Business
Commission Accuses MDAs, Contractors Of Submitting Varying, Suspicious Records
Assessment of the annual budgets of Ministries, Departments and Agencies of the Federal Government revealed ‘suspicious discrepancies’ in figures submitted by contractors and the supervising MDAs.
The Fiscal Responsibility Commission, which reported this development, said the irregularities were unearthed in the course of the monitoring of the budgets of MDAs by the Budget Office of the Federation.
The 2018 Annual Report and Audited Accounts of the FRC said the discrepancies were more prominent in the ministries of Power, Works and Housing, Niger Delta Affairs, Water Resources and Aviation.
Section 30 of the Fiscal Responsibility Act, 2007 mandates the Budget Office to monitor and evaluate MDAs annual budgets, assess the attainment of fiscal targets and report to the Joint Finance Committee of the National Assembly and the FRC.
In fulfilment of the mandate, the Ministry for Budget and National Planning conducted physical inspection of selected capital projects across the six geo-political zones of the country.
Highlighting key observations of the exercise, the FRC, in the report, said, “The submission of financial transcript by some MDAs and that of contractors often showed discrepancies in figures that gives room for suspicion.
“This was noticeable in many agencies, particularly Power, Works and Housing, Niger Delta Affairs, Water Resources and Aviation ministries.”
The report stressed the “need to reconcile financial transcripts of contractors with the supervising ministries to ensure uniformity in submitted figures for transparency and accountability”.
The report added that adjustment of MDAs’ projects and programmes by the National Assembly without conceptualisation and design in most cases distort the implementation of the budget.
According to the report, most of the projects included in the budgets of the MDAs by the National Assembly are outside their (MDAs) core mandates.
The report said MDAs wasted government resources by engaging in the procurement of items that were left to be vandalised at the project sites.
Inadequate funding and poor planning were also identified as factors that undermined budget implementation in the MDAs.
The report said, “Seasonal weather conditions have negative effects on the capital budget implementation.
“Often, releases do not factor in the seasonal periods, resulting in poor performance of the budget cycle.
“The major challenges faced by MDAs revolved around inadequate funding for the budget.
“This has caused a lot of setbacks in the implementation of capital projects and programmes.”
It added, “The implementation of MDAs capital projects/programmes was marred by the late approval of the budget by the National Assembly.”
“This resulted in the late release of funds which came almost at the tail end of the third quarter of the fiscal year.”
A total of N2.87tn was allocated to capital spending in the 2018 budget to cater for economic and structural reforms through the provision of critical infrastructure such as roads, power, housing, rail and aviation sectors.
The Budget Implementation Report of the Budget Office concerning 2018 capital performance for MDAs as at 30th June, 2019, showed that a total of N1.86tn was released and cash backed to MDAs for 2018 capital projects and programmes.
The sum of N1.45tn was released while N328.54bn was released as capital supplementation and N43.56bn as Sukkuk proceeds.
Business
Minister Constitutes Tech Committee On Aviation Ties With Angola
Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.
Business
NIWA Wants Deeper Private Investment In Blue Economy
The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.
Business
Discount Airfares: Qatar Airways, Access Bank Extend To Dec
The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.
Corlins Walter
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