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Finance/Economy

Nasarawa Warns Public Officers Against Extra Budgetary Expenditures

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Nasarawa State Governor, Engineer Abdullahi Sule, has warned public officers under the employ of the state, against extra budgetary expenditures, as such will go contrary to the Act establishing the Code of Conduct Bureau (CCB).

Engineer Sule handed down the warning Tuesday, while declaring open a two-day workshop on the strict compliance with asset declaration for public officers, organized in collaboration with the CCB, holding at the Government.

According to the Governor, it does not make any sense for public officers to continue to by-pass the 2020 budget earlier passed into law by the State House of Assembly, especially if they want to be honest, accountable and transparent.

While commending the bureau for organizing the workshop, aimed at instilling virtues of probity and trustworthiness in the conduct of public officers in the discharge of their responsibilities, Engineer Sule, said this was in line with the objective of his administration to inculcate financial discipline and prudent management of public resources.

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To this end, the Governor directed all public officers in the state to declare their assets, in line with the provision of the CCB, to guard against the wrath of the law, further warning of grave consequences for non compliance with the CCB Act Cap15 LFN2004.

Engineer Sule added that with government revenue just recovering from the effect of COVID-19, it has become necessary to synergize with relevant institutions of government and other non governmental organizations, in order to block leakages and ensure that resources at the disposal of government are prudently managed.

“We shall spare no effort in safeguarding our common wealth,” he stated.

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Reiterating the resolve of his administration to continue to impact the culture of discipline and transparency in government affairs, the Governor said that explained the decision of his administration to establish the Bureau for Public Procurement, aimed at ensuring accountability and due process in the management of public resources.

“The vision of the CCB under the Act is enormous and pubic officers are encouraged to be on the side of the law,” he added.

The Governor urged resource persons at the workshop to justice to their chosen topics, while also calling on the participants drawn from the three arms of government, including High Court Judges, members of the judicial Service Commission, Permanent Secretaries and other public officers, to utilize the knowledge to be gained for the benefit of the state.

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Earlier, in a welcome address, Chairman of the CCB, Professor Mohammed Isah, said the bureau has the enormous mandate to establish and maintain a high standard of morality in the conduct of government business, towards ensuring that actions and behaviours of public officers conform to the highest standard of public morality and accountability.

Prof. Isah, represented at the event by Reverend Ken Alkali Madaki, Commissioner representing North Central at the CCB, thanked Engineer Sule, for accepting to support the bureau to conduct the workshop.

The CCB Chairman later presented an award to the Governor for his prompt compliance with the CCB Act by declaring his assets, shortly after he was elected Governor.

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Finance/Economy

Inksnation Foundation Is Legitimate, Duly Registered Under The Statutory Law – Kogi State Coordinator

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The State Coordinator and Director General inksnation foundation in Kogi State, Mrs Grace Mubo Daikwo has refuted the rumoured making the rounds on doubting the authenticity of inksnation foundation as falsehood from detractors of good things.

Inksnation Foundation Is Legitimate, Duly Registered Under The Statutory Law – Kogi State Coordinator

The Director General disclosed this while speaking with Journalist as so many news are going round as regards the foundation.

She said inksnation foundation is duly registered under the statutory law of the Federal republic of Nigeria via the Corporate Affairs Commission.

She emphasized that contrary to the news from some quarter, Inksnation has come to stay and it is a very genuine foundation that has over 6.7million members in Nigeria alone with reputable members cutting across board.

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The Director General further explained that the motive of inksnation foundation is to impact into the lives of the poor and vulnerable positively especially in the area of putting food on their table and giving them income.

She however, called on members of inksnation foundation to keep calm on the recent message showing”UNVERIFIED”on there dashboard saying it is as a result of server breakdown as there is an upgrade in server presently with a new website that has just been launched with which everybody will be verified with an extension of time.

The Director General called on all members to get ready for the next December market that will come up in all the seven zones in Kogi State as a directive from the founder, Amos Sewanu.

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She said all the market has been zoned to our local government across the three senatorial districts from the 14th of December where members would have gotten two of their monthly allowance which they can spend in the market to take care of food items during the festive period.

She called on all the members to dispel the rumor as the foundation has taken a bold step to report to appropriate bodies and equally taken a legal action on those quarters where this stories generates from.

On clarification, members can check the head office at number 19 Posokah quarters off dosu way Badagry Lagos State or Kogi State office at Aliu Obaje road suit number 2, Hajia K.Plaza along NIWA road Lokoja to know more about the foundation.

Inksnation Foundation Is Legitimate, Duly Registered Under The Statutory Law – Kogi State Coordinator

In her final words, the Director General said inksnation foundation has come to give everybody equitable distribution of wealth, love, peace and unity with a projection of a better tomorrow.

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Finance/Economy

Breaking: Nigeria Plunges Into Second Recession In Five Years

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Nigeria, Africa’s biggest economy, has entered its second recession in five years as official figures published on Saturday show that the economy shrank again in the third quarter of this year.

This year’s recession, occasioned  by the economic fallout of the Covid-19 pandemic, is worse than that of 2016.

The National Bureau of Statistics, in its Gross Domestic Product report for Q3, said the GDP, the broadest measure of economic prosperity, fell by 3.62 in the three months to September.

Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession.

For the first time in more than three years, the Nigerian economy shrank in the second quarter of this year as the GDP fell by 6.10 per cent, compared with a growth of 1.87 per cent in Q1.

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The NBS had said in August that the economic decline in Q2 was largely attributable to significantly lower levels of both domestic and international economic activity resulting from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.

It said the contraction in Q2 brought to an end the three-year trend of low but positive real growth rates recorded since the 2016/17 recession.

The economy, which emerged from its first recession in 25 years in Q2 2017 when it posted a 0.7 per cent growth, had continued its slow recovery since then but the COVID-19 crisis made things worse.

In 2016, the economy slipped into recession in Q2 as the GDP shrank by 2.1 per cent after falling by 0.4 per cent in Q1 on the back of the steep fall in global crude oil prices and the country’s production volumes.

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Last month, the World Bank revised its 2020 forecast for Nigeria’s economy to -4.1 per cent from its previous projection of -3.2 per cent, saying the country’s near-term outlook was subject to “considerable uncertainty”.

The bank had said in June that the collapse in crude oil prices, coupled with the COVID-19 pandemic, was expected to “plunge the Nigerian economy into a severe recession, the worst since the 1980s”.

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Finance/Economy

FGN Disburses N66.5billion To States For Amended COVID-19 Responsive 2020 Budget

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The federal government of Nigeria (FGN) has disbursed the sum of N66.5billion (USD$175 million) to eligible States on the basis of the Amended COVID-19 Responsive 2020 Budget results achievement.

According to a press statement signed by Hassan Dodo,
Director, Press and Public Relations,
Federal Ministry of Finance, Budget and National Planning, says Mrs. Zainab Shamsuna Ahmed, the Honourable Minister of Finance, Budget and National Planning, who disclosed this in a statement signed by Mr. Hassan Dodo, the Ministry’s Director of Press and Public Relations, yesterday in Abuja, explained that the disbursement followed compliance with the Amended COVID-19 Responsive 2020 Budget by 35 eligible States in the country.

The programme is wholly-financed with a loan amount of $750 million from the International Development Association (IDA), a member of the World Bank Group. Each State received the total sum of N1.9bn equivalent of $5million.

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The disbursement is, according to her, under the performance-based grant component of the World Bank-Assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme-for-Results.

Mrs. Zainab Shamsuna Ahmed, the Honourable Minister of Finance, Budget and National Planning

Rivers State is the only one that missed out on the grant due to its inability to meet the eligibility criteria which required the states to have passed and published online on a state’s website by July 31,2020 credible, fiscally responsible COVID-19 Responsive Amended 2020 Budgets duly approved by the State House of Assembly and assented to by the State Governor.

According to Ahmed, the Amended 2020 State Budget must also include standardised budget documentation to enhance clarity, transparency and accessibility.
“It must also significantly lower the gross statutory revenue projections – consistent with the revised medium-term expenditure framework (MTEF) and federal government’s budget; reduced non-essential overhead and capital expenditures”.

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“The budget must be tagged and found to have allocated at least 10 percent of the total expenditure of the amended budget for COVID-19 relief, restructuring and recovery programs; and identified credible sources to fully finance the budget deficit to avoid accumulation of arrears”.

Mrs. Ahmed stressed that the COVID-19 pandemic and the associated economic and fiscal shocks have put significant pressure on States’ fiscal resources and undermined the reality and credibility of the States’ original 2020 Annual Budgets.

She was of the opinion that a transparent, accountable and sustainable state-level fiscal/budget framework is a pre-requisite for a robust COVID-19 response, enabling necessary health, social protection and livelihood interventions during the COVID-19 relief, restructuring and recovery phases.

The Honourable Minister expressed optimism that the achievement of results by the 35 out of 36 States would further strengthen the national fiscal response to COVID-19 and align efforts at both the federal and state-levels.

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She noted that the World Bank-assisted SFTAS Programme is principally meant to strengthen fiscal management at the state level, so as to ensure effective mobilisation and utilisation of financial resources to the benefit of the citizens in a transparent, accountable and sustainable manner, thereby reducing fiscal risks and encouraging a common set of fiscal behaviours.

Ahmed observed that the SFTAS programme could not have come at a better time, given the dwindling government revenue occasioned by oil price volatility coupled with the current impact of COVID-19 which has further intensified the need for improved practices in fiscal transparency, accountability and sustainability as enunciated in the SFTAS ideals.

It would be recalled that the federal government had earlier in April, 2020 disbursed the total sum of (N43,416,000,000.00) $120.6 million to the qualified 24 States, based on their performance.

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