Governor Francis Nwifuru of Ebonyi State has commended the Association of National Accountants of Nigeria, ANAN, for encouraging digital leadership and transformation through its mission of advancing the science of accountancy in the country.
Nwifuru made the commendation at the Christian Ecumenical Centre Abakaliki, the state capital during the 2024 Mandatory Continuing Professional Development, MCPD Programme with the induction of the new members of ANAN on Tuesday.
He said: "In Ebonyi State, the government has launched and paid needed attention to Information, Communic, action, and Technology (ICT), which is the nation’s digital economy blueprint; envisioning how our country will move towards a more digitally connected economy to boast industrialization.
"In this regard, Accountants as providers of relevant financial information which are relied upon for informed decision-making also play a key role in driving digitalization.
"Let me use this medium to thank ANAN’s continuous efforts in encouraging digital leadership and transformation through your mission of advancing the science of Accountancy."
He described ANAN as one of the biggest professional Accountancy bodies not just in Nigeria but also in Africa that is dedicated to training professional Accountants, especially on cut-edge, hands-on, practical, and contemporary issues in Accounting.
He observed that NAN, being the only professional Accountancy Body that has Colleges and Universities in Nigeria and Africa, has been the champion in advocating effective financial management in public and private sectors using the International best practices approach.
The governor added: "Without mincing words, Nigeria cannot do without a professional body like ANAN in her quest to keep the economy on track and build public trust through increased transparency and accountability. It is also glaring of the efforts of ANAN to strengthen the competencies of public sector finance stakeholders working in Public Entities and Private Entities.
"The ANAN’s emphasis on the profession’s core ethics of integrity, accountability, and trust to protect the public interest is in line with the Government's trust in good governance.
"On our part as a Government, we have worked continuously to ensure good governance, more efficient and effective public service delivery, as well as curbing leakages, fraud and corruption.
"So far, the Government has pushed for digitalization on various subsectors, including modernizing the public service delivery as this will reduce direct contact points between citizens and public officials and expedite direct Government assistance to ensure inclusiveness, accessibility, transparency, and accountability. Regardless of whether Accountants are working in the public or private sector, your code of ethics and competencies means that you owe a duty of care to the public at large.
"This is a huge responsibility as all stakeholders rely on the professionalism of this profession to make an informed decision. Accountants are known and prominent in advising companies on cash flow, financial and strategic management; alerting companies to the various aid and assistance schemes made available by the Government’s assistance and economic stimulus packages; creating awareness of the economic stimulus packages on the accountancy profession and businesses; and organizing trainings that help businesses to be more productive and effective.
"On behalf of the Government, we also appreciate ANAN’s advocacy on tax governance that focuses on addressing non-compliance and systemic inefficiencies. You have been at the forefront of broadening the tax base, improving tax compliance, and administration matters that enhance tax collection, which is critical to enable the Government to deliver more assistance and the nation’s developmental expenditures and longer-term reform agendas.
"On sustainability, the Government welcomes ANAN’s advocacy, particularly on Nigeria’s commitment to embedding environmental, social, and governance (ESG) principles as well as the UN Sustainable Development Goals (SDGs). The ANAN has been advocating that SDG reporting should be included in corporate reporting, and this has been very valuable as accountants bring unique skills and expertise within the global discourse and engagement on sustainability.
"Specifically, accountants are uniquely qualified to measure and assign climate impact costs such as carbon and greenhouse gas emissions, to provide independent assurance on sustainability processes and impacts, and to issue reports on these impacts to support decision-makers and influence positive change.
"Continuing training and learning is the key to Nigeria’s continuing relevance and sustainability in our efforts towards becoming a highly developed nation. We have great talents, which require unlocking and nurturing. Thus, I urge everybody and all companies to put in more for professional and personal learning.
"I trust that ANAN will continue to deliver these learning programs that are of great benefit and value to its members.ANAN will help deliver the requisite professional development and training that will develop relevant and competent accountancy and finance leaders who can, in turn, c, contribute to sustainable nation-building by familiarizing your members and the profession with sustainability issues and developments.
"Having glanced through the program, I believe it will be an excellent guide to the key developments and issues of attention as we go through stages of nation development. This program is a very good medium that will help accountants and finance professionals acquire the traits of insightful leadership, foresight, responsiveness, resilience, and courage that are required for Nigeria to emerge as one of the strongest economies in the World."
In his address, the NAN President, Dr. James Ekerare Neminebor commended Governor Nwifuru for having remained steadfast in his commitment to good governance, saying this was evidenced in the significant improvements in industrialization through procurement of crucial machinery to expand the state's pipe production company, the establishment of rod factory, initiating the process of full operation of the state's recycling plant and development of industrial parks to attractive investors and create jobs for Ebonyi people.
He, however, observed that Nigeria as a nation is at a critical juncture in the wake of prevailing economic realities, noting that the recent increase in fuel price, soaring inflation, and skyrocketing cost of living have raised concerns about the country's financial stability.
"As we navigate these challenges, effective risk management in public finance is more crucial than ever. We must acknowledge the risks associated with fuel price volatility impacting transformation, production, and consumer costs, with the attendant impact on inflation significantly eroding purchasing power and reducing savings.
"Nigerians are currently plagued with a serious malaise of high cost of living, affecting the most vulnerable population including the poor middle class. In mitigating these risks, we must, as a matter of urgency, diversify our revenue streams to reduce reliance on fuel imports, implement inflation control measures such as monetary policy adjustments, invest in social safety nets to protect vulnerable populations, and enhance accountability in public management."
The president added that a proactive risk management approach,h if adopted,d would cushion the impact of the economic shocks in the country and recommended fiscal sustainability and the building of a more resilient economy for generations.
ANAN Chairman Ebonyi State branch, Dr Louis Chinedu Nkwagu commended Governor Nwifuru for having appointed the members of the association as his Accountant General, Commissioners, Permanent Secretaries, Auditor Generals, University Bursars, and board members in the state.
The acting MCPD Chairman, Dr Sunday Olaoye expressed gratitude that the event came when the nation was witnessing unprecedented advancement across various sectors, noting that the theme of the occasion, "Risk Management in Public Sector," reflects the ANAN determination to prepare professionals across the spectrum to meet the challenges of today and tomorrow.
Another Keynote Speaker on Fiscal Sustainability and Risk Management in Public Sector Budgeting at the event, Dr Yahaya Onipe, observed that Nigerians are currently facing enormous economic challenges as a result of bad leadership and poor managerial planning and execution.
Onipe urged the ANAN members and other citizens of the country to be disciplined in financial management, noting that individuals should live according to his or her means of income.
"Live within your means of income because life is not all about competition. You must take the right step to reduce the financial casualties, now and tomorrow," he said
