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Category: Economy

  • Expert hails plans to set up consumers’ protection unit

    Expert hails plans to set up consumers” protection unit

    Consumers

    By Constance Athekame

    Abuja, June 9, 2024(NAN) A power expert, Mr Princewill Okorie, has commended the Minister of Power, Mr Adebayo Adelabu, on plans to set up a consumers’ protection unit in the Ministry.

    Okorie, the Executive Director, Electricity Consumers Protection Advocacy Centre, said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

     He said, ”I am glad that the minister plans to set up consumers’ protection unit in the ministry of power.

     ”Today, you have a department overseeing transmission, generation and  distribution, none overseeing consumer protection.

    “ And  consumers are the ones paying money for electricity,  so there is a need to have that unit and he has promised that it will be set up under the distribution department of  the ministry.

    “That will be  good,  if he will do that, when set up; the first thing that should be done is adequate electricity consumer enlightenment. ‘”

    According to him, the Electricity Act 2023 section 119 is on consumer protection and licensee performance standards but most consumers don’t know about it.

    He said that the section deals with re-connection,  disconnection and complete handling service performance standards of the Electricity Distribution Companies (DisCos).

    “There should be adequate enlightenment because it is only consumers that understand the sector and what their rights are 

    “For instance, how many consumers are aware that when they pay for a meter under the Mass Meter Access Provider (MAP) they are supposed to get a refund for the money they paid through credit tokens?

     “Most consumers do not know, so DisCos deal with them.

    ”How many of them are aware of network expansion investment policy which entails that when you invest in infrastructure you recover your money, ‘’ he said.

     Okorie said that the stakeholders in the power sector kept talking about investment, adding, ”nobody can say this is what the consumers have invested.

    ”Or how many transformers have the DisCos bought and how many have the communities bought.

     “Unfortunately, consumers’ investments in the sector are not refunded. This is not fair to the consumers.

    “Is there punishment for the DisCos for not remitting the money that they collect from unmetered consumers because we have not seen much action on that? ‘’(NAN)(www.nannews.ng)

    COA/BRM

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    Edited by Bashir Rabe Mna

     

     

     

     

     

     

     

     

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  • Customs’ checkpoints reduced by 50% on Lagos-Badagry Expressway – Controller

    Checkpoints
    By Raji Rasak/Aisha Cole
    Badagry (Lagos State), June 9, 2024 (NAN) The Nigeria Customs Service (NCS) on Sunday said it had reduced checkpoints on the Lagos Badagry Expressway by 50 per cent.

    The Controller, Seme Area Command of the service, Comptroller Timi Bomodi, disclosed this in an interview with the News Agency of Nigeria (NAN) in Seme near Badagry.

    According to the controller, this is something that we have identified as inimical to trade.

    “When I first came here, what I did is to drastically reduce the number of checkpoints by Nigeria Customs from my command because I believe we have to deploy our men more strategically.

    “There is no need to just proliferate the road with personnel without thinking of the strategic implications of their deployment.

    “So, we reduced it by 50 per cent. Then placed them in particular positions that allowed them to effectively cover the sea, the road and the river.

    “We took into consideration the communities in Badagry and Seme axis.

    “We have about 99 communities between Seme and Agbara and they exist on both sides of the road. Some are proximate to the road, some to the ocean while some to the river,” the controller said.

    Bomodi said that these were access all the way to the Republic of Benin, Togo and even further.

    “So, these are points of convergence for smugglers.

    “Those are the points we identified and deployed our officers to and they are yielding results for us,” he said.

    The controller said that he did not understand the motive behind other agencies of government operating many checkpoints on the corridor.

    “We don’t know the reason why other security agencies deploy many of their men on the road.

    “We don’t know if it is even effective in executing their mandate but we do know that it gives us negative feedback especially when you are discussing with people that are coming to Nigeria from other countries.

    “Immediately you move from Seme into Republic of Benin, you don’t see all these happening.

    “Multiple checkpoints don’t speak well of us as a country that is bent on growing local economy.

    “We are trying to encourage Foreign Direct Investments. We are trying to encourage tourists to come in.

    “We need to present a picture that shows how serious we are in our approach toward trade facilitation,” he said.

    Bomodi said that during joint security meetings, he always advised the other security agencies to take action and ensure the corridor was free from unnecessary checkpoints. (NAN)(www.nannews.ng)
    ROR/AIC/CHOM/AJA
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    Edited by Chioma Ugboma/Adeleye Ajayi

     

     

  • FG should prioritise stable power, low production cost – Rep.

    Electricity
    By Leonard Okachie
    Umuahia, June 8, 2024 (NAN) A lawmaker, Rep. Ibe Osonwa, representing Arochukwu/Ohafia Federal Constituency of Abia, has advised the Federal Government to prioritise stable electricity supply in the country.
    Osonwa gave the advice during an interactive session with newsmen in Umuahia on Saturday.
    He said that achieving stable power in the country would help to unlock the productive capacity of Nigerians, scale up exportation and reduce importation.
    “Once electricity is stable and affordable and production goes up, prices of goods will become cheaper and affordable,” he said.
    According to him, the only way Nigeria can migrate from consumption to production is for the Federal Government to prioritise electricity supply and reduce the cost of production.
    “When that is achieved, the country’s manufacturing sector will scale up their production capacity, this will create employment and poverty and hunger will ultimately reduce.
    “Nigeria is failing as a country to become productive and I’m hopeful that once the problem of power is solved, the country will become productive.
    “We are buying everything and producing nothing because of poor electricity supply.
    “This is not good for a country with a huge population as Nigeria,” he said.
    According to him, while the economies of India and China depend on the country’s huge population, Nigeria’s large population is not efficiently  deployed in enhancing production.
    The lawmaker advised that electricity distribution must be given to competent companies with the capacity to perform efficiently.
    He argued that such contracts must not necessarily be given to Nigerians.
    He contended that the existing contracts could be revoked and awarded to other companies to pave the way for efficiency in power distribution.
    He expressed concern over the alleged inability of the existing distribution companies to meet the electricity needs of the country.
    He also alleged sharp practices by the industry operators, citing the existence of crazy bills, arising from estimated billing method by the companies.
    He recalled an instance where his Ebem Ohafia community was given a N1.2 billion electricity bill, at a time it had no power supply for five years.
    Osonwa said that he had been able to show relevance and make impact in the House, having sponsored some bills and motions since the inauguration of the 10th National Assembly (NASS).
    He listed some of the bills to include the one for the establishment of a second Federal Medical Centre in Abia to be cited in Ohafia to also service neighbouring communities in Cross River and Akwa Ibom.
    The others are the bills to increase and improve businesses as well as the one for freight forwarders.
    He said that he also sponsored motions to tackle ecological challenges in his constituency and establishment of a security post in Ohafia to help end the incessant fatal cross-community clashes.
    He cited the May 10 attack on Isu Community allegedly by Ukwa Community in Akwa Ibom in which a woman was killed.
    Osonwa expressed delight that the House had granted his request that the security post be established and manned by military personnel.
    He also said that he had attracted some road projects to his constituency, including the Oboro-Ohafia-Okagwe-Ndi-nku-Abiriba Road.
    He said that six of the projects had been awarded and awaiting the release of funds to take off, while 15 others already captured in the budget had yet to be awarded.
    Meanwhile, the legislator said that the contract for the rehabilitation of the Umuahia-Bende-Abam-Ohafia Road had been revoked by the Federal Government over alleged non-performance.
    He said that the Muri and Omenuko
    Bridges on the road were in deplorable condition and deserved urged government’s attention.
    Osonwa expressed happiness over the conviviality and spirit of oneness existing among the Abia caucus in the NASS.
    He attributed the healthy development to the enviable leadership style of Gov. Alex Otti, saying that the governor’s
    sterling performance in office had positively changed the ugly narratives about Abia.
    “My governor is the best performing governor in the country today and he is making us proud,” he said. (NAN)(www.nannews.ng)
    LEO/USO
    Edited by Sam Oditah

  • Weekly Report: Selloffs in blue-chips decline NGX market indices by 0.08% 

    Market
    By Rukayat Adeyemi
    Lagos, June 8, 2024 (NAN) During the week, selloffs in Seplat, Fidelity Bank, Transnational Corporation, among 34 other declined equities drove the Nigerian Exchange Ltd.(NGX) broader index down by 0.08 per cent week-on-week.
    Notably, the NGX All-Share Index and market Capitalisation depreciated by 0.08 per cent to close the week at 99,221.14 and N56.128 trillion respectively, as against 99,300.38 and N56.172 trillion respectively posted last week.
    As a result, stock market investors lost N44 billion week-on-week.
    Similarly, all other indices finished lower with the exception of NGX Main Board, NGX Insurance and NGX Consumer Goods which appreciated by 0.08 per cent, 0.84 per cent and 0.33 per cent respectively.
    However, the NGX ASeM, NGX Industrial Goods and NGX Sovereign Bond indices
    closed flat.
    Meanwhile, 35 equities appreciated in price during the week lower than 45 equities in the previous week.
    37 equities depreciated in price higher than 25 in the previous week, while 82 equities remained unchanged, lower than 84 recorded in the previous week.
    Specifically, Unity Bank led the losers’ table by 21.57 per cent to close at N1.20, Sovereign Trust Insurance followed by 13.64 per cent to close at 38k per share.
    Transnational Corporation lost 11.21 per cent to close at N10.30, Sunu Assurances shed 10.85 per cent to close at N1.15, while Prestige Assurance dropped 10.71 per cent to close at 50k per share.
    On the gainers’ table, RT Briscoe led by 25 per cent to close at 60k, Oando Plc trailed by 23.73 per cent to close at N14.60, Eterna Plc gained 22.45 per cent to close at N15 per share.
    Deap Capital Management and Trust Plc rose by 20 per cent to close at 48k and Red Star Express Plc added 15.73 per cent to close at N3.90 per share.
    Meanwhile, a total turnover of 1.703 billion shares worth N30.495 billion in 37,765 deals was traded this week by investors on the Exchange, in contrast to 2.189 billion shares valued at N31.303 billion that exchanged hands last week in 39,362 deals.
    The Financial Services Industry, measured by volume, led the activity chart with 1.222 billion
    shares valued at N15.876 billion traded in 18,782 deals.
    This contributed 71.77 per cent and 52.06 per cent to the total equity turnover volume and value respectively.
    The Oil and Gas Industry followed with 171.174 million shares worth N3.549 billion in 3,699 deals.
    The third place was the Consumer Goods Industry, with a turnover of 116.145 million shares worth N4.434 billion in 4,163 deals.
    Trading in the top three equities namely: Fidelity Bank Plc, Access Holdings Plc and Veritas
    Kapital Assurance Plc measured by volume accounted for 583.809 million shares worth
    N5.740 billion in 4,733 deals.
    This  contributed 34.28 per cent and 18.82 per cent to the total equity turnover volume and value respectively.
    According to analysts a Cowry Asset Management Ltd., looking ahead to the next week, a mixed trend is expected.
    The analysts predicted that this would be driven by profit-taking activities, the publication of third-quarter earnings forecasts by corporates, and portfolio rebalancing.
    They noted that market pullbacks are anticipated to enhance the index’s upward potential, supported by the ongoing dividend earnings season.
    “Investors and traders are expected to also position themselves for expected macroeconomic data, such as the Consumer Price Index for May.
    “However, investors are advised to trade in stocks of companies with sound fundamentals,” the analysts added.(NAN)(www.nannews.ng)
    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Niger mine collapse: Association wants more manpower for regulatory bodies

    Mining

    By Martha Agas

    Abuja, June 8, 2024(NAN) The Miners Association of Nigeria (MAN) says there is need to beef up manpower for regulatory bodies deployed to mining sites to ensure compliance to safety standards.

    The National President of the association, Mr Dele Ayanleke, made the call in an interview with the News Agency of Nigeria (NAN) on Saturday in Abuja, in reaction to a collapsed mining site in Niger.

    NAN reports that a mining site in Galadima-Kogo village of Shiroro Local Government Area of Niger, operated by African Minerals and Logistics Ltd, collapsed on Monday, killing one person and trapping several others.

    NAN further reports that the Minister of Solid Minerals Development, Dr Dele Alake, had announced on Tuesday that seven persons had been rescued so far from the collapsed pit.

    The MAN national president urged the government to invest more in improving the human and logistic capacities of the regulatory bodies.

    “We counsel mine owners to adhere to the principles of mining best practices in their operations and avoid the temptation to hurriedly get to the levels of the ores without observing minimum operational standards and procedures.

    “It is also imperative for the Federal Government to listen to our passionate appeals on the need to invest more to improve the human and logistic capacities of the regulatory bodies.

    “In a situation where you have one federal mines officer in a state like Niger which is equal in size to about five others, with almost zero facilities and field staff for site inspection that would have nipped impending disasters in the bud, what do we expect?

    “It is also important that Nigeria small scale mining lease holders need affordable and purposely structured funding interventions to upscale their games.’’

    According to the president, with the magnitude of the operations in the affected mine site, such an intervention will have enabled the mine owner to hire necessary professional hands.

    He added that the funding intervention would help miners acquire equipment to make their operations compliant with minimum operational standards to avoid disasters.

    Ayanleke described mine collapse as one of the major risks in the mining fields even in advanced mining jurisdictions.

    He, however, said that strategic measures could be put in place to stem the tide of such occurrences to safeguard lives and assets.

    He commiserated with the families of the victims of the disaster, the Government and the people of Niger.

    “May the Lord grant repose to the souls of the departed; heal the wounded and help rescue those who might still be trapped.

    “We also sympathise with our colleague, the mine owner, for the collateral human and material losses arising from the unfortunate incident,” he said.

    NAN reports that the minister of solid minerals development visited some of the victims rescued from the pit on Friday in Niger.

    He said that insurance policies for miners would be enforced across the country to ensure their safety and facilitate prompt relief for them and their families in similar incidents.

    The minister also emphasised the Federal Government’s stance–that remediation plans must accompany mining license applications.

    He said that irresponsible mining operations posing threats to the environment and communities would no longer be tolerated.(NAN)(www.nannews.ng)

    MAA/CJ/

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    Edited by Chijioke Okoronkwo

  • ECA, partners hold training on electricity market design

     

    Electricity

    By Lucy Ogalue

    Abuja, June 8, 2024 (NAN) The Economic Commission for Africa (ECA), RES4Africa Foundation and Gestore dei Servizi Energetici (GSE) have concluded a High-Level Policy and Regulatory Training on Electricity Market Design.

    The ECA, in a statement released on its website, said the training was a significant step towards advancing Africa’s electricity reform agenda and increasing private sector participation in clean energy infrastructure.

    The News Agency of Nigeria (NAN) reports that the initiative is titled “Advancing Africa’s Electricity Reform Agenda: Towards Increased Private Sector Participation in Clean Energy Infrastructure.’’

    The project builds on a successful regulatory work conducted by ECA and RES4Africa since 2019 and has assessed the electricity policy and regulatory frameworks in 16 African countries in four years.

    It provides evidence-based recommendations to enhance regulatory openness, attractiveness, and readiness for private sector investments.

    The statement quoted Robert Lisinge, Acting Director of Technology, Innovation, Connectivity, and Infrastructure at the ECA as reiterating the importance of de-risking investments.

    According to Lisinge, de-risking investment, especially in an environment where the continent attracts a fraction of global energy investments, calls for a serious look at the policy and regulatory system.”

    He said that addressing pressing regulatory constraints and, in some cases, regulatory absence, provided clarity to investors.

    “ECA’s energy regulation and investment programme aims to bridge this barrier by supporting member states in their efforts to advance regulation and de-risk their markets,” he said.

    Similarly, Yohannes Hailu, ,ECA’s Energy Policy Expert said, enabling greater private sector investment and participation in Africa’s electricity markets through policy and regulatory enhancements was crucial for sustainable financing.

    Hailu said Kenya’s effort to address bulk electricity supply and open access regulation ensured a broader openness of the electricity market to private investment.

    According to him, it also serves as a regulatory best practice to inspire similar initiatives across the continent.

    “At the heart of this training is the broader initiative to provide technical support to Kenya in adopting and implementing Bulk Power and Open Access Regulation.

    “This regulation has profound implications for opening Kenya’s electricity market to further private investment.

    “Kenya’s advancing regulatory framework and emerging public-private partnership models in transmission investment positions it among the front-runners in Africa’s energy sector reform,’’ he said.

    Meanwhile, Roberto Vigotti, Secretary-General at RES4Africa Foundation, said RES4Africa believed that the future of Africa’s energy lied in the hands of a well-informed and empowered community of policymakers, regulators, and industry leaders.

    Vigotti said the training represented a pivotal step towards creating an enabling environment for private sector investments in the clean energy sector.

    According to him, the collaboration with ECA, GSE and other partners will drive the energy transition across the continent, ensuring sustainable, reliable, and affordable electricity for all.

    Also, Alberto Biancardi, Director of Studies, Monitoring, and International Relations at GSE, said, GSE was pleased to work together with RES4Africa and ECA in furthering the energy transition.

    “We are eager to continue supporting the creation of opportunities for building capacities to design the most effective ways of tackling persistent challenges and taking advantage of the wealth of opportunities on the continent.

    “ECA maintains ongoing collaboration with member states in advancing regulation and market de-risking measures.

    “This collaboration involves developing and implementing supportive regulatory instruments, capacity-building initiatives, and technical assistance to address the investment gap in the sector,’’ he said.

    NAN reports that the Italian Ministry of Foreign Affairs and International Cooperation and the Enel Foundation collaborated and supported the organisations to ensure success of the training.

    The AFRY Management Consulting and Grupo Mercados Energéticos Consultores (GME) are also valued partners in delivering quality knowledge and skills sharing with participating experts.(NAN)

     

    LCN/CJ/

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    Edited by Chijioke Okoronkwo

     

     

     

     

  • Naira depreciates by 0.16% against dollar at official market

    Naira

    By Grace Alegba

    Lagos, June 7, 2024 (NAN) The Naira on Friday recorded loss at the official market, trading at N1,483.99 to the dollar.

    Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N2.50.

    This represents a 0.16 per cent loss when compared to the previous trading date on Thursday, trading  at N1,481.49 to the dollar.

    However, the volume of currency traded increased to $269.27 million on Friday up from $213.31 million recorded on Thursday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,507.00 and N1,399.00 against the dollar. (NAN)

    GA/AWA

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    Edited by Olawunmi Ashafa

  •  Minister to create local content law to boost indigenous manufacturing

    Local content
    By Rukayat Moisemhe

    Lagos, June 7, 2024 (NAN)
    The Minister of Power, Adedayo Adelabu, says the ministry is working on new local content legislation aimed at supporting indigenous manufacturers within the power sector ecosystem.

    Adelabu made this known during a facility tour of Coleman Wires and Cables on Friday in Arepo area, Ogun.

    He said the tour was for the Federal Government to better understand the capacities of stakeholders across the power value chain and support the patronage and sustainability of the sector.

    The minister stated the government’s readiness to improve and develop local content manufacturing to drive import substitution, make them champions and engender global competitiveness.

    “It is important to commend the resilience and capabilities of manufacturers in the country.

    “The magnitude of import dependence is huge and those that have supported government’s efforts at import substitution must be acknowledged.

    “Government’s ultimate target is 100 per cent import substitution to drive productive manufacturing, reduce pressure on foreign exchange and make Naira stronger.

    “What coleman is doing is in line with the objectives of the Federal Government on manufacturing and ending the importation cycle and we are ready to support such activities,” he said.

    In his remarks, Managing Director, Coleman Wires and Cables, Mr George Onafowokan, said that with the right support and incentives for local content utilisation, Nigeria would be well positioned as a processing country, creating more jobs and being sustainable.

    Onafowokan noted that the company had proven that Made in Nigerian goods and services could cater to local and export needs and match up to international standards and global competition.

     

    Coleman Technical Industries Ltd., manufacturers of Coleman Wires and Cables, largest cable company in sub-Saharan Africa.

     

    He, however, stressed the need for the federal government to localise solutions to power transmission by developing the capacities of indigenous manufacturers and creating a more enabling incentivised business environment.

    “In the drive for solutions to power transmission in the country, there must be a move that is seen from a local perspective, deliberately pushing for local industries to grow.

    “Nigeria can be a processing country with the volumes of population we have, but it is important to have that much needed balance between fiscal and monetary policies to address foreign exchange volatility and create an enabling environment.

    “Enablers for transition to a processing country must allow import of raw materials easily and export of finished products easily and focus on value addition for every sector to grow.

    “We must also push domestic direct investment, incentivise them and address counterfeiting to drive Nigeria’s non-oil exports.

    “At Coleman, we are working with the Standards Organisation of Nigeria (SON) to drive the identification process on each product to address counterfeiting,” he said.

    To address the skill gaps observed in technical manufacturing, Onafowokan called for a review of the tertiary institution curriculum to accommodate intense practicality on automation and machinery engineering to enhance production.(NAN)(www.nannews.ng)

    ARM/AWA

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    Edited by Olawunmi Ashafa

  • FG committed to infrastructure development through PPP – ICRC boss

    FG committed to infrastructure development through PPP – ICRC boss

    PPP
    By Okeoghene Akubuike
    Abuja, June 7, 2024 (NAN)Mr Michael Ohiani, Director-General, Infrastructure Concession Regulatory Commission (ICRC), says the Federal Government remains committed to infrastructure development through Public-Private Partnership (PPP).

    Ohiani said this at the Second Quarter 2024 Public-Private Partnership Units Consultative Forum(3PUCF) Meeting in Abuja on Friday.

    The News Agency of Nigeria (NAN) reports that the forum provides a platform for PPP departments in Ministries Departments and Agencies(MDAs) and stakeholders to share ideas, success stories, and challenges on their PPP projects to drive economic growth in Nigeria.

    The meeting was hosted by the Federal Road and Maintenance Agency (FERMA).

    Ohiani said that within the second quarter, the commission successfully issued Outline and Full Business Case Compliance Certificates in respect of key PPP projects from several MDAs.

    He said between April and June 2024, the commission issued 14 Outline Business Case (OBC) Compliance Certificates and two Full Business Case (FBC) Compliance Certificates.

    Ohiani said the commission would continue to issue OBC and FBC certificates as the need arises.

    He said some projects which had been issued OBC Compliance Certificates in the second quarter included the Infrastructure Development of Residential Buildings at the Federal School of Forestry, Jos.

    Ohiani said others were the Design and Development of eight Hostel accommodations at the University of Lagos, Campus, Akoko.

    “Others are the development of 240 Housing Units of two and three Bedroom Bungalows at Nigerian Airspace Management Agency’s land located at Jaba, Kano State.

    “The Operation and Management of Kashimbila Integrated Cargo/Agro-Allied Airport, Taraba, and Implementation of the Nigerian National Patronage Cash Reward Programme.

    “Also, the Implementation of Metal and Mineral Operational Audit and Export Certification programme, and the Implementation and Development of the Electronic Enforcement and Penalty Management (eTraffika).”

    Ohiani said FBC Compliance Certificates were issued for the following projects which included the Implementation and Development of the Electronic Enforcement and Penalty Management (eTraffika).

    “Also the Renovation and Upgrading of School of Nursing Student Hostel, University College Hospital (UCH), Ibadan, Oyo State.”

    He said the commission had also continued to monitor PPP projects which were at the implementation stage.

    “Just last week, our staff and the relevant officers of the Federal Ministry of Agriculture and Food Security visited 17 silo complexes across the Federation.”

    Ohiani reiterated the commission’s commitment to continue to build PPP capacity across MDAs and PPP practitioners through its training arm- the Nigeria Institute of Infrastructure and Public-Private Partnership.

    He urged the members of the forum to take advantage of the opportunities the training institute provided.

    “We also invite you to take advantage of the MBA in PPP and PhD in Management (PPP option) programmes which are being run in collaboration with the Malaysia University of Science and Technology.”

    Ohiani expressed his appreciation to members of the forum for their continued valued contributions to its sustenance and overall success.

    “I, therefore, encourage us all to continue to advance with the various projects across our MDAs up to implementation and possible hand-back, as these will have a direct positive bearing on the wellbeing of Nigerians.

    “ I encourage us to sustain the shared vision of a prosperous and infrastructure-sufficient country for the coming generations.” (NAN)(www.nannews.ng)
    OKE/VIV

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    Edited by Vivian Ihechu

  • Effective audit findings key to financial probity – Expert

    Audit
    By Douglas Okoro
    Abakaliki, June 7, 2024 (NAN) A Public Financial Management Specialist, Mr Chibueze Nwonye, on Friday, stressed the need for effective audit findings, saying it was key to financial probity.
    Nwonye stated this while delivering a lecture at United States Agency for International Development (USAID) STATE2STATE Activity workshop on accountability, transparency and effectiveness in Abakaliki, Ebonyi.
    The News Agency of Nigeria (NAN) reports that the workshop was aimed at developing, launching and implementing plans to address priority audit findings in the state.
    Nwonye, a financial expert, said that the audit findings on the Auditor-General’s Reports was a key interest to the State2State activities, especially in the education, health, water, sanitation and hygiene sectors.
    He said that the findings and the recommendations made would be beneficial in the implementation of the current budget, which would lead to proper service delivery.
    Speaking earlier, the state’s Auditor-General, Dr Samuel Udu, said that the importance of audit findings was to ensure accountability, probity and good governance.
    Udu said that his office had done a lot to ensure the effectiveness of audit findings, having worked and handed over audit findings to the state House of Assembly through the Public Accounts Committee (PAC).
    He stated that the findings in the field had testified to the readiness of his office to ensure that the state government got the best accountability records.
    The auditor-general thanked the State2State Activity for its tremendous help in preparing the audit manual which was a guide to audit preparation.
    He, however, explained that audit findings were not for witch hunting, adding that they were rather meant to put audit records straight and use it to correct any observed fault in future auditing.
    “Audit reports are not meant for witch-hunts but they are meant to put audit records straight,” Udu said.
    A member of the state House of Assembly, Mr Godwin Abiri, appreciated the organisers for putting together the workshop, saying it was a right step in the right direction.
    Abiri, who is the Chairman, House Committee on Public Accounts, also thanked State2State Activity for its involvements in improving government’s ability to plan and budget, monitor the budget and be accountable for every item budgeted.
    NAN reports that the Communication Specialist of the State2State Activity, Mrs Nneka Egbuna, presented communication strategies for rolling out a plan to address the audit findings.
    Egbuna, in her presentation, said that Ebonyi had benefited much from the interventions, particularly the Public Accounts Department (PAD). (NAN) (www.nannews.ng)
    ODO/WAS
    Edited by ‘Wale Sadeeq