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FG Rejects Generalised Approach To Financial Reforms

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The Federal Government on Monday rejected a generalised approach for financial reform initiatives in Nigeria, stressing that it would rather prefer specific measures to reform the country’s financial management system.

Accountant-General of the Federation, Ahmed Idris, made this public in Abuja while playing host to the Partners of Ernst & Young in his office led by the Advisory Leader, West Africa, Ben Afudego.

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Idris lauded the credentials of EY Consulting and stated that the Office of the Accountant-General of the Federation was open to value addition and with the firm on financial reforms but advised against a generalised approach.

He was quoted in a statement issued in Abuja by the OAGF spokesperson, Henshaw Ogubike, as saying, “The OAGF does not want a generalised approach; we want specifics. No more talking and meeting, we want to achieve results.”

Idris, whose office anchored the Federal Government’s financial management reforms, noted that the overall success of the initiatives was hinged on implementation of result-oriented ideas.

He called on stakeholders that could add value to the government’s efforts to come up and further advocated for strong collaboration between some treasury departments and EY Consulting to drive government reforms with the application of technology.

“We are open to new ideas; we are open to value addition. We believe if we get critical stakeholders, we can achieve even more successes in the reform initiatives,” the accountant-general stated.

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How Nigeria Is Tackling Illicit Financial flow– Minister

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The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Tuesday, said Nigeria has implemented significant measures to curb illicit financial flow and ensure asset recovery.

The minister spoke at the International Conference on Illicit Financial Flows and Asset Recovery which was held virtually.

In her keynote address, Ahmed described Nigeria as one of the most affected countries as far as illicit financial flow is concerned.

She said, “As one of the most affected countries, Nigeria has demonstrated strong commitment to addressing illicit financial flows through our

participation in the Open Government Partnership and the significant progress made in the extractive industry.

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“We have demonstrated that technology-enabled improvements in tax collection and compliance help deter tax crime and facilitate public trust.

“Also, the mainstreaming of transparency and anti-corruption measures into economic-policy-making processes significantly reduces crime.

“Similarly, establishing an accurate, up-to-date and public beneficial ownership register; and strengthening the automatic exchange of tax information; helps address the commercial components of illicit financial flows.” She explained that among other things, the Federal Government has established an independent Financial Intelligence Unit within the Central Bank and bilateral agreements with several critical destination countries including the United States and Switzerland to ensure the return of stolen assets.

According to her, about 65 per cent of illicit financial flows across Africa emanate from commercial activities such as aggressive tax avoidance and tax evasion, through trade mispricing, abusive transfer pricing, profit shifting, and tax arbitraging.

The minister added that if unchecked, IFFs will continue to “significantly erode domestic revenues, enable corruption, threaten economic stability and sustainable development, divert money from public priorities and hamper Government’s efforts to mobilize domestic resources and recover better.”

She, therefore, called for sustained cooperation between Africa and multilateral organisations to eradicate illicit financial flow, thereby enabling environmental, social, and economic development across the continent.

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Buhari Seeks Senate Approval For Fresh N2.3trn External loan

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Africa Summit in Paris

The President, Major General Muhammadu Buhari (retd.), has asked the Senate to approve another N2.3trillion ($6.18bn) external loan.

This is contained in a letter addressed to the Senate President, Ahmad Lawan, and read at plenary on Tuesday.

Buhari said the proposed loan which is equivalent to N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion.

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Buhari said the loan would enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others.

This is coming barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the Federal Government.

The loans were part of the $5.5 billion and €995 million external borrowings Buhari had, in May 2020, asked the Red Chamber to approve to finance various priority projects of the federal government and to support the state governments facing fiscal challenges.

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Nigerian Traders Dispute: FG to Send Delegation To Ghana

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The delegation will be led by the Minister of Trade, Niyi Adebayo, and comprised of other private stakeholders.

The Nigerian Government will send a delegation led by the Minister of Trade, Niyi Adebayo, to Ghana to end the crisis between Nigerian traders in Ghana and local authorities—an issue that started last year before the Ghanaian Presidential elections.

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The delegation was ordered by the Presidency as disclosed in a statement by the trade ministry on Monday evening. The statement revealed that the delegation would be comprised of private stakeholders also who would be sent to dialogue with Ghanaian trade authorities to find a solution to the crisis.

The meeting between both parties will be held between May 31 and June 1, 2021.

Recall Nairametricreported last year that Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, said that Nigeria’s border closure in 2019 hurt Ghanaians and nearly bankrupted many Ghanaian export businesses after their goods were stuck at the Seme Border for months, reacting to the shutdown of Nigerian-owned shops by Ghanaian authorities last year.

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infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

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#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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