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Senate Queries MDAs State House, Over N969bn “Intangible Assets” In The 2019 Budget

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The Senate through its Public Accounts Committee has queried the State House and 557 Ministries, Departments, and Agencies over the failure to account for N969 billion “intangible assets” in the 2019 budget.

This revelation is contained in the 2019 Annual Report of the Auditor-General of the Federation being considered by the Senate Public Accounts Committee.

Members of the panel, chaired by the vice-chairman of the committee, senator Ibrahim Hadeija while considering the report, lamented the humongous amount categorised as Intangible Assets in the 2019 budget as captured in the Auditor-General of the Federation’s report.

The report read, “Audit observed from a review of notes 36 and 36A (Intangible Asset) to the FGN’s Consolidated Financial Statement that the sum of N969 Billion was categorised under Notes 36A as Intangible Assets without a schedule showing the classification/nature of the intangible assets contrary to the provision of the International Public Sector Accounting Standard) 31.

“There was no disclosure to enable the audit to confirm which of the Intangible Assets has finite and infinite life, and bad for a determination whether amortisation should be or not.”

The representative of the Accountant-General of the Federation, Shuaibu Sikiru, said the template would be redesigned to accommodate the observation in subsequent years.

Among the 558 agencies are the State House, Bureau of Public Enterprises, Bureau of Public Procurement, National Population Commission, Federal College of Forestry, Ibadan, Federal College of Forestry, Jos, National Orientation Agency, Bureau of Public Service Reforms and Nigeria Police Academy, Wudili.

Others are the Federal Civil Service Commission, Office of the National Security Adviser, Federal Ministry of Interior, Nigeria Immigration Service, Federal Fire Service, Police Formation and Command, Headquarters, Nigeria Security and Civil Defence Corps, Office of the Head of the Civil Service of the Federation, Federal Government Staff Housing Loans Board, Federal Training Center, Ilorin, Office of the Economic Adviser to the President and the National Broadcasting Commission.

Also, Voice of Nigeria, Nigerian Film Corporation, National Theatre, Federal Ministry of Information, Headquarters, News Agency of Nigeria, Administrative Staff College of Nigeria, and many others.

It was gathered that the National Assembly last week passed the Federal Audit Service Bill which prescribes, among others, a five-year jail term for accounting officers, who prevent the office of the Auditor-General for the Federation from accessing their account books.

The chairman, Senate public accounts committee, Matthew Urhoghide, told journalists that the proposed legislation sought to strengthen the office of the Auditor-General for the Federation.

He said, “The office is supposed to check systemic corruption in Nigeria by checking all expenditures of the ministries, departments and agencies of government as provided for by Section 85 of the constitution.

“The second aspect of the bill is the establishment of the Federal Audit Commission. An audit is a very peculiar department, but right now, we have those who did not study accounting being employed and working in the Audit House probably for political reasons.

“The commission will be responsible for the recruitment of proper staff that would be able to audit the accounts of the over 797 federal agencies.

“The least penalty we have in the bill for an individual is five-year imprisonment or a fine of N5m or both.

BIG STORY

Access Bank Advocates For Innovative Financing Models To Realise SDGs

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At the 2024 Medic West Africa Event, organised by ABCHealth in collaboration with Informa Markets, Access Bank reaffirmed its dedication to fostering positive transformation in healthcare across Africa.

The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

Other notable participants at the event include Mories Atoki, CEO, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation.

  • About Access Bank PLC

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 21 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

 

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Nigerians Will No Longer Work Under Inhuman Conditions — Senate President Akpabio

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Nigerian workers have been reassured by Senate President Godswill Akpabio that the National Assembly and the executive branch of government will cooperate to provide them with improved working conditions and a livable wage.

The Senate President declared that  “No Nigerian worker will again be allowed to work under inhuman conditions. We will do everything to give you the best because you deserve the best.”

He made this known in a statement on Wednesday by his Special Adviser on Media and Publicity, Eseme Eyiboh, to congratulate the workers as they commemorate the 2024 May Day.

Akpabio, in the message, extolled the sterling qualities that stood out to the Nigerian workers, saying “A Nigerian worker is noted for his patriotism, hard work, resilience, and dedication to duty.

“I am happy to be associated with the Nigerian workers in the last more than 25 years and I can attest to the fact that everywhere you go, the Nigerian worker’s spirit resonates profoundly.”

Speaking on this year’s theme for Workers’ Day, “Ensuring safety and health at work in a changing climate,” Akpabio promised that the National Assembly under his leadership was more than committed to ensuring the best working conditions for the Nigerian workers.

The Senate President reiterated that the theme for this year’s celebration was apt and in tune with the international best practices, assuring that Nigeria would not be left behind.

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NLC, TUC Give FG May 31 Ultimatum For New Minimum Wage

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The Organised Labour has handed the Federal Government May 31 deadline to come up with a realistic and reasonable new minimum wage for Nigerian workers.

Labour made this known during the Workers’ Day celebrations at the Eagle Square in Abuja on Wednesday.

The President of the Nigeria Labour Congress (NLC), Joe Ajaero; and his counterpart in the Trade Union Congress (TUC), Festus Osifo were unanimous that the N30,000 current minimum wage has been grossly insufficient for Nigerian workers in the light of current economic realities and inflationary pressure including food inflation, hike in energy and transportation cost, amongst others.

They insisted that a new living wage of ₦615,000 be expeditiously approved by the President Bola Tinubu administration before the end of May.

Ajaero said, “The Nigeria Labour Congress and the TUC have made it clearly and emphatically that should the minimum wage negotiation continue and linger till the end of May, we can no longer guarantee industrial harmony in this country.”

On his part, Osifo asked the Nigerian Electricity Regulatory Commission (NERC) and power distribution companies to immediately reverse the current increase in electricity tariff for Band A customers.

“The NLC and TUC hereby advise NERC and power sector operators to reverse the last increase in electricity tariff within the next one week,” the trade union boss said.

Nigerians mark this year’s May Day amid spiralling, and unending snake-like queues at filling stations as scarcity of Premium Motor Spirit (PMS) also known as petrol worsens across the Federation.

Although there have been assurances by the major oil supplier in the country, the Nigerian National Petroleum Company (NNPC) Limited to alleviate this issue, however, the queues have persisted for over one week.

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