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Tag: accountants

  • 30 accountants for CGMA Business Leader Challenge

    30 accountants for CGMA Business Leader Challenge

    Thirty teams from seven Nigerian universities have entered the CGMA Business Leader Challenge, a regional business competition for business and accounting students.

    It is organised by the American Institute of Certified Public Accountants (AICPA), Chartered Global Management Accountant (CGMA),  and Association of International Certified Professional Accountants.

     The event is sponsored by Stanbic IBTC.

    During the competition, the teams will be asked to address real-life business challenges and present them to a panel of CGMA designation holders, and professionals in finance and business management.

    Read Also: Accountants can help transform Nigeria, says Sahara ED

    Associate Director in Nigeria, AICPA & CIMA, Ijeoma Anadozie, with the Association of International Certified Professional Accountants, said: “We are excited to host the CGMA Business Leader Challenge 2023 in Nigeria. This initiative underscores AICPA & CIMA’s ongoing commitment to develop and inspire the young business leaders of tomorrow. 

    “It is a great opportunity for Nigerian students to showcase their skills and learn the importance of teamwork, communication, and good leadership.”

    The semi-finals will end on October 30, while the finals will take place in early next month.  

  • Accountants can help transform Nigeria, says Sahara ED

    Accountants can help transform Nigeria, says Sahara ED

    Sahara Group Executive Director, Moroti Adedoyin-Adeyinka, has said accountants can help transform and reposition Nigeria for accelerated growth.

    According to her, accountants have a strategic role to play in Nigeria’s quest of addressing economic challenges and repositioning the nation for growth as well as local and foreign investments.

    Speaking in Abuja at the just concluded conference of the Institute of Chartered Accountants of Nigeria (ICAN), he noted that the expertise and insight of accountants are attributes needed transform the nation.

    She spoke on the topic titled:’Future-ready professional Accountants: Emerging skills and opportunities.’

    Her words: “Nigeria faces an array of pressing economic challenges: endemic poverty, escalating unemployment rates, pervasive insecurity, and a glaring infrastructure deficit.

    “Amidst these challenges, professional accountants are the beacon of hope. Our expertise provides the insights, analysis, and foresight necessary for informed decision-making.

    “We have the potential to steer both businesses and governments toward sustainable growth and inclusive development.”

    Adedoyin-Adeyinka observed that as Nigeria navigates the vast complexities of the 21st century, from technological revolutions to socio-economic challenges, the role of accountants has never been more pivotal.

    She outlined some of the emerging skills and opportunities for accountants to include innovation and creative thinking, technological literacy/proficiency, strategic thinking, cross functional collaboration, among others.

    For opportunities in the new landscape, she said: “Advisory services: The accountant of the future is not just a number cruncher but a strategic advisor. 

    “Businesses and governments alike seek our expertise to navigate complex financial terrains, optimise operations, and achieve sustainable growth.

    Read Also: Sahara Group calls for price differentiation for gas exports

    “Sustainability reporting: As global consciousness shifts towards environmental sustainability, there’s a rising demand for transparent sustainability reports. 

    “Accountants play a central role in ensuring businesses adhere to global standards and communicate their environmental impact effectively.”

    Adedoyin-Adeyinka also talked about public sector transformation, stressing that “the public sector remains a goldmine of opportunities.

    “Accountants can drive reforms, champion transparency, and instill fiscal responsibility, thus reshaping the public finance landscape for the better.”

    On collaboration with other professions, the Sahara Group official explained that the multifaceted challenges of today had necessitated interdisciplinary solutions. 

  • A case for second body of accountants (III)

    Fireworks preceding Senate hearing

    Excerpts from the book, ‘Revolution of Accountancy Profession in Nigeria’ written by Olumuyiwa Sosanya, founding father of the Association of National Accountants of Nigeria (ANAN).

    ANAN on the other hand, says categorically that, only our institutions of higher learning should form the basis of accounting training, so as to expose the future accountants to the liberal education which these higher institutions provide. On graduation, from these higher institutions with either a degree or HND in accountancy, the graduate should proceed to the Nigerian College of Accountancy (being established and administered by ANAN) for one academic session.

    At the College, the graduate would be exposed to the professional aspects of the profession, under a proper atmosphere which is conducive for learning. The successful student from the college becomes automatically a qualified professional accountant after two years supervised accountant-in-training programme in accountancy practical experience in any facet of the economy.

    But, if he wishes to practise as an external auditor, he would attach himself to a practising firm for one year or two years as practitioner assistant, depending on where the accountant-in-training programme was undertaken. Thereafter, he would be issued with a practicing certificate.”

    Standards

    With regard to standards, ANAN is of the view that there should be a Public Auditors Board, to set standards of practice and enforce them on all public practicing accountants in the country. There is no gainsaying it that the two plans presented above, exhibit the sincerity of ANAN to produce more and better qualified professional accountants to meet the demand of the Nigerian economy. The ICAN plan, which is designed to subject university graduates to the humiliating practice of articleship, is nothing less than a master- servant relationship. There is no guarantee, that the university graduates and the GCE (5 O’ level) holders would have time, books and facilities to study and pass the examination. The ANAN plan of Nigerian College of Accountancy is the superior and obvious answer.

    Foreign Accountants

    There is yet, a more serious aspect to the ongoing debate. This concerns the position of foreign accountants. Before we state the position as it is with ICAN today, it will be more interesting to quote from the Hansard of 4th May, 1965 during the debate on ICAN Bill.

    Mr. N. Nwanodi (Ahoada Central) made the following reservations while contributing to the debate. “The first reservation is this: Glancing through the whole pages of the Bill, nothing has been said about the position of expatriate accountants in this country. Now, those of us who are members of the legal profession have had the benefit of a lot of exercise on the question of whether expatriate lawyers should be allowed to practise in Nigeria or not. Now, some of us have held the view that on this subject, the law of competition is the best. But, at least, one formal Honourable Minister who has now been forced to take up his wig and gown, has come out quite boldly to say that it is high time something was done about expatriate lawyers practising in this country.

    I wonder whether someone should not also sound a note of warning about expatriate professional accountants practising in this country.

    But increasing experience has shown that just as the law of supply and demand has failed the classical economics, so has the law of competition failed in the question of professional practice in Nigeria, for the simple reason that, in fact one can say that the worst tribalists in the world are Non-Nigerians, when it comes to matters of pounds, shillings and pence.”

    Here again ICAN has been found wanting. The Institute has about 200 foreigners on its membership list. Some of these foreigners are not even resident in Nigeria. The Institute has been able to efficiently indulge foreign accountants practising, even as auditors. This is in spite of the Nigerian Enterprises Promotion Act.

    Some greedy members of ICAN, have as a matter of fact, acted as fronts for foreign accounting firms in this wise. It is also sad to note that most foreign companies retain foreign practising firms as their auditors, to the very knowledge of ICAN members.

    One more quotation from the Hansard of 4th May, 1965. Mr. M. Urhoro (Urhobo West) had this to say on the powers of the Council. “I have a quarrel with section 2 of this schedule which is titled Powers of Council. Under this section it is stated: The Council shall have power to do anything which in its opinion is calculated to facilitate the carrying on of the activities of the Institute.

    I am saying that, this particular phraseology is a wide one indeed. I think it would enable the Institute to do anything. I would say that the activities of the Institute, in this regard, should be subject to the approval of the Minister. As it is, it is a blank cheque and the powers conferred on the Institute by this provision of this section are just too wide.”

    With these wide powers, ICAN Council has for sixteen years been squeezing the Nigerian economy by starving it of adequate supply of professional accountants. These repressive powers ICAN have for sixteen years, locked out the graduates of Nigerian institutions of higher learning. With these obnoxious powers, ICAN went on to produce only 180 accountants through its own examinations between 1965 and May 1981. Whereas, during the same period, 3,800 lawyers passed through the Nigerian Law School, which recruits its students from the universities.

    In spite of the serious observations made in 1965 by Honourable Members of the House of Representatives, the Minister of Education then affirmed that the Council of ICAN would “use their good sense and see that justice is done.

    Now that we have discovered that ICAN has no good sense to do justice, it is our candid opinion that the Nigerian nation can no longer rely on the poor sense of ICAN. There must be another body to compete with it. ANAN should receive the legal recognition which it deserves. And as a matter of urgency, the Nigerian Public Auditors Board Bill should be placed before the National Assembly and passed into Law immediately. The highlights of the Nigerian Public Auditors Board Bill, is the total ban on all foreign accountants from establishing practising firms, and the total ban on any firm of accountants to audit any organisation for more than three years. Let there be more than one accountancy body to train and produce professional accountants, and let the Nigerian Public Auditors Board look after the issue of standards and ethics of accounting profession in Nigeria.

  • Accountants calls for openness to new technology

    A Senior Fellow on Information Systems at the Lagos Business School and Digital Financial Services Specialist, Dr. Yinka David-West, has advised Nigerians to be open to new technology that is rapidly growing in the world.

    Technology, according to her, can reduce unemployment in not-too distant future. Speaking at the Empowerment Summit 2018 of the Professional Accountants’ Christian Ministry (PACM) at its headquarters in Yaba, Lagos, she said, “Accountants should be proactive, learning new technology in order to meet up with the fast growing technology in the world. And while doing research, you should be more concerned about Cyber security, which is very important.”

    Speaking on ‘Technological disruption and the future of Accounting Profession’, she said the one-day programme was to afford the attendees the opportunity to learn, review, correct, remediate and put controls in place.

    In his presentation, a Partner and West Africa Tax Leader (PwC), Mr. Taiwo Oyedele, gave insights into understanding the effect of the recently introduced transfer pricing regime and the impact on businesses.

    He explained that only extremely decent Nigerians pay their taxes and challenged politicians to pay taxes and show proof of payment so as to be great examples to their followers.

    In his closing remarks, the president, Professional Accountants’ Christian Ministry, (PACM), Pastor Shola Adegbenro thanked the speakers for making the summit a success.

  • ANAN chief urges accountants to embrace integrity, shun corruption

    The President of the Association of National Accountants of Nigeria (ANAN), Shehu Ladan, has urged newly-inducted Fellows of theassociation to lead the campaign against corruption and embrace integrity in discharging their obligations to the profession.

    He spoke during the conferment of Fellowship Awards onmembers of the association as part of activities lined up for the 23rd Annual Conference of Certified National Accountants held in Abuja.

    According to a statement by ANAN, these awards signaled another phase in their callings as professionals and bring to bear their expertise and practical experience in the Accounting profession.

    “As Fellows, you are now saddled with a lot of responsibilities. You are mirrors with which others see the association. You should eschew unethical behaviour and live above board, watch your public utterances, especially on matters affecting the association and the profession. You should serve as role models for the younger members of the association and the profession.’’ the ANAN president said.

    He said that the conferment of Fellowship was a privilege earned out of hard work, dedication and commitment to the association in particular and the Accountancy profession in general.

    It is for these reasons that you have been found worthy, fit and asproper professionals to merit this prestigious award. Selection is done from Branches nominations. Nominees must have spent not less than 10 years in the profession since qualifying as a Certified National Accountant (CNA).

    “The Council reserves the right to nominate any member who has made outstanding contributions to the progress and development of the association, ‘’ Ladan said.

    He explained that: “Fellowship of ANAN, like any other professional body goes with certain specific privileges of symbolic or material nature or both.

    “They include among others, the use of the acronym – FCNA- FellowCertified National Accountants, after your names.

    “Sitting at the front row of seats during functions of the association.

    “Wearing of specially designed medal/lapel pins to distinguish themfrom other members. Seeking their advice jointly or severally on matters of interest to the association.’’

    In a paper entitled “Enhancing Taxation as Alternative to Oil’’,

    Prof. Teju Somorin, Immediate Past President, Chartered Institute of Taxation of Nigeria (CITN), said that quite a number of tax authorities had been developing strategies and approaches to improve the non-oil tax revenue collection and even recovery processes to have a robust revenue yield.

    “Given the recent unstable nature of oil revenues globally, the three tiers of governments have in the last few years noted the need to diversify sources of revenue generation so that funding of government budgets will not be affected.

    “Nigeria experienced her first recession in over 20 years in 2016 during which period virtually all the major sectors of the economy were severely affected by the plunge in crude oil prices, decline in oil production, and the reduction in non-oil exports, all of which contributed to the acute scarcity of foreign exchange.

    “In view of the prevailing circumstances, Nigeria’s government, whichdepends largely on revenues from oil, acknowledged the need to reduce the economy’s oil dependency, setting up a number of initiatives aimed at diversifying the economy.

    “Non-oil revenue projections are guided by expected growth in non-oil output and improved efficiency in revenue collection in respect of

    Customs duties, companies income tax and the Value Added Tax which is projected to hit N90.48 trillion in 2018 compared to the estimated target of N83.84 trillion for 2017.

    “Additionally, there is expected 42 per cent increase in Value Added Taxcollection in 2018,’’ Somorin said.

     

    Somorin mentioned another form of tax amnesty introduced to increase

    non-oil revenue and promote tax compliance – Voluntary Assets and

    Income Declaration Scheme (VAIDS).

     

    She said that in line with global best practice on disclosure of

    information and declaration of assets. VAIDS was designed to encourage

    voluntary disclosure of previously undisclosed assets and income for

    the purpose of payment of all outstanding tax liabilities to boost

    revenue collection.

     

     

     

  • Buhari to accountants: help fight corruption

    THE Federal Government has appealed to accountants and auditors to assist it in fighting corruption.

    President Muhammad Buhari made the call while addressing the 48th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja.

    Buhari, who was represented by the Minister of National Planning and Budget, Senator Udoma Udo Udoma, noted that “with regards to fighting corruption, you have a special contribution to make as accountants in this regard”.

    “Your members serving as accountants and auditors can bring to bear your special skills in ensuring that books and records are properly kept. Working closely with the statutory agencies responsible for fighting corruption, ICAN will no doubt assist government in its effort at fighting this national malaise,” the President said.

    Buhari urged ICAN members to deliberate on how they could contribute to support government’s efforts at reducing corruption, restoring the economy and ensuring security.

    In your deliberations, I urged you to avail us your wealth of experience on how to further strengthen the existing frameworks so that together we can uplift our nation’s economy and the social well-being of our people,” he said.

    On insecurity, Buhari argued that “fighting insecurity and other crimes require the collaboration and cooperation of every citizen”.

    The President said it was the responsibility of the citizens to provide credible information to security agencies.

    “We must preach and promote peace within our communities and hold on to the core values of honesty, probity, hard work and our neighbours’ keeper that define us as a people with esteemed values and as a nation where peace and justice reign,” he said.

    ICAN President Alhaji Razak Adeleke Jaiyeola lamented that “from various revelations by law enforcement agencies, the commonwealth of the country have been pillaged by a conscienceless few, thereby creating a sense of economic insecurity for the average Nigerian and the mass of the people.”

    The repatriation of young educated Nigerians from landlocked, less endowed African countries and rescue of many others from the horrors of the Mediterranean Sea, he said, “exemplify the pain, tragedy and distrust in public governance, however well intentioned.”

    Jaiyeola noted that “even in the pursuit of profit, the welfare of the people was being sacrificed by corporate entities”.

    The exploration and mining of the nation’s wasting natural resources, Jaiyeola argued, caused “great negative externalities which manifest in environmental degradation, impaired ecosystem, air, water and noise pollution, making it difficult for the environment to play its triple functions of food provider, waste assimilator and life sustainer for the present and future generations”.

    Even as the nation strives to curb wastes through computerisations, some hawks and criminals are lurking in the corners seeking to hack into systems, cause conflict between nations, losses to businesses and pain to genuine investors.”

    He warned that building a resilient, inclusive and sustainable economic future “would be a mirage in a system where the collective resources of the country are in the hands of a few”.

  • Buhari to accountants: help fight corruption

    President Muhammadu Buhari has called on accountants and auditors to assist in fighting corruption.

    Addressing the 48th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja, Buhari, represented by the Minister of National Planning and Budget, Senator Udoma Udo Udoma, said accountants have a special contribution to make with respect to fighting corruption.

    He said: “Your members, serving as accountants and auditors can bring to bear your special skills in ensuring that books and records are properly kept. Working closely with the statutory agencies responsible for fighting corruption, ICAN will no doubt assist government in its effort at fighting this national malaise.”

    He urged ICAN members to deliberate on how they “can contribute to supporting our efforts aimed at reducing corruption, restoring the economy and ensuring security.

    “In your deliberations, I urge you to avail us your wealth of experience on how to further strengthen the existing frameworks so that together we can uplift our nation’s economy and the social well-being of our people.”

    He implored all ICAN members to “come together to condemn all forms of criminal activities and say ‘NO’ to hate speech and acts that could destabilise the cooperate existence of our nation.”

    On the economy, Buhari said his administration is currently putting in place the right infrastructure aimed at  diversifying the economic base away from oil dependence.

    “We recognise that there will always be some people left behind. That is why as a government, we have introduced the Social Investment Programme under which we are bringing jobs and relief to many of our unemployed youth, the poor, the excluded and the vulnerable in our society,” he said.

  • Committee advises auditors, accountants on integrity, professionalism

    Chairman, Audit Committee Institute, Nigeria, Christian Ekeigwe has urged auditors and accountants  to carry out their jobs with integrity and professionalism in the interest of the economy.

    He spoke yesterday during a two-day Audit Committee Conference held in Lagos, with the theme: Cultivating the Conscience of Stewards and Gatekeepers: Key to Responsible Governance and Control.

    According to him, the theme of the event was borne out of the realisation that financial crime by accountants appear to be on the rise despite various seminars on it, hence the need to go back to the basics of humanity in curbing it.

    Ekeigwe said conscience can impact on financial reporting if the auditors decide to let it impose on them the obligation to do what is right and override their desire in the face of temptation of enrichment.

    On whether he believes that auditors can ascribe to their conscience while preparing their accounts, he said giving people hope to believe in themselves will trigger a change of heart to do what is right into developing the country.

    Also speaking, President of the Institute of Chartered Accountants of Nigeria (ICAN) Razak Jaiyeola, who was the guest speaker, said accountants have to be more responsive to how the finance of their organisations are being used and be ready to blow the whistle on anomalies noticed.

    Jaiyeola said the high level of corruption in the Nigerian polity has raised several integrity questions on accountants, especially the auditors and with the country ranking 148th out of 180 nations in the Corruption Perception Index (CPI) issued by Transparency International in 2017, it is natural to ask what the role of auditors have been in taming this alarming rate of corruption in the system.

    He said: “With the number of well-trained and technically-competent auditors we parade as a nation, then one is tempted to opine that what it takes to be a good auditor goes beyond technical skills”.

    He said while different theories have been propounded and programmes developed across economies to entrench good governance, the human conscience will still play prominent roles in the success of such efforts, adding that once ethics and morality are removed from any government policies or programmes, what is left is just mere texts on white papers.

    “The absence of trust makes governance and control costly due to unnecessary processes, documentation, verifications, meetings and duplicated activities  with a lot of motions striking the air but producing very little.  To build a high trust society in which empowered people bring their best to work requires cultivation of conscience, a natural instrument of control that is at work with us even when we sleep”, he asserted.

  • ‘How accountants can drive anti-corruption war’

    Prof Ishola Rufus Akintoye heads the Department of Accountancy in Babcock University, Ilishan Remo, Ogun State. In this interview with Joseph Jibueze, he speaks on accountants’ role in the fight against corruption, implication of budget passage delays and the uniqueness of his department

    Role of accountants in anti-corruption war

    There is a global emphasis on professional ethics. This is being integrated into accounting curricula all over the world including Nigeria. It is, therefore, compulsory for any accountant that will be relevant in the scheme of any economy to be ethical in his or her dealings. Otherwise, short term successes, wealth accumulation and professional infidelity will be short-lived by the shining light from global torchlight. This practice will necessarily address some of the menace of corruption.

    How budget delay harms the economy

    Except for the adoption of medium term expenditure framework which allows the extension of a budget beyond 12 calendar months, many prospective economic activities are usually dependent on budget figures as a driver. Therefore, the movement of the economy is delayed in terms of markets, industries etc. Budget delayed is economic growth delayed.

    Babcock’s post-graduate programmes

    I was invited by Professor James Kayode-Makinde, the then President/Vice-Chancellor of Babcock University in December 2012 to join the team in the department for the running of postgraduate programmes of MSc and PhD Accounting. The MSc program continued till 2014 when I was appointed to steer the ship of the Department of Accounting. With personal vision and clear set of goals, I immediately repositioned the Department, working with two other Professors to pursue the PhD Accounting which the National Universities Commission (NUC) earlier denied commencement approval but was approved in 2015. I immediately introduced the collaborative programme which was in place at the University of Cape Town, South Africa when I was concluding my PhD, which I benefitted from.  The model is to invite scholars from about 10 federal, state and private universities every semester to participate in assessing all PhD students in every course and seminar (70 percent). Only 30 per cent is assessed internally. This model, considered strange to the Nigerian environment, initially met with criticism and rejection by almost every internal faculty staff but was eventually adopted by the University as a model on the PhD Accounting.

    The uniqueness of the PhD Accounting programme at Babcock University is in the use of the collaborative model. This model among others has made it possible for the university to produce the history-making 19 PhD candidates within the NUC stipulated period of six semesters with qualitative PhD theses, some of which have already won grants.

    Collaboration with ICAN

    The University went into collaboration with the Institute of Chartered Accountants of Nigeria (ICAN) by running an integrated curriculum for five years and allowing our BSc graduates to write the final level of ICAN professional examinations in year five. This was on till 2014 when there were agitations from some members of ICAN to cancel same on the account of likely watering down the ICAN examination standard which took some of them more than 10 years to complete. We won our argument against cancellation of the MoU through a court injunction preventing the planned monitored discussion at the ICAN AGM of May 2015 to allow our students already admitted to complete it while planning alternative strategies.

    It is on record that through this MoU, many of our students did not only get chartered before leaving school but won first, second and third overall best prizes from diet to diet. This informed the council of the institute to restate the commitment to continue with the MoU which is still on but now under a new name – Mutual Cooperation Agreement with Tertiary Institutions. It is on record that many of our students are performing excellently well at work from the feedback received.

    Partnership with ACCA

    During the course of agitation by ICAN members on the MOU, we went into collaboration with the Association of Chartered Certified Accountants (ACCA) of London, operating in 184 countries. This step meant integrating our curriculum with ACCA’s and it entitled our students to eight exemptions out of 14 to qualify as global accountants in 184 countries. It gave Babcock University the first Silver status in West Africa and internship opportunity for all our students from 100 to 400 levels in about 40 designated organisations. As at now, many of them are on internship for the next three months which in the end would have exposed them to about two years practical work experience at the completion of their programmes, giving them an edge over their peers from other universities in employment.

    Dealing with research, curriculum, and funding challenges

    Let me start by saying that our Post-Graduate programs of MSc and PhD accounting are structured to contain about eight different seminars where it is mandatory for all students to write and present papers on contemporary issues in accounting based on global debates. In addition, every MSc and PhD student is expected to review 80 and 120 journal articles respectively in accounting and allied matters, identify gaps in knowledge before title approval to bridge any of the identified gaps. The review is done chronologically in reverse order starting from the current year. This has positioned our PG programmes on a competitive global pedestal leading to publications in high impact journals all over the world by our students. Every MSc and PhD student is expected to publish two and four journals articles respectively in reputable indexed journals before oral examinations.

  • Fed Govt urges accountants to ensure prudence

    Fed Govt urges accountants to ensure prudence

    The Federal Government has urged accountants to remain prudent and accountable in the discharge of their duties.

    President Muhammadu Buhari, who spoke yesterday at the opening of the 22nd Annual General Meeting (AGM) of the Association of National Accountants of Nigeria (ANAN) in Abuja, said accountants are the first set of gatekeepers and should ensure that all transactions are conducted prudently.

    “You are all witnesses to our government’s promises on diversifying the economic base of Nigeria, confronting the security challenges and dealing with corruption in all aspects of government businesses. In all these spheres, the role of accountants cannot be over-emphasised,’’ President Buhari, who was represented by the Accountant-General of the Federation, Ahmed Idris, said.

    He noted that the association’s choice of the theme: Sustainable  Economic Management in a Recession was timely and important.

    “To strengthen the fight against corruption, we launched the Whistle Blower Protection Policy and presented as Whistle Protection Bill 2016 to the National assembly in order to ensure and protect Nigerians for supporting this fight.

    “Also a firm implementation of the Treasury Single Account (TSA)  since September 2015 has significantly enhanced  transparency in the Federal Government’s  Public Financial Management System,’’ Buhari said.

    In the area of agriculture, the president explained that so far, 200,000 small holder famers, cultivating some 233,000 hectares of farmland in 29 states had benefitted from the Agricultural Anchor Borrowers’ Programme.  “We have revolutionised rice production to allow for nation self-sustenance and have impacted on fertiliser availability which eventually led to a sharp drop i the fertiliser price from N13,000 to N5,500 per 50 kg bag, ‘’ he said.

    Buhari, however, said  interestingly, power generation had peaked to an all-time high of 7,001 megawatts (Mw)in the third quarter of this year while aiming at 10,000Mw by year  2020.

    President of ANAN, Shehu Ladan praised the efforts of government in the management of recession through laudable programmes like the Economic Recovery and Growth Plan (ERGP), inauguration of the Nigerian Industrial Policy and Competitiveness Advisory Council to boost the manufacturing sector of the economy through the formulation of sectoral and industrial policies.

    In the area of revenue generation, Ladan advised that government as a matter of policy should ensure that all registered companies submit audited accounts. According to him, the revenue of such companies can be verified by auditors and taxes from such revenue can be more accurate.

    Ladan commended the government for creating the framework for prosecuting the war against corruption and institutionalising probity by the setting up of the Presidential Advisory Committee Against Corruption.