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Nigeria Needs Financial Engineering To Surmount Economic Challenges – Ogomudia

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DAN DENT( ASABA)

SPONSORED BY: H&H

Former Chief of Defence Staff, General Alexander Ogomudia (rtd.), on Friday, said Nigeria requires great financial engineering to enable the country resolve the multifaceted economic challenges bedevilling its sustainable development.

General Ogomudia disclosed this at the public presentation/launch of a book titled “200 Most Outstanding Deltans” held at the Unity Hall, Government House, Asaba.

He added that financial engineering was also needed to generatee resources that would oxygenate the economy of the nation as well as the foreign reserves needed for the country to interface with the global economic system.

According to him, the present situation in the country, if left unresolved, could lead to inability of government to pay salaries with the attendant consequences of social upheavals unless the government would continue to take loans.

“We were told that Nigeria needs a total of N13.57 trillion naira to run as a country but we are barely able to generate N5.5 trillion naira in revenue out of which, last year, we spent N4.2 trillion naira on debt servicing thus leaving only N1.3 trillion naira as against N13.57 trillion which we needed to run the country.

“You will agree with me that resolving this kind of economic challenge will require great financial engineering.

“This kind of engineering is also needed to generate resources we need to run our country and the foreign reserves needed for us to interface with the global economic system.

“This situation, if left unresolved, could lead to inability of government to pay salaries with the attendant consequences of social upheavals unless we are going to continue to take loans,” the retired General said.

Speaking on the book (200 Most Outstanding Deltans) jointly authored by Pastors Powell Tos, Kennedy Bienose and Mr Nelson Egware, Ogomudia said the publication was a power house of individuals whose personal achievements are truly outstanding.

According to Ogomudia who was the Chairman at the ceremony, the public presentation/launch of the book, by implication, speaks to the subject of development be it in Delta State, some other states or in Nigeria generally as a country.

“To some people, the event of today is an ordinary one but to me, it is unique and special since it mirrors a perspective to development which recognises achievements, hard work and the idealism of performance per excellence.

“From the names of those who made the list in this first edition, it is clear that putting the list together, like the Secretary said, is a herculean task.

“I am aware that Delta State parades some of the best talents in this country. Therefore, the list would have been a lot longer than what we have now but I believe that subsequent editions, like the Secretary said, would definitely address all that have been ommitted,” he said.

While congratulating the outstanding personalities, Ogomudia noted that their recognition through the publication, was a further manifestation of a little mustard seed which, he said, was planted by Governor Ibori at the onset of democratic governance in 1999, adding that Ibori set the stage for the recognition of Deltans who were able to make it to the top of their careers.

“Today’s event, therefore, marks another dimension in performance and recognition of individual achievements since it has some historical perspectives through the launching of this book.

“The 200 outstanding Deltans who made the list, have made history today. Indeed, their achievements and joint contributions made today’s event possible. If they didn’t achieve, l am sure nobody will waste his time trying to put together a list,” he stated.

“Occasions like this, according to him, work for our youth because they are our hope for the future, adding that they must recognise that the profound challenges of the future which stretched before them are enormous.

“To this extent, you must note that every generation has its own challenges and yours, l doubt if it could be an exception.

“If you are prepared to play any role of your own which off course, you must do, you must recognise that the future is already here with most economies now being technologically driven.

“In addition, competition for the best jobs and industries will come from the cutting edge technologies which you must endeavour to play a role.

“The challenges will also include mind bogging inventions that are coming up daily which are also knowledge driven for which you must prepare yourself adequately,” Ogomudia said, pointing out that the event should serve as a catalyst that will spur the youth into working hard in order to meet the challenges ahead.

In his remarks at the ceremony, Governor Ifeanyi Okowa thanked the authors of the book for their painstaking effort in putting the book together.

The Governor who was represented by his deputy, Deacon Kingsley Otuaro said in a population of about 6 million people that are outstanding in their different respect, picking 200 most outstanding “is undoubtedly, a very painstaking work.”

“l want to use this opportunity to say that whoever that is there, is there in a representative capacity of the fact that we are all true Deltans and we are all winners,” he added.

Earlier in his welcome speech, the Secretary of the organising committee, Pastor Kennedy Bienose disclosed that the book is a document for posterity, adding that there would be subsequent editions, even as he said that the e-version of the book would be available soon.

The book reviewer, Godfrey Ubaka who is the Editor-In-Chief of The Pointer Newspaper said the book which was lucidly presented was aimed at celebrating excellence.

The highlight of the ceremony was the unveiling of the book by the Minority Leader of the House of Representatives, Hon. Ndudi Elumelu and Speaker of the State House of Assembly, Chief Sheriff Oborevwori, among other dignitaries.

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DIGITAL TRANSFORMATION: NITDA TAKES DIGITAL TECHNOLOGIES TO GRASSROOTS

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DIGITAL TRANSFORMATION: NITDA TAKES DIGITAL TECHNOLOGIES TO GRASSROOTS

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

In its continued effort to transform Nigeria into a globally recognised hub of technology and innovation to drive economic diversification and boost productivity across all sectors, the National Information Technology Development Agency (NITDA) is set to collaborate with relevant organisations in effectively cascading the benefits of digital technology to all the local governments across the country.

Group photo of the DG NITDA, Kashifu Inuwa CCIE (middle) alongside Director CAER, NITDA, Hadiza Umar (right) SSA to the President, Comm. Eng. S/W Ms Moremi Ojudu(2nd right), SSA to the President, Comm. Eng. S/E, Barr Chioma Nweze (3rd left), SSA to the President, Comm. Eng. N/W, Hon Abdallah Tanko Yakassai (2nd left) and Member, NITDA Strategic Team, Ms Dayo Johnson (left).


This was disclosed by the NITDA Director General, Kashifu Inuwa CCIE when he played host to the Senior Special Advisers to President on Community Engagement – South East, Barr Chioma Nweze; South West, Ms Moremi Ojudu and North West, Hon. Abdallah Tanko Yakassai who visited the Agency to discuss possible areas of collaboration on Nigeria’s digital transformation journey.

This gesture is in total alignment with the present administration’s priority areas, particularly in the area of reforming the economy for sustained inclusive growth.
While stating the agency’s vision for Nigeria where inclusive economic growth is fostered through technological innovation, the NITDA DG noted that the vision aligned with the president’s 8 priority areas.


“The President wants to Reform the Economy to Deliver Sustained Economic Growth; Strengthen National Security for Peace and Prosperity; Boost Agriculture to Achieve Food Security; Boost Infrastructure and Transportation as Enablers of Growth; Focus on Education, Health and Social Investment as Enablers of Development; Accelerate Diversification through Digitisation, Industrialisation, Creative Art and Innovation; and Improve Governance for Effective Service Delivery to Citizens,” he said.


He added that the agency recently crafted its Strategic Roadmap and Action Plan (SRAP 2.0) 2024-2027, and its pillars are the tool that will help Mr President in delivering on all the presidential priority areas.


Enumerating the 8 pillars of the SRAP, Inuwa highlighted “Foster Digital Literacy and Cultivate Talents” as one of the most important pillars the document is anchored on where inclusivity is pronounced.


“To ensure we are inclusive, we need to get our citizens to be digitally literate, so we developed the National Digital Literacy Framework with an ambitious target of achieving 95% digital literacy by 2030 but Mr President cited a mid-term target for us to achieve 70% by 2027,” he stated.


He further said that the agency is collaborating with the Ministry of Education in infusing digital literacy into all academic institution’s curricula while at the same time developing standard training with certifications that would be a prerequisite for securing government employment.


“We have already worked with the Head of Service to put it as a requirement for government workers to be digitally literate. But for the market people, artisans and so on, what they need is the literacy to use digital devices to access internet banking, government digital services and others.

We have therefore been exploiting many channels to deliver them through TV programmes, social media, radio, roadshows and so on,” he averred.


The NITDA Boss stated that, the 3 Million Tech Talent programme was another initiative of the Ministry of Communications, Innovation and Digital Economy in collaboration with the agency to identify skill gaps in the country and build youth’s capacity on skills in high demand locally and internationally.


“We have started the training and so far we have trained over 30,000 and completed the first phase which is a pilot. We are now executing the second phase of the training,” he said.


While giving deep insight into the other seven strategic pillars of Building a Robust Technology Research Ecosystem; Strengthening Policy Implementation and Legal Framework; Promoting Inclusive Access to Digital Infrastructure and Services; Strengthening Cybersecurity and Enhance Digital Trust; Nurturing an Innovative and Entrepreneurial Ecosystem; Forging Strategic Partnerships and collaborations and lastly, Cultivating a Vibrant Organisational Culture and an Agile Workforce in NITDA, Inuwa shared the various infrastructures, innovative solutions, sponsorships and training programmes the government has been offering nationwide.


In his remark, Hon. Yakassai appreciated the DG NITDA for his wonderful presentation by sharing insights into the various activities of the agency to ensure a digitally empowered nation by building the digital capacities of Nigerians.


He however expressed his team’s willingness to collaborate with the agency in the areas of propagating the agency’s activities to the grassroots throughout the 774 local governments in the country.


“Mr President is a grassroots person that is why he created this office so that we make sure whatever the government is doing is taken down to the grassroots level and we need to show the people the importance of your programmes and how they can key into it”, he stated.

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NiMet And FUPRE To Partner On Weather Observation, Research And E-Learning

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NiMet And FUPRE To Partner On Weather Observation, Research And E-Learning

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Nigerian Meteorological Agency (NiMet), is to collaborate with the Federal University of Petroleum Resources Effurun (FUPRE),Delta state, on weather observation, research and e-learning.

Left to Right: Professor Charles Anosike, Director-General and Chief Executive Officer of NiMet, and Professor Akpofure Rim-Rukeh, Vice Chancellor, Federal University of Petroleum Resources Effurun (FUPRE), Delta state, at the signing of a Memorandum of Understanding (MoU), between NiMet and the university on Thursday, 16th May 2024.

This was disclosed by the Director-General and Chief Executive Officer of NiMet, Professor Charles Anosike, on Thursday, 16th May 2024, at the signing of a Memorandum of Understanding (MoU), between NiMet and the university.

Professor Anosike observed that oil companies have weather stations spread across the shores of Nigeria, which are illegal according to the new NiMet Act. He said that these weather stations need to be registered with NiMet in compliance with NiMet Act and solicited the collaboration of the University to achieve this.

Speaking further, Professor Anosike noted that the partnership with the petroleum institution will not only help improve data gathering on climate risk in the area, but also strategically make NiMet become the centre of excellence in disseminating the risk to the oil and gas sector.

“I will like the Federal University of Petroleum Resources Effurun (FUPRE), to take advantage of NiMet’s e-learning services that will soon be unveiled. It would actually fast-track introduction of joint courses between FUPRE and NiMet”, Professor Anosike concluded.

On his part, the Vice Chancellor of FUPRE, Professor Akpofure Rim-Rukeh disclosed that the institution expects support from NiMet in the installation of observatory stations, training personnel on generation of weather data that can support research, journals and academic publications and other good interventions that will impact on the university and its environment.

Amongst other things, the MoU aims to establish a collaborative framework between NiMet and FUPRE for joint efforts in research, training and promotion of activities relating to meteorology/climatology and climate change in Nigeria. Specifically the MoU will have NiMet Install its observatory station known as Resident Observatory Station (ROS) in suitable locations within FUPRE for the purpose of carrying out meteorological activities.

The MoU signing was witnessed by the Director, Legal Services of NiMet, Barr. Shola Gabriel and other staff of the Agency. The Vice Chancellor of FUPRE, Professor Akpofure Rim-Rukeh signed on behalf of the Federal University of Petroleum Resources Effurun (FUPRE) , Delta state, while Professor Anosike signed on behalf of NiMet.

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Tax Conference: Sanwo-Olu, Zulum, Amosun, Other Experts Seek Transparent Tax System to Boost Internally Generated Revenues

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Tax Conference: Sanwo-Olu, Zulum, Amosun, Other Experts Seek Transparent Tax System to Boost Internally Generated Revenues

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Lagos State Governor, Mr. Babajide Sanwo-Olu, and his counterparts from Sokoto and Borno States have emphasised the need to make the country’s tax system more transparent and accountable to Nigerians to boost confidence and voluntary compliance.

The governors made the call at the ongoing 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, with the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building”.

Speaking at the conference, Governor Sanwo-Olu who was represented by his Special Adviser on Taxation and Revenue, Mr. Abdul-Kabir Opeyemi Ogungbo, said the theme of the Conference was apt and timely given that Nigeria, like many other nations, is currently facing significant economic challenges.

While underscoring the crucial role of a transparent and efficient tax administration in fostering confidence and voluntary compliance among taxpayers, he emphasized the necessity for citizens to witness tangible outcomes from their tax contributions, highlighting the pivotal role taxes play in fueling public services and infrastructural development.

Sanwo-Olu stressed the shift in mindset needed, urging taxpayers to view tax payments not as a burden but as an investment in a better future for Nigeria.

He said building a strong and sustainable future through a robust tax system that fosters economic growth and development had become inevitable.

Sanwo-Olu said, “We must all understand the crucial role taxes play in building a better Nigeria for ourselves and for generations to come.

“The theme also highlights the need for a clear economic roadmap which should take note of the architecture of our developmental ideologies as they are designed to provide the government with the necessary resources to cater for the social needs of its citizens, therefore we need a tax system that incentivizes investment, job creation, and economic diversification.

“We need to explore innovative ways to expand the tax base while fostering a business environment that allows our economy to thrive. The good news is that Nigeria is already taking positive steps in these directions. The recent efforts to streamline state-level taxes and the focus on integrating the growing remote workforce into the tax net are commendable initiatives.”

The governor said, “The CITN plays a vital role in fostering this vital shift. Your commitment to professional excellence and education is instrumental in ensuring a tax system that is fair, efficient, and promotes economic development.”

However, former Governor of Ogun State, Senator Ibikunle Amosun, who declared the conference open, while stressing the need to prioritize growing Internally Generated Revenue (IGR) over relying solely on borrowing to fund national and sub-national budgets, said borrowing to fund the budgets was not the way to go amid the current national economic challenge when “our nation and its constituent states and local governments are going through very difficult times and finding it hard to provide for its teeming populace, acceptable standards of living, employment with the growing population of youths, infrastructure and basic amenities that will make life more meaningful”.

Governor Babagana Zulum of Borno State criticized inefficiencies and corruption in the current tax administration system.

Zulum, represented by the Deputy Governor of Borno State, Umar Kadafur, highlighted the shortcomings of the current tax system, including tax evasion, avoidance, and lack of transparency.

He called for critical reforms to address these issues, including tackling corruption in both the oil sector and governance system. He criticized the political protection of tax evaders and emphasized the importance of transparency and accountability in tax administration.

While calling for critical reforms, he lamented the manipulation and connivance of multinationals with tax administration to short-change the system, he added that this represented one of the hallmarks of corruption in both the oil and governance system.

In his remarks, the Governor of Sokoto State, Ahmad Aliyu Sokoto, said the conference will greatly assist in exploring innovative ways of improving revenue generation in the country.

He said the economic and revenue challenges had made it difficult for governments at all levels to implement their people-oriented programmes, thus the need for the government to devise a means for more funds to provide the dividends of democracy to the people.

The governor said taxation remained a veritable source of resource mobilization for the government adding that his administration would work with CITN to boost IGR in the state.

The Auditor-General for the Federation (AuGF), Mr. Shaakaa Chira, said the country’s tax system was plagued by instances of tax evasion especially by the upper class, multiple taxation and inability to properly account for taxes collected by administrators.

The Chairman of the conference planning committee, Dr. Adeyemi Sanni, noted that for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges.

President and Chairman of the CITN council, Mr. Samuel Agbeluyi, emphasized the importance of investing in technology and people at the subnational level to effectively track revenues in the digital space, including cryptocurrency. This, he believes, will help maximize government revenue flow.

Mr. Agbeluyi stressed the need to provide support to revenue authorities through financial and administrative autonomy, empowering them to effectively administer taxes as he noted it is clear that a strategic approach to revenue management is crucial for the overall financial health of the government.

The CITN boss stated further, “This is a thought-provoking topic that requires all of us to put on our thinking hats. As we deliberate, we must recognize that our nation faces significant challenges. Our current economic realities as a country are multifaceted, despite efforts to improve the narrative by the current government.

He said, “The 2024 budget of “Renewed Hope” as we know relies significantly on non-oil revenue, and this trend is expected to continue in the future. Therefore, building a sustainable tax culture capable of significantly improving our tax revenue performance for an effective. economic and capital formation becomes a top priority.”

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