During the 5th session of its 2024 Mandatory Continuing Professional Development (MCPD) program, themed “Risk Management in Public Finance,” held in Abakaliki, Ebonyi State, a strong appeal was made for enhanced fiscal discipline in Nigeria.
In his keynote address, fiscal expert Dr. Yahaya Onipe underscored the necessity of fiscal discipline amid Nigeria’s economic challenges, including rising inflation, soaring fuel prices, and escalating living costs. He highlighted the alarming statistic that Nigeria currently uses 90% of its revenue to service debt, leaving only 10% for infrastructure. Onipe urged individuals to adopt a culture of self-discipline and minimize excessive spending for financial survival during these tough times.
Governor Francis Ogbonna Nwifuru of Ebonyi State, represented by the Speaker of the Ebonyi State House of Assembly, Rt. Hon. Moses Odunwa, emphasized the critical role of accountants in shaping the nation’s financial future. He acknowledged the state government’s proactive measures to support vulnerable groups and micro, small, and medium enterprises through various palliatives and welfare packages amid the ongoing economic crisis.
Odunwa stated, “In Ebonyi State, the government is focused on Information and Communication Technology (ICT), aligning with the nation’s digital economy blueprint. This vision aims to create a more digitally connected economy to foster industrialization. Accountants, as providers of relevant financial information, play a key role in driving this digitalization and informed decision-making.”
He commended the Association of National Accountants of Nigeria (ANAN) for its ongoing efforts in promoting digital leadership and transformation, recognizing it as one of Africa’s largest professional accountancy bodies.
ANAN President and Chairman Dr. James Ekerare Neminebor expressed concern regarding the economic hardships facing Nigerians, especially the most vulnerable populations. He called for the urgent diversification of the country’s revenue sources, reduced reliance on fuel imports, implementation of inflation-control measures, and investment in social safety nets to protect vulnerable groups.
Neminebor emphasized the need for a proactive risk management approach to cushion the impact of economic shocks, ensure fiscal sustainability, and build a resilient economy for future generations, stating, “Leveraging technology and robust data management practices will significantly enhance risk and compliance management in Nigeria.”