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Public Finance Reforms Lifting govt Savings, Says AGF

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Ahmed Idris
  • Public Finance Reforms Lifting govt Savings, Says AGF

The Accountant-General of the Federation (AGF), Ahmed Idris, yesterday said the public finance reforms had helped the Federal Government in building savings needed to for infrastructure and social security.

Idris, a Fellow of the Association of National Accountants of Nigeria (ANAN) spoke in Abuja at the 23rd Annual Conference of Certified National Accountants.

According to him, the public finance reforms initiatives like the Treasury Single account has impacted positively on

government desire for enhanced revenue generation, transparency and accountability in the management of public resources.

He said that the conference theme: “Economic Recovery and Growth: Issues and Options” was apt considering the collective desire to consolidate the gains in the successful implementation of the Economic Recovery and Growth Plan (ERGP).

“I am confident that presentations and deliberations during this

conference would unearth additional insights and ideas that can impact on national economic development. Nigeria receded into economic difficulties long before the formal declaration of recession in 2016. We must not forget what led us into those difficulties and how the ERGP as a strategic macro-economic tool was used by the government to recover the economy successfully,” he said. Continuing, he said failure by the previous governments to save falling oil prices and past corrupt practices were the major factors responsible for the 2.06 per cent contraction of the economy, marking the beginning of the worst recession Nigeria had ever experienced.

“However, the conception and diligent implementation of the ERGP by the present administration stabilised the macro-economic environment. Similarly, there was a boost in primary agricultural production and food security. Nigeria also recorded energy efficiency, improvement in power and petroleum exploration and export in recent times.“These achievements, according to the World Bank, earned Nigeria recognition among the top 10 most improved economies in the world, even as the International Monetary Fund cited the business climate reforms as a significant contributor to lifting the economy out of recession in 2017,’’ he said.

He said: “In direct contrast to the activities that led us into recession, the policies of the present administration are responsible for our foreign reserves hitting the 47 billion dollars mark as at the end of second quarter of 2018, representing 124 per cent increase from $21 billion at the onset of the recession.’’

Idris explained that the achievements recorded by government through the TSA and other public finance reforms initiatives would not have happened without deployment of ICT tools and principles of good corporate governance in all operations and processes.

He urged every member of ANAN and all Accountants in other professional bodies in the public sector to rise and attain self-elevation concerning the acquisition of knowledge in Information and Communication Technology (ICT).

The President of ANAN, Shehu Ladan, said that the 2018 conference with the theme “ Economic recovery and growth : issues and options ‘’, was chosen against the backdrop of Nigeria’s exit from recession and the need to sustain the gains from the economic recovery in line with various policies of the government to attain the desired growth’’.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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