Business
FG Submits 38 Agencies’ Budgets To Senate
The submission of 38 agencies’ budgets to the Senate was in line with the Fiscal Responsibility Act, 2007, an official of the Ministry of Budget and National Planning has said.
The official, Mr James Akpandem, Media Adviser to the minister, Sen. Udoma Udo Udoma, gave the explanation in an interview with newsmen in Abuja on Thursday.
Akpandem recalled that President Muhammadu Buhari on Tuesday sent 2016 budget proposal of the 38 agencies to the Senate for consideration.
The agencies are NAN, Central Bank of Nigeria (CBN), Bureau of Public Enterprises, National Agencies for Science and Engineering Infrastructure, Nigerian Airspace Management Agency and Nigerian Shippers Council.
The list also contained National Maritime Authority, Raw Materials Research and Development Council, National Sugar Development Council, Nigerian Postal Service and Nigerian Ports Authority and Federal Airport Authority of Nigeria, among others.
He explained that the process was part of measures to correct the irregularities in budget processes and also to ensure effective implementation of 2016 budget.
“The one that was sent before was the Budget of the Country; but the one sent recently is the Budget of Agencies.
“These agencies are what we call self-generating agencies.
“They have their Boards and laws governing their operations. These agencies prepare their budgets and pass them through their respective governing boards.
“They are self-funding, that is, their activities are not funded from the budget of the country,’’ the official said.
Akpandem said that their budgets were supposed to go alongside the budget of the country to the National Assembly, but over the years this had not happened.
He said that the development had been there over the years, adding that some members of the National Assembly, subsequently, drew the attention of the President to the anomaly.
“This was because the President insisted that things must be done properly by all government agencies.
“The president then ordered that all budgets must pass through due process.
“The affected Departments and Agencies were therefore ordered to submit their budgets through the appropriate channels and get them properly approved,’’ he said.
He, however, said that revenue from these agencies had been captured in the revenue segment of the 2016 budget of the country and profits from their activities were retained in the account of government.
In addition, he confirmed to journalists that monies had been released for ongoing capital projects in various fields.
He also said that money had been released for new projects that had gone through the necessary procurement processes.
The official said that only very few new projects had gone through due process.
According to him, we still have up to April 2017 to implement the 2016 budget going by the 2016 Appropriation Act.
“As already pointed out by key actors of this government, the pace of implementation of the 2016 will greatly depend on revenue receipts.
“The revenue receipts have not been very favourable for some months now for very obvious reasons; but economic indicators in the last few weeks show that the trend is being gradually reversed.
“For instance, the inflation level which was high in June is not something that would last. It will go down drastically towards the end of the year.
“The high rate experienced in the past few months was triggered by exchange rate movements and once the exchange rate stabilises, it will go down.
“What we are experiencing right now is a one-off inflation, it cannot get worse; it is usually triggered by some forces, and once the trigger is down, the rate goes down also.
“When it left single digit into second digit, it was triggered largely by the drop in crude oil price in the global market,’’ Akpandem said.
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
