Nigeria Still Facing Inflation Due Diversion Of Budget Monies: ANAN

 

The Association of National Accountants of Nigeria (ANAN) has disclosed that  Nigeria  was still facing inflation and other economic challenges in the country because leaders and administrators  always divert  budgeted monies to other  irrelevant sectors.

ANAN therefore urged leaders at both  the federal and state levels of government in the country to adopt proper budget implementation and ensure technology compliance in the budgeting circle to tackle the various economic challenges facing Nigeria.

Speaking on Tuesday  in Yenagoa during ANAN 2nd session of the 2025 mandatory continuing professional development (MCDP) Programme and Induction of new members, ANAN's President and Chairman of  Council, Dr. James Ekerare Neminebor, harped on the need for properly trained accountants to be engaged by  public office holders to help advise the leaders on some right economic approaches to do handle finances in  the country.

Speaking on the theme of the workshop which was ‘Corporate Value Creation and Reporting' Dr.  Neminebor,  also urged the accountants to remain committed to excellence and value-adding strides to their respective organizations and continually uphold the ethics of the profession.

He said: “Government is ruled by budget. Every year, we put down on paper that these are the things we will spend on and they are backed up with money, these are the things we feel will satisfy the entire sector of the economy. Implement that budgetary allocationd.Don't divert budget A to budget C, that  is what brings problems in our economy.

“Train the accountants to direct the administrators.If accountants are professionally trained to direct the administrators to implement proper budgeting, Nigeria will be topmost in financial stability and economy will start to grow significantly.

“As professional accountants, we play critical roles in creating corporate value and providing accurate and timely financial information to stakeholders. Our responsibilities are strategic, proactive and far-reaching as we are pivotal to organizational planning, decision making, risk management and performance measurement in tracking progress."

 James Neminebor, explained that the Mandatory Continuing Professional Development programme was introduced to keep members informed of current and emerging developments in the profession.

Neminebor, who appreciated the prosperity administration for its development strides in various sectors, thanked Governor Douye Diri and his deputy,  Lawrence Ewhrudjakpo, for giving him uncommon support throughout his two-year tenure as ANAN national president.

Also speaking, the ANAN Chief Executive Officer, Kayode Olusola Fasua, urged the accountants to utilise the knowledge and insights gained from the workshop to strive for excellence in their profession.

He said the training underscores the importance of staying abreast of the evolving trends and standards of the profession.

According to him, “Corporate value creation is at the heart of every successful business strategy, focussing on both financial and non-financial factors that contribute to long term Sustainability and stakeholders wealth." 

Earlier, Bayelsa State Governor, Douye Diri while declaring the workshop open urged the accountants to always strive to be professional while discharging their duties, as they are very pivotal in economic growth of any nation.

Represented by his Deputy,  Lawrence Ewhrudjakpo, Governor Diri expressed satisfaction with the calibre of intellectual discourse at the training, stating that it will impact positively on the governance in the country.

The state government  commended the Association of Accountants of Nigeria (ANAN) for showing commitment to its education policy that emphasizes the training and retraining of its members to enhance their professional excellence.

Commenting on the theme of the programme, "Corporate Value Creation and Reporting", he described it as apt and relevant, noting that accounting like several other dynamic professions required continuous sharpening of skills of its practitioners to tackle emerging challenges in both public and private sectors of the national economy.

The Deputy Governor assured ANAN of the state government's continued collaboration, especially in ensuring the successful take-off of the Association's College of Accountancy project sited at Sampou Community in Kolokuma/Opokuma Local Government Area of the state.

He thanked ANAN for giving Dr James Neminebor, whom he described as an illustrious son of Bayelsa, the opportunity to serve as its national president for the past two years.

 "Let me on behalf of the governor, the government and people of our state thank the leadership and members of ANAN for locating its Accounting Research Centre in Bayelsa.

"I understand that project was commissioned yesterday at the University of Africa, Toru-Orua. As a government, we consider that kind  gesture as a massive contribution to the development of the University and to the accounting profession in not only the state but the entire country.

"Let me also use this opportunity to also commend ANAN for your education policy that has become an effective system of training and capacity building that has brought about the emergence of countless chartered accountants in Nigeria.

"Clearly, what you are doing is contributing greatly to the development of accounting, and I want to say that it deserves emulation by other public institutions in the country." He said.