was 11 percent compared with 11.08 percent recorded in March 2019. The composite food index rose by 13.70 percent in April as against 13.45 percent in March 2019. The NBS said the rise was attributed to increases in meat, fish, oils and fats, bread and cereals, milk, cheese and egg, potatoes, yam and other tubers, fruits and vegetables. The food sub-index increased by 1.14 percent on m-o-m basis in April, up by 0.26 percent points from 0.88 percent recorded in March 2019. The report shows that the average annual rate of change of the food sub-index for the 12-month period ending April over the previous 12-month average was 13.34 percent, 0.08 percent point from the average annual rate of 13.42 percent change recorded in March 2019.
The Nigerian Maritime Administration and Safety Agency says it generated and contributed over ₦22.9 billion to the Consolidated Revenue Fund in 2018. This is the highest contribution from the agency since its inception. Speaking before the Senate Committee on Marine and Transport in Abuja, NIMASA’s Director-General, Dakuku Peterside, said that the agency has proposed total budgeted revenue of ₦112.1 billion for the 2019 fiscal year and put its personnel emolument at ₦20.1 billion. The breakdown of the proposed amount shows that the agency’s overhead will account for ₦24 billion, capital expenditure, basically to fund ongoing maritime projects stands at ₦17.6 billion, while the maritime fund projects will cost ₦71.01 billion. According to Peterside, the agency’s contribution to the consolidated revenue fund had consistently been on the increase in the past three years. The agency would be focusing on closing out all ongoing projects this year, as it will pay special attention to maritime safety.
The Nigerian government says it can seize assets from citizens who cannot explain the source of their wealth. The Vice President Yemi Osinbajo said this while declaring open an anti-corruption conference organised by the office of the vice president and the Presidential Advisory Committee Against Corruption in Abuja. According to the VP, the Supreme Court in a lead judgment of Akaahs JSC, recently held that forfeiture under Section 17 of the Advanced Fee Fraud and Other Related Offences Act is a civil process which neither requires the criminal conviction of the property owner nor his innocence. This means that there shall be forfeiture of assets that the purported owner cannot explain, whether or not an allegation of corruption is made. The VP said the present administration led by Muhammadu Buhari is poised to deal with the wider problem of systemic corruption; especially where the average person interacts with government, including the process of the issuance of contracts, licenses and other government approvals. For instance, there is no reason any Nigerian should have to give bribes to law enforcement agents for obtaining drivers’ licenses or passports or to clear goods at the ports. Corruption, Osinbajo said, has made Nigeria’s debt and poverty figures double in spite of the highest oil revenues in country’s history.