Business
Chieftain Harps On Efficient Funds Management
A leading member of the Congress for Progressive Change (CPC), Mr Denis Aghanya, last Thursday called for efficient management of the funds being received by state governments, instead of the current agitation for a new revenue sharing formula.
“Some people are saying that the revenue allocation formula is lopsided, but the issue people should worry about is the effective management of revenue allocated to states, ministries and departments,” Aghanya told The Tide source in Lagos.
The CPC chieftain alleged that there was too much corruption in the states, citing the recent conviction of former Delta governor, James Ibori, by a UK court on fraud charges.
“In the South-South for instance, a lot of money is allocated to that region, so, emphasis should be on the criminality of most of our leaders in the management of funds,’’ he said
He advised the Northern Governors Forum not to worry about the alleged lopsidedness of revenue allocation, but rather emphasise on the management of the revenue accruable to their states.
He advised against heating up the polity with the revenue allocation controversy.
He also called for more dedication among political office holders to enable them utilise public fundsfor the benefit of the masses.
On the increase to the 2012 budget proposed by the National Assembly, Aghanya said that the legislators were not in a position to increase the budget.
“The National Assembly has no right to increase the budget but they have the right to recommend a reduction.
“But if they want to increase it, they also have the right to make recommendation for increments, but not to unilaterally increase the budget,’’ he said.
According to the CPC scribe, the budget is a document that went through a long process before getting to the National Assembly.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.