Connect with us

Money market

UBA Foundation opens portal for NEC 2022, set to receive digital applications, prize money up 40%

Published

on

UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has announced the commencement of the 2022 edition of its National Essay Competition (NEC) in Nigeria with a call for entries.

The annual National Essay Competition (NEC) is part of UBA Foundation’s education initiative which is aimed at promoting literacy and encouraging healthy and intellectual competition amongst senior secondary school students in Nigeria and across the African continent.

Now in its 12th edition, this year will witness increased participation of students from Senior Secondary Schools across Nigeria, who are now able to submit their entries with ease from the comfort of their homes or schools through the UBAF NEC digital submission portal: https://www.ubagroup.com/national-essay-competition/

For the past three years, UBA Foundation has been reviewing the prizes upwards to reflect economic realities and inflationary effects. The NEC 2022 prizes have increased significantly by 40per cent from last year.

The first prize winner will receive an educational grant of N5 million to study at any African university of their choice, up from the N3.5 million in 2021. The second and third prizes now stand at N3 million and N2.5 million educational grants rising from N2.5m and N2 respectively.

Also, winners of the 12 best essays will go home with brand new laptops and other educational tools to help them with their tertiary research work and other studies.

The Chief Executive Officer, UBA Foundation, Mrs. Bola Atta, said that with the digital submission portal, more students in secondary schools across the country will have the opportunity to scan and send in their entries and compete to win educational grants for study at any university of their choice on the African continent.

She said, “Over time, we have worked hard to ensure that our UBA Foundation programmes continue to impact lives in meaningful ways. We realise that the use of technologically driven initiatives is part of the modern day and we would like to reach students in their comfort zones.

“Every Nigerian high school student who wishes to, will be able to enter for the NEC 2022 and stand a chance to win a fully funded University education through the UBA Foundation,” Atta said.

The essay topic for this year is: ‘ASUU Strikes have often cost Nigerian students time. Advise the Nigerian government on how they can reach an agreement with ASUU to improve tertiary education in the country.’

All essays must be handwritten (not typed) and students have up until October 14th, 2022 to upload the scanned copies of their handwritten entries as well as their IDs on the digital portal at www.ubagroup.com/national-essay-competition. No physical copies will be accepted this year.

The submissions will be evaluated by judges who are professors from reputable Nigerian Universities. The professors will select the top 12 finalists who will take home consolation prizes including personal computers. These 12 finalists will write another supervised essay where the top three winners will be announced at the grand finale to be held in November at UBA’s head office in Lagos, Nigeria.

The National Essay Competition has been rolled out in other African countries where UBA operates, in order to open up the opportunity for more African children.

UBA Foundation embodies the UBA Group’s CSR objectives and seeks to impact positively on societies through several laudable projects and initiatives. The Foundation through its Education pillar has donated hundreds of thousands of books to students across Africa under the ‘Read Africa’ initiative aimed at encouraging and promoting the reading culture in African youths. Its National Essay Competition has also afforded the opportunity to hundreds of students to improve their lives through higher education.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Money market

MDAs remitted N835.7bn revenue to FG in February – Minister

Published

on

The Minister of Finance and the Coordinating Minister of Economy, Wale Edun, has disclosed that the revenues of government-owned enterprises, ministries, departments and agencies increased to N835.70bn in February.

This figure indicates a growth of N681.45bn or 441.78 per cent from N154.25bn MDAs remitted in the same period of 2022.

The minister stated this during a presentation titled “Reconstructing the Economy for Growth, Investment and Climate Resilience Development,” delivered at the Lagos Business School Breakfast Club, which was obtained by our correspondent.

Edun said the government had automated a two-time daily sweep of 50 percent of MDAs and GOEs internally generated revenue since January 2, 2024, leading to more remitted earnings.

“There is an increasing revenue contribution of MDAs and GOEs, growing from 154.25 in February 2023 to 835.70bn in February 2024 through an automated two-times daily sweep of 50 per cent of MDAs and GOEs IGR since January 2, 2024,” he stated.

Recall that in December 2023, the Federal Government, through the Ministry of Finance, directed all MDAs to remit 100 percent of their internally generated revenue to the Sub-Recurrent Account, which is a sub-component of the Consolidated Revenue Fund.

The government stated in a circular that the directive was to improve revenue generation, fiscal discipline, accountability, and transparency in the management of government financial resources and prevent waste and inefficiencies.

“All Ministries, Departments, and Agencies that are fully funded through the annual Federal Government budget (receiving personnel, overhead, and capital allocation) and on the schedule of the Fiscal Responsibility Act, 2007 and any addition by the Federal Ministry of Finance should remit 100 per cent of their internally generated revenue to the Sub-Recurrent Account, which is a sub-component of the Consolidated Revenue Fund,” the circular read.

The finance minister emphasised that augmenting revenues was a crucial aspect of a comprehensive execution strategy aimed at achieving a 78 per cent year-on-year rise in budgeted revenue for 2024.

He underscored the importance of implementing an upgraded government revenue assurance model, adding that the target was to reduce the budget deficit from 6.1 per cent of GDP in 2023 to 3.9 percent.

“We have set out a robust execution plan for a 78 percent y-o-y increase in budgeted revenue in 2024, but implementing enhanced the government’s revenue assurance model is critical with a target budget deficit of 3.9 per cent of GDP from 6.1 per cent in 2023.”

Edun underscored the government’s strategy of increasing the pricing of government securities, which had successfully attracted dollar inflows but at a higher cost to the government.

He further stated that the government had revamped the process for the commencement of 2024 capital expenditure payments by MDAs and GOEs through direct payments to contractors and employed prudent measures to minimise redundancy and reduce leakages through digitisation.

He said, “We have taken prudent expenditure measures by minimising unnecessary redundancy, reducing leakages through digitisation and eliminating inefficiencies. There is also a revamped process for the commencement of 2024 capital expenditure payments for MDAs and GOEs, which is through direct payments to contractors while promoting a government-wide cost curtailment culture across all MDAs & GOEs.”

Continue Reading

Money market

Naira makes huge recovery, gains 7.2% against dollar

Published

on

The Naira on Friday experi enced huge appreciation at the official market, trading at N1,142.38 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N88.23.

This represents a 7.16 percent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.61 to a dollar before the Sallah holiday.

The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday.

Meanwhile, at the Investors and Exporters (I&E) window, the Naira traded between N1,265 and N1,100 against the dollar.

Economic experts have continued to praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.

The CBN, during its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases.

This helped tackle dollar scarcity, reduced volatility, and decreased reliance on parallel markets.

Continue Reading

Money market

Naira makes huge recovery, gains 7.2% against dollar

Published

on

The Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N88.23.

This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.61 to a dollar before the Sallah holiday.

The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,265 and N1,100 against the dollar.

Economic experts have continued to praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.

The CBN, during its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases.

This helped tackle dollar scarcity, reduced volatility, and decreased reliance on parallel markets.

Continue Reading

Trending