The Association of National Accountants of Nigeria (ANAN) and the Office of the Accountant-General of the Federation, have raised hope the ongoing tax reforms in the country and its positive effects on the economy sooner.
President of ANAN, Alhaji Shehu Ladan, who commended the efforts of government in steering the economy amid recession lauded the unfolding gains of Economic Recovery and Growth Plan (ERGP), inauguration of the Nigerian Industrial Policy and Competitiveness Advisory Council.
He advised government that as a matter of policy, there should be a provision to ensure that all registered companies submit audited accounts in efforts to drive revenue, adding: “More individuals will be employed and that shall men more taxes from Pay As You Earn.”
According to him, the revenue of companies can be verified by auditors and taxes from such revenue can be more accurate and this will shore up government’s revenue in the pursuit of development plans.
The ANAN president praised the anti-corruption crusade of government, adding that “it is indeed an herculean task but surmountable’’.
Ladan also commended government’s interest in agriculture, saying that the association had improved its curriculum to include Agricultural Accounting, where investments in agriculture could be properly recorded and analysed.
But the Accountant-General of the Federation, Alhaji Ahmed Idris, said that there are visible signs of better days for the economy with the National Strategy for Public Service Reforms (NSPSR).
Idris stated this in a paper tilted: “E-Payment, IPPIS, GIFMIS and TSA Impact on Financial Reforms of the Nigerian Economy,” at the 22nd yearly conference of ANAN, in Abuja, he explained that faithful implementation of the Pillar III of the NSPSR consisting of e-payment, integrated payroll and personnel information system (IPPIS), Government Integrated Financial Management Information System (GIFMIS) and Treasury Single Account (TSA), would surely usher in the better days.
The accountant-general pointed out that many tangible beneficial impacts of the Public Finance Management (PFM) reforms were already evident and gave credence to the fact that the reforms were not only desirable but also expedient.According to him, FPM underlies government efforts toward effective management and control of public financial resources.
“It (PFM) broadly involves the mobilisation and collection of revenue and the prudent allocation of same to public expenditure for various sectors. It further entails accounting for funds received and spent in line with relevant extant laws.
“After transiting to democratic government in 1999, it was evident that public finances were poorly managed as evidenced by fiscal inconsistency and indiscipline.
“Consequently, the Public Procurement Act 2007 and the Fiscal Responsibility Ac t 2007 were introduced and followed since then by the executive political will to implement them. This action of government provided the much-need impetus and legal framework for PFM,” he said.
Source: G Business