The Nation Newspaper

Tag: ANAN

  • Fix budget delays, ANAN urges Presidency, National Assembly

    The Association of National Accountants of Nigeria (ANAN) has urged the Federal Government and the National Assembly to develop a budgetary system that will curb delays in budget formulation and appropriation.

    ANAN President and Chairman of Council, Shehu Ladan, who  spoke at the weekend, said budget delays remained major constraints in governance.

    “In order to checkmate the incessant delays in budget approval, the executive and the legislature should agree to enact a law that would prescribe the maximum period for the passage of the annual budgetary Appropriation Bill as practised in many countries, such as the United Kingdom and United States.

    “It is important to increase stakeholders’ participation in the preparation and implementation of budget in order to foster greater understanding of the budgetary system as well as cooperation in the implementation of the approved budget,” he said.

    He urged the government to re-energise the Budget Implementation Monitoring Team at all tiers of government to ensure effective and speedy implementation of priority projects contained in the 2018 budget.

    “Professionals such as accountants will help the government, especially in the area of value for money audit towards efficient budget implementation. Since the unprecedented delay in passing the budget this year would result in uncertainties and heavy cost overrun during implementation, there is the need for timely release of funds to finance the approved capital projects by minimising bureaucracy in the funds’ disbursement process,’’ he said.

    He noted that the benchmarks used in the formulation of  2018 budget should be constantly analysed, where necessary, revised, through the implementation period.

    According to Ladan, looking at the total expenditure as against the expected revenue of the Federal Government, it is very obvious that the country needs to mobilise resources from borrowing.

    He said the Federal Government would possibly have to sell some assets to finance the huge budgetary deficit, which represents nearly a quarter of the expected expenditure. ANAN president advised the government to also harness other sources of revenue to finance the budget deficit and future budgets.

    “These should include the utilisation of the recovered stolen monies, unclaimed financial assets and others. The unclaimed financial assets include shares, bank  deposits, insurance,  dividends and other assets that have been untouched for several years (e.g. over 10 years) and those assets whose ownership cannot be established; worth trillions of naira.  `”Government could channel a large proportion of the proceeds from these unclaimed financial assets in financing the national budget.

    “In terms of revenue generation, ANAN appreciates that there is an expected increase in the contribution of non-oil revenue to 46.8 per cent, which is in line with the desired need to reduce the country’s over-dependence on the oil revenue,” he said.

    Ladan urged the Central Bank of Nigeria (CBN) to strengthen the drive to lower the demand for foreign exchange  by solidifying the currency swap agreement entered into with China.

    He advised the government to explore innovative ways to enhance the living conditions of the citizens, particularly by implementing more pro-poor policies.

     

     

     

    terprises (MSMEs), aimed at poverty alleviation and sustainable development

    Ladan urged government to strengthen the national security architecture of the country and strive to maintain peace and harmony throughout the country for stability and sustainable development.

  • Ex-ANAN Chief advises FG on early passage of 2018 budget

    Ex-ANAN Chief advises FG on early passage of 2018 budget

    Dr Samuel Nzekwe,  a former President, Association of National Accountants of Nigeria ( ANAN ) has advised the Federal Government to push for early passage of the 2018 budget.

    Nzekwe said in Ota, Ogun, on Wednesday that the early passage of the budget would facilitate rapid infrastructure  development.

    He urged the National Assembly to pass the budget on time to allow the government undertake massive infrastructure development in power, roads and rail sector in 2018.

    “There is the need for the Federal Government to work according to the budget so that it could achieve most of its goals in 2018. ” he added.

    Read also: 2018 budget: Expert advises Govt, NASS on early passage

    Nzekwe noted that the late passage of the 2017 budget led to the non payment of local contractors and imposing hardship on the people.

    The former ANAN president said that infrastructure deficit was the major problem facing the nation.

    “Stable power supply and other amenities are the backbone of any nation because no economy can thrive and move forward positively without infrastructure development. ” he said.

    Nzekwe also said that power supply was imperative for the nation’s industries to thrive and provide employment opportunities for youths in order to eradicate poverty in the country.

    The former ANAN boss, however, implored the government to formulate people’s-oriented policies that would benefit all Nigerians in 2018.

    NAN

  • 2018 Budget: Ex-ANAN President urges FG to invest in infrastructure

    2018 Budget: Ex-ANAN President urges FG to invest in infrastructure

    Dr Samuel Nzekwe, the former President, Association of National Accountants of Nigeria (ANAN), has advised the Federal Government to ensure enormous investments in infrastructure to provide growth in the nation’s economy.

    Nzekwe gave the advice in an interview with the News Agency of Nigeria on Wednesday in Ota, Ogun, while reacting to President Muhammadu Buhari’s Tuesday’s presentation of N8.61 trillion 2018 Budget to the National Assembly.

    ‘‘Massive investment in infrastructure would create enabling environment for the productive sector to thrive and produce at optimal level,’’ he said.

    Nzekwe opined that there was little improvement in the power sector in 2017, saying this had made it difficult for the productive sector to contribute maximally to the nation’s Gross Domestic Product (GDP).

    Read: The budget at a glance

    He also implored the Federal Government to work harder on the implementation of 2018 Appropriation Bill, to improve the living conditions of the people.

    Nzekwe, however, noted that the capital expenditures in the proposed 2018 budget were still very nominal, saying this might not positively impact on the nation’s infrastructure development.

    He said that servicing the nation’s debt with 25 per cent was not ideal for any economy that wanted to achieve inclusive and sustainable development.

    He, therefore, advised the Federal Government to address the huge recurrent expenditures, to have more funds for infrastructure development.

    Read Also: 2018 Budget: Era of abandoned projects over – APC

  • ANAN introduces Agricultural Accounting

    The Association of National Accountants of Nigeria (ANAN) President,  Alhaji Shehu Ladan, said the association had improved its curriculum to include Agricultural Accounting at the Nigerian College of Accountancy (NCA), Jos, Plateau State.

    Ladan, who disclosed this in the premises of Nigerian Television Authority (NTA) in Abuja after “ANAN Walk for Economic revitalisation, said: “The accounting system would capture a situation where investments in the Agricultural sector could be properly recorded and analysed. We want to take the lead in the Accounting profession, we are trying to establish Agriculture Accounting. We have been in Abuja since Monday brainstorming on issues of national economic importance and today, we exercise ourselves to shake off stress.”

    In a statement, Ladan explained that the association’s mission was to advance the Science of Accountancy in Nigeria, pioneering a multi-disciplinary emphasis in the production of well-blended and well-honed professionals, profound in knowledge, skillful in practice and ethical in conduct. He explained that ANAN decided to establish a college in Jos, the first of its kind in Africa and the second after the Scottish College.

    The ANAN President also noted that the association became members of Pan African Federation of Accountants (PAFA) and International Federation of Accountants (IFAC) and other international Accounting bodies.

    “IFAC has tagged us (ANAN) as the leading Accounting association in the Public Sector Accounting,‘’ Ladan said. He said the association was ready to partner NTA on training. We have established French Language Laboratory in Jos and by the time our members are bilingual, they will be able to take up more jobs outside Nigeria,’’ he said.

    Receiving the ANAN President and other members of the association, the NTA Director of Finance, Alhaji Islmaila Ahmed, said NTA and ANAN would continue to partner.

  • ANAN to sustain ties with IFAC, PAFA, Edinburg Group

    The immediate Past President of the Association of National Accountants of Nigeria (ANAN), Anthony Nzom, has said the association would partner with the International Federation of Accountants (IFAC), Edinburg Group and Pan-African Federation of Accountants (PAFA).

    Nzom spoke during his Valedictory Speech at the Hand- Over ceremony and 35th annual general meeting of the association on Saturday in Abuja.

    He said the body fulfilled its financial obligation to the foreign bodies and  also participated in their major conferences and workshops. He said that his administration as at the first half achieved physical and infrastructural development at the National Secretariat and the Nigerian College of Accountancy (NCA) Jos.

    Nzom said his administration also upgraded the hitherto Memorandum of Understanding (MoU) with its twining partner, the Institute of Certified Public Accountants in Ireland (CPA Ireland) to Memorandum of Agreement (MRA) with the benefit of reciprocal membership, among others.

    He said that in fulfillment of the infrastructural development of the NCA, a 2,000 capacity State of the Art Auditorium is being constructed among pothers at the college. Nzom said that the project which was nearing completion would have been commissioned but for the economic recession the country was going through.

    He said as part of the association’s policy and quest for staff optimal service delivery, the association nominated members for CPA Ireland training on Professional Conduct and Organisational Management for workers in Lagos.

    The former ANAN boss recalled that two years ago when he took the mantle of leadership of the association, he had accepted the task of sustaining the tempo and dictating the pace of ANAN developmental visions.

    “Indeed it has been a tasking responsibility, demanding the best in intellectual and professional inputs and I am pleased to say today that we have been able to achieve profoundly some of our set goals,’’ Nzom said.

  • IFAC advises ANAN on economic growth

    IFAC advises ANAN on economic growth

    The International Federation of Accountants (IFAC) has said the Association of National Accountants of Nigeria (ANAN) has huge leadership roles to play to enable the country achieve sustainable economic growth.

    The IFAC President, Mrs. Olivia Kirtley, disclosed this in Abuja at a Breakfast Meeting with ANAN President, Anthony Nzom, the Economic and Financial Crimes Commission (EFCC) Chairman,   Ibrahim Magu and other members of the association.

    She said to grow the economy, the roles of accountants are very important, adding that remarkably, Nigeria was named as one of the three countries that produced 75 per cent of accountants in Africa.  Nigeria has a strong base as far as accounting profession is concerned.

    “ANAN should educate politicians and governments at all levels on the need to have stronger professional Accountants. ANAN as an organisation, should be champions in knowing things that work well and those that do not work well for the economy. Accountants need to establish good relationship with government at all levels and the political class to have firm regulation of the profession,’’ Kirtley said.

    According to her, the capability of accountants to provide financial information to companies and government is vital if accountants are to grow the economy. She urged accountants to comply with the international code of ethics and do the right thing with the right information at their disposal if they are to move the economy in the right direction.

    ANAN president attributed the successes recorded by the association to the tremendous assistance from IFAC. “It is the acceptance of ANAN by IFAC that has made us all we are today. I thank you for coming to Nigeria and for visiting ANAN. Our relationship with IFAC will grow for many years,’’ Nzom said.

    He added: “We are delighted they came to Nigeria. Our discussions were based on improving the accounting profession, accountability and transparency that would bring good governance. IFAC said 75 per cent of accountants in Africa are only in three countries inclduing Nigeria.

    This means we have a role to play in developing accounting profession in other African countries.’’

  • Nigeria can realise N6.7tr yearly from VAT, says ANAN

    Nigeria can realise N6.7tr yearly from VAT, says ANAN

    If the administration of Value Added Tax (VAT) is decentralised to allow states administer tax law, Nigeria can realise average total revenue of N560 billion monthly.

    This is an equivalent of N6.7 trillion yearly, at the five per cent VAT rate, founding President, Association of National Accountants of Nigeria (ANAN), Mr. Omoba Olumuyiwa Sosanya, has said.

    He said the VAT generated by the Federal Inland Revenue Service (FIRS) is about N58 billion monthly, pointing out that revenue accruable from VAT could increase 10 times if states are authorised to collect VAT with FIRS.

    Sosonya said decentralising VAT administration would capture the informal sector, which is over 85 per cent of the economy into the VAT net. “If our economy must reduce its dependence on oil money, the time has come to reform the tax system and other sources of revenue generation,” he said.

    Sosonya, who spoke during The Nation’s First National Economic Forum in Lagos, said while VAT has brought fortunes to most developed countries and some African countries, such as South Africa and Ghana, “the FIRS is overwhelmed and struggling to find its bearing to turn the administration of VAT into goldmine for Nigerians”.

    He said while South African Revenue Service (SARS) realised R813.8 billion (about N12.5 trillion) in the 2012/2013 fiscal year, Nigeria’s FIRS realised a meagre N861 billion in 2014.

    He regretted that while the funding of Britain’s economy depends mainly on revenue generated from taxes and customs duties, the Nigerian experience is that most revenues generated end up into the private pockets of government officials instead of government coffer.

    Sosonya, therefore, sought the separation of tax and other revenue generation from the Ministry of Finance and a new Ministry of Taxation and Revenue created to handle such matters. This, he said, would make room for proper fiscal transformation and effective management of taxation and other revenue generation.

    He pointed out that the creation of the new ministry was part of the recommendations of Dr. Pius Okigbo’s Task Force on Tax Administration set up in 1978 and implemented by Alhaji Shehu Shagari administration in 1979. “In the UK, there is Secretary for Treasury who is responsible for taxation and allied matters,” he added.

    He also said the Lagos State government has benefited from the increase of its Internally Generated Revenue (IGR) since the appointment of a Special Adviser on Taxation and Revenue in 2007.

    The ANAN founding chief also canvassed the appointment of seasoned professionals as consultants to lay proper foundation for the implementation of the tax reforms over a period of time. “Civil servants should not be mandated to implement these reforms,” he added.

  • Fed Govt assures on IPSAS’ implementation

    The Minister of Finance, Mrs. Kemi Adeosun at the weekend, said the Federal Government was committed to the adoption and implementation of international Public Sector Accounting Standards (IPSAS) in the country.

    She stated this in a message to a one-day workshop on “Making Change Happen  in the Public Sector’ jointly organised by the Association of National Accountants  of Nigeria (ANAN), International Federation of Accountants (IFAC) and the Office of the Accountant- General of the Federation in Lagos.

    The minister, who was represented by Omoniyi Fagbemi, said IPSAS would enable the government to reap the benefits of transparency, accountability, probity and better decision making.

    She urged participants to ensure the success of IPSAS, adding that she expected deliberations to cover capacity gap, ICT infrastructure, inventory and valuation of assets and others which were germane to effective implementation of IPSAS.

    Adeosun praised the initiative of the organisers of the workshop designed to enhance ongoing national efforts to entrench transparency, prudence and accountability in governance.  “The workshop is also designed to ensure that the method of reporting the public sector follows global best practice.

    “The government has intensified efforts at introducing and strengthening reforms in Public Financial Management. This can be seen in the implementation of Government Integrated Financial Management Information System (GIFMIS); the Integrated Personnel Payroll Information System (IPPIS); the Treasury Single Account (TSA); and the international Public Sector Accounting standards (IPSAS), the minister said.

    According to Adeosun, arrangements are in top gear for the commencement of IPSAS Accrual Accounting by January 2016.

    “Prior to this, the nation had commenced the implementation of IPSAS Cash Basis of Accounting in 2014, the minister said.

    The ANAN President, Anthony Nzom, said the association would support the Federal Government in its crusade of Change. According to Nzom, people resist change out of ignorance and stick to the old order.

    “We know that this country is endowed with human and material resources with Nigerians in different parts of the world. ‘ANAN would not be claiming one of the foremost in Africa and in public sector without playing important roles in the change,’’ the ANAN chief said. He described the collaboration between ANAN and IFAC a strategic.

    Prof Stephen Ocheni of Kogi State University, spoke on Treasury Single Account (TSA), and said the TSA was designed to achieve a consolidated view of government’s accounts.

    Ocheni said the TSA was also meant to undertake optimum utilisation of available funds, ensure efficiency, transparency and accountability in the budgetary process. “The budget performance of government can be ascertained from one point and this is TSA,’’ he said.

    Director, Consolidated Accounts, Office of the Accountant-General of the Federation, Prof.  S. A. Zubairu, spoke on IPSAS, saying that the office had prepared all tiers of government for the scheme.

    He said the office had issued literature and IPSAS Accrual Accounting manuals. According to him, the manual is applicable to Federal, states and local governments.

  • ANAN, IFAC partner to promote accountancy

    The President of the association of National Accountants of Nigeria (ANAN) Anthony Nzom has said the association trusts that its relationship with the International Federation of Accountants (IFAC) would bring progress to the accountancy profession.

    He spoke while receiving  officials of IFAC during their visit to the Nigerian College of Accountancy (NCA) in Jos.

    According to the statement, IFAC officials were in the college to address the students and conduct a facility tour of the college. “We sincerely believe that this visit is just the beginning of a mutually-beneficial relationship between our association and IFAC,’’ Nzom said.

    He said the visit by IFAC was indeed a significant one being the first visit after the association’s enlistment as member of IFAC.

    “Moreover, it is a very significant visit because the inspection of our college facilities by this apex global accountancy organisation is pre-emptive of better days ahead for the association.  Since our admission into the membership of IFAC, ANAN has reasoned that the best way to appreciate this achievement is by endeavouring to be a key player in driving the process of growth and development in the Accountancy profession in Nigerian and globally,” he said.

    The ANAN president said the association had undoubtedly created a lot of impact in the Nigerian economy, brought about innovations and notably a pace setter in some areas.

    The Chief Operating Officer of IFAC, Ms Alta Prinsloo urged Accountants to always work harder, saying that there was no substitute for hard work. The IFAC boss urged Accountants to dream big.     “You have a responsibility to be ethical and the desire of the professional  Accountant is to do what is right,’’ she said.

  • ANAN to states: Survive on IGRs

    The President, Association of National Accountants of Nigeria (ANAN), Anthony Nzom, has said states have the potential to survive on Internally Generated Revenues (IGRs) if they manage their revenues prudently.

    Speaking during the group’s annual conference in Abuja, he said states should focus more on IGR to ensure self-sustainability.

    He also urged the government to move away from being a mono-product economy depending on crude oil by exploiting alternative sources of revenue generation. He said state governments could achieve that by shifting attention to other sectors of the economy such as solid minerals, tourism, agriculture and others that could create jobs.

    He added that the annual conference had historical significance as the group has been admitted as a full member of the International Federation of Accountants (IFAC).

    “I must quickly say that attaining IFAC full membership is no end in itself but in fact a means to an end and that implies an assiduous drive toward constantly meeting international best practices,’’ Nzom said.

    He lauded the support of the government and stakeholders, such as the Central Bank of Nigeria (CBN), Africa Development Bank (AfDB) and Bank of Industry (BoI), in encouraging Small and Medium Scale Enterprises (SMEs) to thrive by availing them of finance.

    The President, Certified Public Accountants (CPA) Ireland, Brian Purcell, in a goodwill message said the partnership by both bodies was built on friendship, mutual respect and trust, adding that this informed the association’s recommendation of ANAN for membership of IFAC.

    Chairman, Conference Committee, Chief Napoleon Adda, said professional accountants should exercise professional judgments in carrying out  their duties.

    The Governor of Jigawa State, Alhaji Badaru Abubakar, said ANAN’s membership of IFAC was a clear testimony of the association’s credibility and worth in global accounting profession. The governor was represented by the Secretary to the State Government, Alhaji Abdulkadir Adamu.

    He commended the Federal Government for putting the nation’s economy on the path of recovery, adding that the nation was in need of economic redemption to achieve sustainable development.