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Exclusive: Plateau State in hidden financial crisis – N307 billion debt revealed

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Caleb Mutfwang

Governor Caleb Mutfwang of Plateau State has received reports from the Committee on a Four-Year Strategic Development Blueprint for Plateau State and the Plateau State Transition Committee. The reports, presented by Prof. Ganyir Lombin, provided insights into the state’s debt burden and the challenges faced by the previous administration. The debt inherited by the current administration amounts to a staggering N307 billion.

During the presentation at the New Government House in Little Rayfield, Jos, Governor Mutfwang assured everyone that the reports would not be neglected. He emphasized the importance of studying them thoroughly, conducting further investigations, and taking appropriate actions. The Governor expressed concern over the unexpected debt burden, which was initially believed to be around N200 billion. However, he remained optimistic about overcoming the challenges, particularly the issue of security, with the deployment of new security personnel and the appointment of a Special Adviser on Security.

Governor Mutfwang reiterated his commitment to fulfilling his constitutional mandate of safeguarding the lives and property of the people of Plateau State. He emphasized the need to restore Plateau State’s legacy as a Home of Peace and Tourism within a short period.

Prof. Ganyir Lombin, who headed the two committees, expressed gratitude for the opportunity to serve the state but highlighted operational challenges that prevented a joint presentation. He lamented that the outgoing administration of Barr. Simon Lalong did not provide the committee with the opportunity to contribute to the handover documents submitted before May 29, 2023.

Prof. Lombin pointed out that the handover notes presented by the outgoing administration on May 29, 2023, lacked necessary details and did not follow the agreed template developed by the Joint Committee. The revenue accrued to the Plateau State Government from May 2015 to May 2023 was stated as N872 billion, while the total expenditure was provided only up to December 2022, amounting to N810 billion. The absence of expenditure figures from January to May 2023 raised concerns and called for further scrutiny.

The committee highlighted other pressing issues, including a backlog of four months’ unpaid salaries to public servants, totaling over N11 billion, and outstanding gratuity and pension arrears amounting to N24 billion. The Legacy Projects of the state were entangled in controversies and unresolved legal cases, hampering their implementation. Additionally, 3,692 government assets and properties, including cars and houses, were sold at significantly low prices, both within and outside the state, requiring further investigation and appropriate action.

Prof. Lombin acknowledged the significant challenges inherited by Governor Caleb Mutfwang, including a near-bankrupt state, weak institutions, low public morale, and a high level of insecurity. Despite these obstacles, he commended the Governor’s determination to succeed in pursuing the collective interests of the people of Plateau State.

The reports presented valuable insights into the state’s financial situation and will serve as a foundation for the Mutfwang administration’s efforts to address the challenges ahead. The Governor’s commitment to transparency, accountability, and resolving the inherited issues is crucial for restoring the state’s stability and fostering development.

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NAICOM Begins Issuance of New License Certificates to Recapitalised Firms

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BY NKECHI NAECHE-ESEZOBOR—National Insurance Commission (NAICOM), on Tuesday presented new Licence Certificates to insurance companies that successfully met the Commission’s new minimum capital requirements.

In his opening remarks, the Commissioner for Insurance (CFI) congratulated the successful companies and stated that the issuance of the new licences marks a significant milestone in the recapitalization programme.

He noted that the development signals the beginning of a new regulatory era focused on stronger capitalization, improved corporate governance, enhanced product innovation, and the Commission’s broader drive to build a stronger, more resilient, and globally competitive insurance industry in Nigeria.

The Commissioner urged the companies to leverage their enhanced capital base to drive innovation, develop new products, and deepen insurance penetration across the country.

He emphasized that the Commission has high expectations for professionalism, innovation, operational efficiency, and improved returns on investment, noting that the successful completion of the recapitalization programme positions the industry for the next phase of regulatory reform.

He further announced that the Commission’s next major regulatory initiative will be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels will be aligned with the risks inherent in their business portfolios.

The Commission reaffirmed its commitment to removing regulatory impediments where appropriate while maintaining robust oversight and enforcing standards that protect policyholders and strengthen market confidence.

A total of 43 insurance companies that were declared compliant with the new capital requirements are expected to receive their new licences from the Commission.

The issuance of the certificates marks the commencement of a phased transition to higher capital standards aimed at enhancing the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.

The post NAICOM Begins Issuance of New License Certificates to Recapitalised Firms appeared first on Business Today NG.

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Disney+ looks to TikTok creators to bring fan content to its short-form video feed

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Disney is partnering with TikTok to bring Disney-focused fan content directly into the Disney+ app. The companies are starting with a pilot program in the U.S. in the coming months, and plan to expand to additional markets later on.

As part of the agreement, fan-made videos on TikTok about Pixar, Marvel and Star Wars will also be featured in the “Verts” section of Disney+, the streamer’s short-form video feed that rolled out a few months ago. 

Disney has been working to flesh out the amount and variety of content on the video feed. The company late last year committed to making a significant $1 billion investment in OpenAI as part of a three-year licensing deal that would let people create short videos using Disney characters on the AI lab’s video generation platform, Sora. However, those plans fell through after OpenAI suddenly decided to shut down Sora in March.

This partnership with TikTok seems like a natural progression of that, especially as many streaming platforms are competing with social platforms for users’ attention. This competition is partly why Disney launched the Verts feature in the first place, along with Netflix, HBO Max, and Prime Video

The deal also indicates that Disney is acknowledging that the next generation of talent is on social media. The company said that, through the newly launched Disney Creator Ambassador Program, TikTok creators will gain access to the media giant’s vast library of content, as well as opportunities to earn rewards, increase visibility, access exclusive events, and career opportunities. 

Other streaming services, such as Tubi and Peacock, have collaborated with TikTok creators to produce original long-form content for their platforms.

The timing of the announcement aligns with Disney’s Q3 results. The company reported its subscription video-on-demand (SVOD) operating income more than doubled to $712 million from $329 million a year earlier. Plus, in a restructuring move, Disney has decided to shift its consumer products business from the Experiences division to Studios.

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