BugetIT: Gombe earns high ranking in 2023 Fiscal Transparency Report

Gombe State’s commitment to fiscal transparency and accountability has earned it a significant distinction in the 2023 Fiscal Transparency Index published by BudgetIT, a reputable fiscal policy tracking organization in Nigeria. The state has been ranked an impressive 6th out of 36 states, with a commendable score of 74/100. This achievement reflects Gombe State’s dedication to transparent budgeting, procurement practices, and online fiscal reporting. The report underscores Gombe State’s accomplishments in various key areas, including budget transparency, procurement transparency, the integrity of the state’s website, and fiscal transparency online. Particularly noteworthy is the state’s Medium Term Expenditure Framework (MTEF), which has been recognized as comprehensive and well-structured. The report acknowledges that Gombe State’s approved budget met several stringent criteria, while its e-procurement portal stood out for its accessibility and navigability. Governor Muhammadu Inuwa Yahaya’s administration has consistently demonstrated its commitment to fiscal transparency and accountability, earning Gombe State esteemed recognition both on a national and international level. Notably, the state recently secured the World Bank’s States Fiscal Transparency, Accountability, and Sustainability (SFTAS) award in multiple categories, a testament to the administration’s impactful efforts in prudent public resource management. Furthermore, Gombe State achieved a remarkable 7th position in Nigeria and clinched the top spot in the North East sub-region in the Transparency and Integrity Index by the Centre for Fiscal Transparency and Integrity Watch (CETIW). This recognitions affirmed the state’s position as a role model in good governance, financial prudence, and fiscal integrity. An associate professor and multi-disciplinary researcher, who also serves as the Director-General of Research and Documentation at the Government House, Dr. Mu’azu Shehu explained that based on his close monitoring of national and international open government and development ratings, Gombe State has performed credibly well in fiscal responsibility, transparency, and accountability. He noted that Governor Inuwa Yahaya’s leadership has been pivotal in fostering a culture of good governance and transparency, positioning Gombe State as one of the most transparent and well-governed in the nation. The remarkable strides taken by Gombe State underscores Governor Inuwa Yahaya’s unwavering commitment to international best practices, as he continues to drive comprehensive reform to enhance the state’s public finance management structure.

Transcorp Group records 31% revenue growth in H1 2023

Transnational Corporation Plc has reported its financial results for the first half of the year ended June 30, 2023, recording commendable growth across all its major indices. Trancorp is Nigeria’s leading conglomerate with investments in Power, Hospitality, and Energy sectors and has a shareholder base of approximately 300,000. The Group achieved an impressive revenue of N82.1 billion in the first half of 2023, compared to N62.9 billion in the period of 2022, marking a substantial 31% growth year-on-year while operating income also grew by 46% to close at N29.9 billion as of June 2023, compared to N20.5 billion in June 2022. The Group’s total revenue for the half year ended June 30, 2023, was N82.1 billion, compared to N62.9 billion in June 30 2022, signifying a 31% increase. Operating Income grew by 46% from N20.5 billion in June 2022 to N29.9 billion in June 2023. Operating expenses for the period ended June 30, were N15.9 billion, an increase of 40% compared to N11.3 billion of the corresponding previous year. In its financial report filed with the Nigerian Exchange (NGX), Transcorp reported a 39% growth in profit before tax to N18.5 billion in H1 2023, from N13.4 billion in H1 2022. Interest Cost declined by 9% to N6.6 billion in June 2023 from N6.1 billion in the same period under review. Transcorp continues to maintain a strong balance sheet, with Total Assets rising to N495.3 billion, representing a 12% increase over the N442.7 billion recorded at the end of June 2022, due to the increase in Debt and equity securities (+61%) and Trade and Other Receivables (+40%) which cushioned the effect of the decline in Inventories (+68%). Transcorp shareholders’ funds remained very strong at N176.3 billion up from N154.8 billion recorded in the same period in 2022, further reinforcing the company’s commitment to delivering long-term value to its shareholders. Commenting on the result, Transcorp’s President/Group Chief Executive Officer, Dr. (Mrs) Owen D. Omogiafo, said the Group continues to sustain growth and improvement, showing resilience despite, a challenging operating environment, characterised by foreign exchange volatility, gas supply constraints, and rising inflation, amongst others. “The first-half financial results affirm our dedication to driving innovation and seizing opportunities for sustainable growth, positioning Transcorp as a trailblazer in the Nigerian business realm. In spite, of the challenging environment, our power businesses (Transcorp Power Limited & Transafam Power Limited) have sustained revenue growth increase by 32% and 30% respectively while our hospitality continues to outperform across all indices. “We remain focused on efficiency, cost leadership, and meeting market demand to consistently deliver profitability and value to all our shareholders,” asserted Dr Omogiafo The Group’s diverse portfolio comprises strategic investments in the Power, Hospitality, and Energy sectors. Among its notable businesses are Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.