Brenda Chidinma Imo-Eze
The Association of National Accountants of Nigeria (ANAN) has urged its members to embrace both self-discipline and fiscal discipline in light of the ongoing economic challenges facing the country.
This call was made during the 5th session of the Association of National Accountants of Nigeria (ANAN) 2024 Mandatory Continuing Professional Development (MCPD) programme themed ‘Risk Management in Public Finance’, held in Abakaliki, Ebonyi State.
Delivering the keynote address, fiscal expert Dr. Yahaya Onipe emphasized the need for fiscal discipline, particularly as Nigeria grapples with rising inflation, soaring fuel prices, and the increasing cost of living. He highlighted that living within one’s means is essential for financial survival during this difficult period.
“Nigeria is currently using 90% of its revenue to service debt, leaving only 10% for infrastructure. To survive, individuals must adopt a culture of self-discipline and reduce excessive spending,” Onipe warned.
The Ebonyi State Governor, Rt.Hon.Francis Ogbonna Nwifuru represented by the Speaker of the Ebonyi State House of Assembly, Rt. Hon. Moses Odunwa, in his speech, stressed on the critical role of accountants in managing the nation’s financial future, while acknowledging the state’s efforts to ease the impact of the economic crisis.
“Currently, the Ebonyi government has taken proactive steps by providing a number of palliatives and other welfare packages to ensure that vulnerable groups, micro, small, and medium businesses are afloat.
“Considering the uncertainty of the global business environment and beyond sustaining palliatives and the provision of basic socio-economic amenities, it is imperative that we work on becoming more competent to ensure that we are always prepared for any eventualities.
“I believe that every one of you here is a member of the financial reporting ecosystem. The practical approach to achieving inclusive growth is to collectively re-engineer and change the status quo, which includes how we do things.
“In Ebonyi State, the government has launched and paid attention to Information, Communication, and Technology (ICT), aligning with the nation’s digital economy blueprint, envisioning how our country will move towards a more digitally connected economy to boost industrialization.
“In this regard, accountants, as providers of relevant financial information relied upon for informed decision-making, also play a key role in driving digitalization.
“Let me use this medium to appreciate ANAN’s continuous efforts in encouraging digital leadership and transformation through your mission of advancing the science of accountancy.
“ANAN is seen as one of the biggest professional accountancy bodies, not just in Nigeria but also in Africa, dedicated to training professional accountants, especially on cutting-edge hands-on practical and contemporary issues in accounting.”
ANAN President and Chairman, Dr. James Ekerare Neminebor, expressed concern about the economic hardship currently facing Nigerians, especially the most vulnerable populations.
He called for urgent diversification of the country’s revenue sources, emphasizing the need for less reliance on fuel imports, implementation of inflation-control measures, and investment in social safety nets to protect vulnerable groups.
“To mitigate these risks, we must adopt a proactive risk management approach to cushion the impact of economic shocks, ensure fiscal sustainability, and build a resilient economy for future generations.
“Additionally, leveraging technology and robust data management practices will significantly enhance risk and compliance management in Nigeria,” Neminebor stated.
In his remarks, the Ebonyi State Branch Chairman of ANAN, Nkwagu Louis Chinedu, commended Governor Francis Nwifuru for his dedication to good governance and for including ANAN members in key leadership positions within the state.
He praised the governor’s efforts in driving industrialization, agricultural advancement, and educational reforms in Ebonyi State.
However, the event, which was declared open by the Governor of Ebonyi State, Rt. Hon. Francis Nwifuru, was well-attended by accountants and financial professionals from across the country.