4 hours ago
3
Ebonyi State government and the Association of National Accountants of Nigeria (ANAN) has disclosed commitment to partner on deepening fiscal sustainability in public sector finance.
This commitment was given by both parties during the fifth Session of Association of National Accountants of Nigeria 2024 Mandatory Continuing Professional Development (MCPD) that was recently held at the Ecumenical Centre, Abakaliki, the capital city of Ebonyi State.
The event also witnessed the ad- mission of inductees into ANAN membership by the President of the Council, Dr James Ekerare Neminebor.
The 2024 hosting right for South East Zone (Ebonyi in focus), was granted by Nemimebor. The Mandatory Continuing Pro- fessional Development (MCPD) had in attendance the First Vice President of the Association, Hajiya Zuwaira Talatu Kishimi; Dr Ibrahim Babajide Awe Agboluga; the immediate past President of the Association, Professor Benjamin Osisioma, members of the Fellowship Committee and South East Executive members.
Risk management
In his address, the President/ Chairman of Council Association of National Accountants of Nigeria noted that the conference was aimed at sharing knowledge, skills and network for greater professional relevance.
“Our nation today is at a critical juncture in the wake of prevailing economic realities, the recent increase in fuel price, soaring inflation and skyrocketing high cost of living have raised concerns about the nation’s financial stability,’’ he said.
Adding, “As we navigate this challenges, effective risk management in public finance, is more crucial than ever, we must acknowledge the risk associated with fuel price volatility impacting transportation.”
Neminebor said that the choice of the theme; Risk Management in Public Finance, was its resolve to navigate a tremendously challenging economic landscape occasioned by the unprecedented economic realities globally.
Fiscal sustainability
In a lecture titled; Fiscal Sustainability and Risk Management in Nigeria Public Sector Budgeting, an Associate Professor of Accounting and Finance, Nigeria Defence Academy, Kaduna, Onipe Adabenege Yahaya, called on political leaders to embrace financial management. He noted, ‘‘the theme on Risk Management in Public Finance is apt in view of the critical moment the world is passing through.
“It involves the ability of the leaders to take care of the citizenry today and tomorrow, the nation is facing enormous challenges. “Fiscal responsibility involves the ability of the government to harness the nation’s resources for the betterment of the people, provide basic infrastructural needs of the people.
“Our economy is mono-economy, the nation only relies on oil exportation to earn the needed foreign exchange earnings.” He reiterated that the practical approach to achieving inclusive growth was to collectively re-en- gineer and change the status quo, which include how we do things.
“Without mincing words, Nigeria cannot do without professional body like ANAN, in her quest to keep the economy on tract and build public trust through increased transparency and accountability,” he stressed Associate Professor Yahaya, regretted that the crude oil the country was producing today has already been used as collateral for the loans obtained by the government.
Nwifuru on partnership
Delivering a keynote address at the event, Governor Francis Nwifuru, commended the management of the Association of National Accountants of Nigeria for insisting that the government has much value and respect for professionals especially, professional Accountants, considering their mission to engender accountability, transparency and financial management system.
Nwifuru, who was represented by the Speaker of the House of Assembly, Moses Ije Odunwa, stated that to achieve the new direction for improved economic development, the place of Accountants remain crucial and inevitable.
He appreciated ANAN’s advocacy on tax governance that focused on addressing non-compliance and systemic inefficiencies. The Governor expressed the commitment of his administration to collaborate with members of ANAN in its resolve to attain fiscal sustainability and financial discipline.
According to him, “You have been at the forefront of broadening the tax base, improved tax compliance, and administration matters that enhances tax collection, which is critical to enable the government deliver more assistance and the nation’s developmental expenditures and longer-term reform agendas,”
He said that the state government supports ANAN’s advocacy, particularly on Nigeria’s commitment to embed environment, social and governance (ESG) principles as well as the United Nations Sustainable Development Goals (SDGs).
The State Chief Executive disclosed that to achieve practical approach of inclusive growth requires collective re-engineering and change in the status quo on how leaders and the citizenry do things.
This is as he said, “on our part as a government, we have worked continuously to ensure good governance, more efficient and effective public service delivery, as well as curbing leakages, fraud and corruption”
“We are tirelessly deploying available resources to mitigate the socio-economic impacts of fuel subsidy adjustment on the affected group(s), and at the same time working on a new direction for the Nigerian economy.”
Economic blueprint
The governor also used the occasion to inform ANAN that his administration has launched and paid needed attention to Information, Communication and Technology (ICT), which is the nation’s digital economy blueprint; envisioning how fiscal discipline would be achieved.
According to him, “so far, Ebonyi State government has pushed for digitalization on various sub-sectors including modernizing the public service delivery, as this will reduce direct contact points between citizens and public officials.
‘‘Whether Accountants are working in the public or private sector, your code of ethics and competencies mean that you owe a duty of care to the public at large.”
Way forward
The Association stressed the need for regular training and learning as key to the nation’s relevance and sustainability in becoming a highly developed nation. It noted that the nation is endowed with great talents which requires unlocking and nurturing;
Accountants should intensify their professional role in advising companies on cash flow, financial and strategic management; alerting companies to the various aid and assistance schemes made available from government’s assistance and economic stimulus packages.
Besides, it also canvassed for regular awareness creation on the economic stimulus packages on the Accountancy profession and businesses; and trainings that help businesses to be more productive and effective.
Further, ANAN should help deliver the requisite professional development and training that will develop relevant and competent accountancy and finance leaders, who can in turn contribute to sustainable nation building by familiarizing members with sustainability issues and developments.
Please follow and like us:
