Business

RMAFC Charges Stakeholders on the Implementation of Recommended Remuneration Packages

Published

5 days ago

February 27, 2025

Joel Ajayi

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has reiterated the need to ensure adherence to constitutional provisions in implementing its recommended remuneration packages for political, public, and judicial office holders especially at the state and local government levels.

Speaking at a one-day workshop held at the Commission’s Headquarters today, Thursday, 27th February 2025, in Abuja, RMAFC Chairman, Dr. Mohammed Bello Shehu, OFR, emphasized that proper implementation of remuneration packages is crucial for ensuring good governance and reducing the cost of governance in Nigeria.

“The Commission had observed lapses in the implementation of its remuneration reports at the state and local government levels, as revealed in our 2019 pilot monitoring exercise. Many states have adopted the Commission’s recommendations without the required legislative action, thereby contravening constitutional provisions,” Dr. Shehu stated.

He further highlighted that the disregard for the prescribed remuneration package for elected councilors at the local government level remains a key concern. “Respect for the remuneration package at all levels of government will go a long way in promoting transparency and fiscal discipline in governance,” he added.

Earlier in his welcome address, the Federal Commissioner representing Gombe state in the Commission Hon. Mohammed Kabeer Usman, who is the Chairman of the Remuneration and Monetization Committee, underscored the importance of the workshop in addressing challenges in the implementation process.

“The determination of remuneration packages for political, public, and judicial office holders is one of the core functions of the Commission, as provided under the 1999 Constitution. This workshop serves as a platform to educate stakeholders and ensure compliance with constitutional requirements,” Hon. Usman stated.

He urged participants to actively engage in deliberations, emphasizing that the knowledge gained from the workshop should be applied to facilitate the proper execution of remuneration packages at the state and local government levels.

Also speaking, the representative of the Chairman of the Association of Local Governments in Nigeria (ALGON), Dr. Aminu Hassan, in his goodwill message, expressed optimism that the workshop would foster collaboration between state executives and legislatures.

“ALGON hopes that this workshop will go a long way in cementing a symbiotic relationship by the executives of their respective states and the legislatures, ensuring that we implement a single remuneration for executive political office holders,” he stated.

In her goodwill message, the Chairman of the Forum of Clerks of the Nigerian Legislature (FOCON), Barr. Rukayyatu Adamu Jalo expressed appreciation to the RMAFC Chairman for including FOCON in the workshop. She disclosed that it was the first time the forum was being recognized. Barr. Jalo acknowledged the value the workshop would add to its members.

Delivering the vote of thanks at the end of the opening ceremony, the Secretary to the Commission, Engr. Joseph Okechukwu Nwaze expressed gratitude to the Chairman for organising the workshop and commended the commissioners for their participation. He assured everyone that the workshop would provide valuable insights and practical takeaways to aid the effective implementation of remuneration packages.

The workshop brought together key stakeholders, including state executive representatives, state legislators, and local government officials, to address critical issues in the implementation of RMAFC’s remuneration recommendations.

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Business

Ooni Of Ife Lauds TAJBank’s Partnership With AIFC

Published

1 day ago

March 3, 2025

The Gleamer

Ibrahim Lawal

His Royal Majesty Ooni of Ife, Oba Enitan Ogunwusi, has commended TAJBank Nigeria for its partnership with Astana International Financial Centre (AIFC) Kazakhstan, to promote non-interest banking, boost Nigeria’s merchandize trade with Asian countries, and improve the country’s foreign exchange (FX) earnings.

The foremost traditional ruler in Yorubaland lauded the TAJBank’s management on the collaboration during the signing of the Memorandum of Understanding (MoU) in Abuja, which formalizes the framework between the two partners to leverage the opportunities of non-interest banking for the benefits of Nigerians, Asians and their businesses.

The royal father, who recalled TAJBank’s remarkable efforts to deepen financial inclusion through the non-interest banking model in the country over the past few years, said:

“I believe this MoU between TAJBank and AIFC is another initiative that I strongly feel will foster export ties between Nigeria and Kazakhstan.

“We look forward to better international trade involving cocoa and other commodities as I hear that you have the best chocolates in Kazakhstan”, Oba Ogunwusi added.

Specifically, the MOU aims to promote and develop non-interest banking products and services within Nigeria, adhering to Islamic financial principles, streamline and secure the management of export proceeds, particularly of agricultural commodities such as cocoa, exploring innovative financial instruments and mechanisms to strengthen trade finance and provide robust support to Nigerian exporters.

In addition, the deal seeks to fortify trade relationships between Nigeria and Kazakhstan, as well as other Central Asian nations, by identifying and pursuing opportunities for joint ventures, strategic investments, and enhanced trade financing to drive economic cooperation.

Commenting on the deal, TAJBank’s Founder/Managing Director, Hamid Joda, enthused: “This is another landmark deal in our sustained drive to demonstrate to Nigerians that TAJBank is totally committed to support their businesses irrespective of the location.

“We are excited to have our Royal Father, the Ooni of Ife here at this event, which is a clear demonstration of his endorsement of our partnership with the AIFC. I assure all our customers and potential ones that TAJbank will continue to do its best to support them with world-class non-interest banking products and services”, Joda added.

In his brief remarks on the pact, AIFC’s Director, Yernar Zhanadil, said: “Your Majesty, the Islamic market in Kazakhstan is untapped; the market has over eight million users. We can issue Ijara or Sukuk using Nigeria’s model. It has so much potential.

With the Ooni’s involvement and TAJBank, I am even surer of the immense benefits of the MoU for bank customers and the economies of the two countries.”

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