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FG Charges MDAs to Ensure Success of 2025 Budget Preparation

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ByTony Obiechina, Abuja

The Director General, Budget Office of the Federation (BOF) Tanimu Yakubu has urged Ministries, Departments and Agencies (MDAs) to ensure success of the 2025 budget being prepared for presentation.Yakubu made this call in Abuja during the 4 days GIFMIS Budget Preparation Subsystem Training of MDAs budget officers who will be involved in 2025 budget preparation.

He said, “As we prepare the 2025 budget, I urge all MDAs to stay true to their mandates.
Our executive budget proposals must be coherent and purpose-driven, embodying the government’s vision for security and development.””You hold the vital responsibility of transforming government priorities into actionable programs and projects.
I encourage you to meticulously review your submissions to ensure they align with our overarching goal: to safeguard the essential economic functions of producing, distributing, and consuming goods and services,” the DG said.He further urged the MDAs to approach the task with determination and a shared vision for a brighter future for Nigeria.While explaining the reasons behind the training, the budget office DG said since his assumption to office in June 2024, “I have faced both challenges and opportunities in managing our nation’s fiscal resources.”He said further, “Today’s training represents a crucial step in addressing these challenges and ensuring that the 2025 budget aligns with the expectations of the Nigerian people.”The quality of our national budget has been a longstanding concern, with stakeholders often questioning the relevance, execution, and effectiveness of our budgetary proposals,” he explained.Yakubu said the training offers a critical opportunity for all Ministries, Departments, and Agencies (MDAs) to reflect on their roles in the budget process.”Together, we can ensure that our budget proposals for 2025 are not only robust and focused but also aligned with our national priorities.This is our moment to demonstrate to the Nigerian people our steadfast commitment to delivering a budget that genuinely meets their needs while upholding strict fiscal discipline,” he stated.He further urged the budget officers to seize this opportunity to make a difference and deliver a budget that meets the aspirations of Nigerian citizens.

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NAICOM Boss Decries Impact of Inflation on Insurance Industry

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The Commissioner For Insurance, Mr Olusegun Omosehin, on Friday decried the impact of inflation on the insurance industry.Omosehin, also the Chief Executive Officer(CEO), National Insurance Commission (NAICOM), raised the concern at the Insurance Meet Tech(IMT) 2024 conference held in Lagos.He said this had been a major concern for the insurance sector, adding that rising prices affect both insurers and policyholders.

The commissioner, represented by the Head, NAICOM Lagos Control Office, Mr Julius Odidi, noted that it could be difficult for insurance companies to operate profitably, especially if claims costs increase due to inflation.
“To mitigate this, insurers must carefully manage their investment portfolios, adapt pricing strategies, and maintain adequate reserves.
“It is critical to note that navigating the current macroeconomic realities successfully would be a natural precursor and building block for the revitalisation of theinsurance industry,” he said.Omosehin assured that NAICOM had prioritised prompt settlement of all genuine claims, fair treatment of policyholders and utmost transparency, as some of the ways to boost the insurance industry’s image and support economic growth.He noted that the commission resolved to give priority to settlement of genuine claims, as that was the fundamental reason of its existence as an industry.The commissioner stated that it was critical for insurers to embrace digitalisation.According to him, insurers must modernise their processes, enhance customer experiences through digitalchannels, and invest in technology to streamline operations.“Adapting to changing consumer behaviours and preferences is equally important, as offering online policy purchase, claims processing, and customer service can attract tech-savvy customers,” he said.(NAN)

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EFCC Nabs ex-Taraba Gov. Ishaku over Alleged N27bn Fraud

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Taraba State Governor Darius Ishaku
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The Economic and Financial Crimes Commission (EFCC) has arrested Darius Ishaku, a former governor of Taraba State, over alleged involvement in a N27 billion fraud scheme.Ishaku was taken into custody from his Abuja residence on Friday.A source from the commission revealed that Ishaku faces at least 15-count charges, including criminal breach of trust, misappropriation, and diversion of public funds.

“We have been gathering evidence for some time now, and his inability to account for certain financial activities during his administration raised major red flags.
“The former governor is currently in our custody. He has been under investigation since leaving office, and there have been numerous instances of financial malfeasance attributed to him.
”The EFCC spokesman, Dele Oyewale, confirmed the arrest but declined further comment.Ishaku, who served as governor from May 2015 to May 2023, will be arraigned in court soon.(NAN)

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Interior Minister Condoles with Akwa Ibom gov. Over Wife’s Death

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The Minister of Interior, Dr Olubunmi Tunji-Ojo, has condoled with the Governor of Akwa Ibom, Umo Eno, on the demise of his wife, Patience.This is contained in a statement by the Special Adviser to the Minister on Media and Publicity, Mr Babatunde Alao, on Friday in Abuja.The minister described the deceased as an exceptional philanthropist whose virtues and kindness touched countless lives.

He urged the governor to find solace in the divine will of God and the cherished memories of his late wife.
Tunji-Ojo prayed that God almighty grant the bereaved family and the entire Akwa Ibom people the fortitude and resilience to bear the loss.He also prayed that the soul of the departed rest in perfect peace.
(NAN)

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