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Tag: AGF

  • Fubara tele-guided militants to blow up pipelines – AGF

    Fubara tele-guided militants to blow up pipelines – AGF

    ABUJA – THE Attorney General of the Federation, AGF and Minister of Justice, Lateef Fagbemi, SAN, on Wednesday, alleged that Governor Siminalayi Fubara of Rivers State tele-guided militants to blow up pipelines in the state.

    The AGF made the accusation while rationalizing President Bola Tinubu’s declaration of a state of emergency following the protracted political crisis in the state.

    He said if the governor was not culpable, he did not also do anything to dissuade the militants from taking action against the critical national infrastructure.

    He said: “We are in a democracy. So now then, there was what I will call telegraphing of the militants, I will say, by the governor. And the reason I said so was when he began, he said oh, he will let them know when it was time to act to the militant.

    “Let us say it was wrong. Did he come out to disown them? The answer is no. And a week after, they swung into action, you see or witness vandalization of oil pipelines.”

    Noting that the nation almost totally relies on oil, he said for anyone to touch the pipeline, he is not only an enemy of Rivers but Nigeria.

    He said that the judgment of the Supreme Court was the base upon which Tinubu imposed the state of emergency in Rivers State to protect the critical infrastructure in the state.

    The AGF observed that the governor and the members of the state house of assembly had to be suspended because they had failed to ensure a conducive atmosphere for governance in the state.

    He pushed back on criticisms that the president’s action was hasty noting that people were living in fear while others were dying.

    He said both the Governor and his deputy were suspended because it is an extraordinary situation.

    He faulted the argument in some quarters that the Supreme Court in previous judgement on the declaration of State of emergency in states, stressing that situations and events were different.

    The AGF said the ball is now in the court of the National Assembly who he said could reverse the suspensions by denying it the two-thirds majority to ratify the action.

    He also said that the declaration of State of emergency in Rivers State was a warning signal to other states, giving the impression that the government would invoke stricter sanctions.

  • National electronic asset register will increase transparency, accountability – AGF

    National electronic asset register will increase transparency, accountability – AGF

    The Account General of the Federation (AGF), Mrs Oluwatoyin Madein, says the newly introduced National Electronic Asset Register will increase transparency and accountability in public finances.

    Madein said this during the inauguration of the register and unveiling of a Compendium of Federation Account Revenue Allocation from 2020 to 2023, in Abuja on Thursday.

    According to her,  assets are the backbone of any economy.

    “For any government, public assets are a significant part of it balance sheet, influencing not just the financial position but also its ability to deliver services to the citizens.

    ” The importance of transparency in asset management can not be overstated. It ensures that we know what assets we own, where they are located and how they are used.

    “This is not just an accounting exercise but a matter of public trust,” Madein said.

    She said that the national electronic asset register was designed to give real-time access to information about the assets owned by the Federal Government.

    She said that the digital register would increase transparency and also serve as a central point where public policy makers and the  government can access and track the nation’s assets.

    ” By doing this, we are fostering greater accountability which is essential to preventing mismanagement, fraud and corruption.

    ” When citizens can see how public assets are being managed, they can hold their government accountable.

    “Whether it is infrastructure, equipment or other forms of public property, every asset must be accounted for.

    ” This register is a step toward ensuring that  government asassets are put to the best use for the benefit of the Nigerian people,” she said.

    According to her, the asset register will improve public financial management, and enable the Federal Government to track and manage its Property, Plant and Equipment (PPE) effectively.

    She said that the initiative would secure the future and help in understanding long-term value of government assets and plan for their maintenance, replacement or disposal in alignment with the national development goal.

    Madein said that the inauguration was also a commitment to international standards.

    She said that the Federal Government adopted the International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS) for public sector accounting, to be supported by a digital register.

    According to the AGF,  unveiling of Compendium of Federation Account Revenue Allocation from 2020 to 2023 is also a testament to government’s commitment to transparency and accountability in the management of the nation’s finances.

    ” The compendium provides a detailed breakdown of the revenue allocation to the three tiers of government, and serves as a vital tool for policymakers, researchers, students, national and state assemblies and the public.

    ” The constitution of the Federal Republic of Nigeria section 163 stipulates that all federally collected revenues should be paid into the Federation Account Allocation Committee (FAAC), at the monthly meeting,” she said

    According to her, the compendium covers a period of four years and provides a comprehensive analysis of the revenue allocation of the federal, states and local governments.

    The Minister of State for Finance, Doris Uzoka-Anite,  said that with the initiative the Federal Government could now make projections as to what sort of revenues to expect from its assets.

    ” With this we can now do balance sheet management, we can do financial derivatives on it and also release some potentials that have been locked down,” she  said.

    Uzoka-Anite commended the AGF for successfully putting both the register and the compendium together.