FAAC Retreat Holds in Uyo… Charts a new Course Towards Sustainable Economic Growth for Nigeria

No fewer than 150 delegates that comprised Commissioners for Finance ,Accountants-General, Heads of  Government Revenue-generating Agencies, Central Bank of Nigeria,and other stakeholders in Finance sector across the country gathered in Uyo, Akwa Ibom State capital, for a three- day Retreat to brainstorm and chart a new course that would place  Nigeria's economy on the path of sustainable growth and development.

The maiden Retreat tagged; " Enhancing the Effectiveness of FAAC" , held at Le'Meridien Ibom Hotel and Golf Resort Uyo, was  put together by the Federal Ministry of Finance in collaboration with the Federation Accounts Allocation Committee, FAAC.

Akwa Ibom State Governor, Mr. Udom Emmanuel while declaring the event open appreciated the organizers for their choice of   Akwa Ibom State to host such an important National function, especially as it has  come at a time the State was preparing to celebrate the 30th anniversary of its creation.

He charged participates to take  advantage of the retreat to reflect and come up with new  approaches and ways of executing their mandates in line with the current economic realities.

Governor Emmanuel, represented by his Deputy, Mr. Moses Ekpo used the medium to call for upward review of the allocation sharing formula to States and Local Government Councils for enhanced delivery of developmental strides that would enable citizens to feel more impact of government.

Mr. Emmanuel said Akwa Ibom State has attained major milestones in its economic diversification drive especially in Industrialization and Agriculture, pointing out that cash crops such as rice, tomatoes,onions,cassava,cocoa, amongst others were now produced in the State in commercial quantities , thus yielding more revenues for the State.

He also mentioned that government was  articulating its industrialization agenda with establishment of Toothpick and Pencil Industry,  the first-ever Syringe and Metering factories that were about to be inaugurated which would boost the socio-economic lives the people , creating jobs for the unemployed and generating wealth for the State

The Minister for Finance, Mrs. Kemi Adeosun whose keynote address was read by the Permanent Secretary,Federal Ministry of Finance,Dr. Mahmoud Isa Dutse ,spoke on the need to aggressively diversify the nation's economy from oil through the effective harness of untapped potentials in both the human and natural resources to broaden revenue base.

According to the Minister,there was need to "refocus attention in earnest on quality investments in the real sector of the economy such as Agriculture,manufacturing,mines and steels as well as promote small and medium enterprises  as the critical contributors to the growth of Gross Domestic Product,GDP".

She identified poor expenditure management, corruption and over dependence on oil as key elements undermining government's efforts toward accelerating  economic growth and development .

While calling on Finance Managers to imbibe the culture of prudence in the management of the nation's wealth,  Mrs Adeosun charged citizens to key into the ongoing economic reforms by the federal government to revamp the nation's economy.

The Chairman, Commissioners' Forum, and Commissioner for Finance, Adamawa State, Mr. Mahmood Sali, said the retreat was a platform for FAAC members to exchange ideas and strategies that would be of immense value to government at all levels.

He expressed optimism that inputs garnered would form a fulcrum under which economic policies and programs would be formulated and implemented in the country.

Akwa Ibom Commissioner for Finance, Nsikan Linus Nkan who stated that FAAC responsibility is guided by standards, constitutions and procedures which requires periodic reviews, expressed the hope that members of FAAC would be more equipped at the end of the retreat to handle their responsibilities more effectively  in line with the set standards.

Meanwhile, as a follow-up to the First Federation Account Allocation  Retreat that was  held in Uyo, a communique  was issued which contained resolutions based on issues raised during the sessions .

These include the need to review the current federal allocation revenue sharing formula in favor of States and local governments whom they said are closer to the grassroots people in line with the challenging times, timely and transparent remit of all revenues collected by all revenue generating Agencies, that Federal government should vigorously explore the solid mineral sector to complement revenue.

The communique also harped on the need for federal government to evolve a system which should make it easy for more States to comply with IPSAS and the Accrual Bases in fiscal management, among others.

Culled From The Sensor Newspaper