Business
Minister Challenges Accountants On Wastages, Leakages In Govt’s Revenue
The Coordinating Minister
for the Economy and Minister of Finance, Mrs Ngozi Okonjo-Iweala has challenged accountants to address leakages in government revenue and wastages in expenditure pattern.
Okonjo-Iweala, represented by her Permanent Secretary, Mrs Nwobia Daniel, gave the charge at the opening of a two-day retreat in Kaduna.
The retreat was for Directors of Finance and Accounts and Heads of Internal Audit in Federal Ministries, Departments and Agencies (MDAs).
The minister said the retreat was to remind them on the importance of their roles in the government’s transformation agenda.
“The Federal Government therefore, expects that the retreat will discuss issues that will tackle the challenges of leakages in government revenue and wastages in expenditure patterns in MDAs.
According to her, the participants are also expected to come up with strategies to ensure prudence in management of limited financial resources available for government’s use.
“At the end of the retreat, deliberate policies aimed at minimising corruption and strengthening the economy through efficient treasury management should be suggested to fine-tune the transformation agenda, “she urged.
She noted that the theme, “Transforming of Treasury Management in Nigeria,” was apt and timely, as it would address the increasing responsibilities and dwindling revenue of the government.
Okonjo-Iweala said the challenges confronting successful implementation of the Public Financial Management (PFM) includes: corruption, high cost of governance and inadequate legislation.
Others are non-compliance with due process mechanism, inadequate ownership of the reforms by public servants, poor motivation and emerging public performance reporting system.
She emphasised that the Office of the Accountant-General of the Federation (OAGF) was central and strategic to the PFM reform.
The reforms cover “Government Integrated Financial Management Information System (GIFMIS), Treasury Single Account (TSA), Integrated Payroll and Personal Information System (IPPIS).
“Development of National Chart of Accounts (COA), Modernisation of the Internal Audit Functions, Upgrading of Federal Treasury Academy and Adoption of International Public Sector Accounting Standards (IPSAs),” she said.
The minister said the reforms were meant to ensure efficient public expenditure management, curb corruption, improve government revenue, enhance transparency and accountability.
She, therefore, advised the office of the Accountant-General to seek effective inter agency interaction to bring all government revenue and expenditure under its safety net.
“An independent revenue collection averaging 50-55 per cent of budgeted figures is no longer acceptable.”
She also tasked the participants to brainstorm and recommend strategies that would enhance revenue collection, as well as assist government take right decisions for effective transformation of the treasury system.
On his part, the Accountant-General of the Federation, Mr Jonah Otunla said 36 MDAs out of the 394 had been trained on Government Integrated Financial Management Information System (GIFMIS).
He said that the remaining 358 would be trained in batches.
On the International Public Sector Accounting Standards (IPSAS), Otunla said that sensitisation and training were ongoing in the MDAs on the new format of reporting financial transactions of government.
He said the IPSAs cash basis would commence from 2014 financial year, while the accrual basis would come into operation by 2016.
He charged the participants to make recommendations on issues bodering on treasury management such as improving revenue base of government and addressing gap among treasury accountants.
Otunla also challenged them to suggest institutional restructuring of the nation’s treasury for improved performance, ways to address challenges of cash planning and expenditure discipline and forum for efficient public financial management.
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
