Business
Customs, Immigration, 13 Others Fail To Remit N127.13bn – Report
The Office of the Auditor General of the Federation (OAuGF) has disclosed that 15 Ministries, Departments, and Agencies (MDAs) failed to remit N127.13bn revenue to the Consolidated Revenue Fund between 2017 and 2019.
The OAuGF made this known in its 2019 Annual Report on Non-Compliance, Internal Control, and Weakness Issues in MDAs of the Federal Government of Nigeria for the year ended December 31, 2019, which was submitted to the National Assembly.
The CRF was created by Section 80(1) of the 1999 Constitution which states that “all revenues or other sums of money raised or received by the Federation (not being revenues or other money payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation”.
According to the audit report, the finance circular issued on November 11, 2011, with reference number BO/RVE/12235/259/VII/201 requires all agencies to limit their utilisation of Internally Generated Revenue to not more than 75 per cent of the gross revenue while the balance of not less than 25 per cent should be remitted to the CRF.
In view of this requirement, the OAuGF observed that, “the sum of N127,129,212,622.58 (One hundred and twenty seven billion, one hundred and twenty nine million, two hundred and twelve thousand, six hundred and twenty two naira, fifty eight kobo) was the amount of revenues/internally generated revenues not remitted to relevant authorities by fifteen (15) Ministries, Departments, and Agencies”.
The agencies found in violation of the requirement are the Nigeria Customs Service headquarters, Abuja; Nigerian Institute for Oil Palm Research, Benin; Veterinary Council of Nigeria; Kwali Area Council, Abuja; Lagos University Teaching Hospital; National Orthopedic Hospital, Lagos; and the Federal Medical Centres in Keffi, Yenagoe and Ondo.
Others include the Nigeria Ports Authority, Council for Legal Education, National Industrial Court of Nigeria, Nigerian Immigration Service, and the Anambra-Imo River Basin Development Authority, Owerri.
The report said that Customs had the highest amount of unremitted revenue with N125.8bn while the Anambra-Imo River Basin Development Authority, Owerri had the least amount of N5.3m.
A closer look at the report shows that the sum of N125.8bn is the aggregate of remittance discrepancies discovered in the records of the NCS in 2017.
The first discrepancy, the report noted, was discovered upon examination of the NCS’s summary of monthly revenue collection in 2017 and the NCS’ collections and remittances into the federation account 2017.
“The audit observed that in the report of NCS’s summary of monthly revenue collection in 2017, total collections for the federation account were N691.26bn.
“However, the report of NCS’s collections and remittances into the federation account in 2017 showed actual remittance into the federation account with the CBN for the year under review to be N629.23bn. A comparison of these two documents revealed an under remittance of N62.24bn”, the report stated.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter