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Fiscal Responsibility Central to Economic Growth – FRC
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Executive Chairman, the Fiscal Responsibility Commission (FRC), Mr Victor Muruako, says good public procurement process and fiscal responsibility are central to sustainable economic growth.
Muruako said this on Tuesday in Abuja while receiving members of the Bauchi State Public Procurement Bureau who were at the Commission on a study visit.
He was represented by Muhammed Zailani, Director of Administration and Human Resources of the commission.
According to him, fiscal responsibility will also lead to improved standard of living, good governance, increased transparency and accountability, and popular participation in the management of the income and expenditure of government.
Muruako said that they would also enhance fiscal discipline, borrowing only when necessary, and promoting efficiency in the economy.
He commended the Bauchi State government for appreciating the need to build on a good foundation, and to consolidate with training from relevant agencies in order to get things right.
“During this study visit, we will take you through the operations of the Fiscal Responsibility Commission.
“We will expose you to the critical challenges of setting up such a very important agency within a system that obviously recognises the need to do things right.
“This is coming at a time when the national economy is facing huge challenges arising mainly from not setting priorities right at the time it mattered most.
“So, it is important that you pay attention to the classes during this exercise and ensure that you ask questions where necessary,” Muruako said.
He said that the commission was set up to provide for prudent management of the nation’s resources.
The chairman said that the commission also has the mandate to ensure long term macro-economic stability of the national economy.
“It also has to secure greater accountability and transparency in fiscal operations within a medium-term fiscal policy framework.
“The vision is to create an enduring framework for effective and transparent financial management in Nigeria in line with the renewed hope agenda of the Federal Government.
“It is also to reform the management of Nigeria’s public finances through regular monitoring of government financial activities, uncompromising investigation and public reporting, backed by a firm commitment to enforcement,” he said.
He said that the vision defined the commission’s core activities of ensuring value for money in all government transactions through monitoring debts and indebtedness, borrowing, and management of government assets.
Muruako encouraged states to enact fiscal responsibility legislations and establish agencies to ensure effective fiscal operations for the benefit of Nigerians.
He said that the Fiscal Responsibility Act could only apply to any state if the state decided to adopt and domesticate it as its own law.
The chairman urged members of the team from Bauchi to take every step in the studies that they would undergo both in the commission and other agencies very seriously.
The team leader from the Bauchi State Public Procurement Bureau, Babangida Haruna, said that the team was on the study tour of the FRC in preparation for setting up a similar commission in the state.
Haruna said that the state had already domesticated the Fiscal Responsibility Act and was in the process of establishing a commission.He, however, said that the role of ensuring fiscal responsibility and accountability was presently carried out by some relevant departments in the state’s ministry of finance. NAN
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Alia to Chair DAILY ASSET 8TH Annual Awards in Abuja
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By David Torough, Abuja
Benue State Governor, Rev Fr Hyacinth Iormem Alia, has confirmed his attendance and participation at the 8th Daily Annual Awards as Chairman of the Occasion.
Dr Alia, who was ‘Governor of the Year’ award recipient at the previous edition of the annual event confirmed his attendance during a recent meeting in Makurdi, the state capital with the Publisher/Editor-in-Chief of DAILY ASSET Newspaper, Dr Cletus Akwaya.
“We are proud of your achievements in the Media space. You are one of the Benue indigenes doing us proud at the national level, so you deserve every encouragement” Alia told his guest during the meeting.
Also, some of the Award recipients have equally written to accept their nominations and also confirmed their intention to attend the event.
Managing Director of Jos Electricity Distribution Company(JED), Engr Abdul Bello Mohammed, who was nominated for the ‘Chief Executive Officer of the Year’ Award in a letter to the Editor-in-Chief dated December 18, 2024 said he was “deeply honoured to accept the nomination” which he said was “a testament to the collective effort and unwavering dedication of the entire team at Jos Electricity Plc as well as the trust and support of our esteemed customers”.
“I take this opportunity to express my profound gratitude to the organisers for recognizing our achievements and for their commitment to celebrating excellence in leadership and service” the Managing Director said in the letter he personally signed.
Another award nominee, Prof Abubakar Mus Kundir, Vice Chancellor, Al-Ansar University, Maiduguri, who was nominated last year for the award of ‘Vice Chancellor of the Year” in his acceptance letter said the “recognition is a significant honour and a testament to the collective efforts and dedication of of the Founder, Senate, Management , entire staff and students of Al-Ansar University Maiduguri” adding “it is a source of immense pride to be considered for this prestigious award”.
On his part, Managing Director of Telequip & Digital Ltd, Hamisu Idris Medugu, who was nominated for the ‘Professional of the Year(ICT)’category said he was “grateful for the acknowledgement of his track record and accomplishments in the fields of Accounting and Information Technology adding, it was gratifying to learn that his selection was made by the Editorial Board of the Abuja-based Daily purely on merit.
“I am delighted to formally accept this prestigious award, which I believe reflects the dedication and hard work of the entire team at Telequip & Digital Ltd,” said the Chattered Accountant turned IT expert.
President, Nigerian Institute of Public Relations(NIPR), Dr Ike Neliaku who dispatched a high-powered delegation to the corporate office of Asset Newspapers Ltd in Abuja said he was honoured to be recognised for the award of ‘Professional of the Year (Public Relations) category.
The delegation led by Director of Public Relations of the Institute, Stanley Odigbo said the Institute was delighted with the achievements of the Publisher of the DAILY ASSET, whom he described as a worthy member of the Institute for about decades, who served NIPR as two-time member of the Governing Council.
The Editorial Board of DAILY ASSET had in the paper’s edition of December 18, 2024 announced the names of its annual award winners in various categories.
Top on the list was the Vice President, Senator Kashim Shettima, business mogul and President, Dangote Industries Plc, Alhaji ( Dr) Aliko Dangote, who were named for the topmost awards of ‘Man of the Year’ and ‘Nigerian Achiever of the Year’ respectively.
Also on the list were Governors of Kaduna State, Senator Uba Sani; Kebbi State, Dr Nasir Idris; Kogi , Alhaji Usman Ododo and Plateau, Barr Caleb Mutfwang, who were named Governors of the year in Health; Agriculture, Infrastructure and Workers Welfare; Education and Political Leadership respectively.
Deputy Speaker, House of Representatives, Hon Benjamin Kalu was named Legislator of the Year; Managing Director of Jos Electricity Distribution Company( JED), Engr Abdu Mohammed was selected for Chief Executive Officer of the Year; Managing Director of Access Bank Plc, Roosevelt Ogbonna was chosen for Banker of the Year award, while Vice Chancellor of Al- Ansar University, Maiduguri, Prof Mohammed Kundiri emerged as Vice Chancellor of the Year.
In other categories, Former First Lady of Kebbi State and Founder of MedicAid Foundation, Abuja Dr Zainab Bagudu was selected for the award of Philanthropist of the year in recognition of her work against Cancer in Nigeria ; Chartered Accountant and IT expert, Alhaji Medugu was selected for the award of Professional of the Year ( ICT)and will share the award with President of the Nigerian Institute of Public Relations ( NIPR), Dr Ike Neliaku for Public Relations.
On the list also, was Zenith Bank Plc, which emerged ‘ Banker of the Year, ‘ while the Comprtroller General of Nigeria Customs Service ( NCS), Bashir Adewale Adeniyi and Commandant General of Nigeria Security and Civil Defence Corps( NSCDC), Dr Ibrahim Audi were named by the Editorial Board as joint winners in the ‘Public Servant of the Year’ category.
Publisher /Editor-in-Chief of DAILY ASSET, Dr Cletus Akwaya in a statement said the high profile event would hold on Friday, February 21, at the NICON Luxury Hotel, Central Business District, Abuja by 11.00AM
” We are conscious of the fact that a lot of people look forward to this annual event. We have therefore, deepened the arrangements to ensure that participants and award recipients are properly hosted” the statement said adding ” we are getting bigger and better with each passing year”.
The statement urged members of the public to turn out in large numbers to identify with the celebrants at the occasion..
“The essence of these awards is to publicly celebrate excellence and acknowledge the various contributions of the award recipients to the development of the country” the statement added.
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Nigeria to Save over $1.1bn from Afreximbank’s AMCE Project
![Afreximbank](https://www.dailyasset.ng/wp-content/uploads/2019/06/Afreximbank.jpg)
By Tony Obiechina, Abuja
The Africa Medical Centre of Excellence (AMCE), a state-of-the-art healthcare facility spearheaded by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, is set to transform Nigeria’s healthcare sector by reducing outbound medical tourism, retaining over $1.
1bn annually within the country.The facility which is slated for launch in June 2025, will provide world-class medical services in oncology, haematology, cardiovascular care, and general healthcare, offering high-quality treatment to over 350,000 patients within its first five years.
During a stakeholder and media tour, a delegation led by Afreximbank President and AMCE Board Chairman, Prof.
Benedict Oramah, alongside top government officials, corporate executives, and industry leaders, assessed the project’s rapid progress.The delegation which included the Deputy Senate President Senator Barau Jibrin and Secretary to the Government of the Federation Senator George Akume, toured the construction site and received updates on key milestones, including the completion of civil and structural works, infrastructure services, and advanced medical technology installations.
Oramah emphasized that AMCE represents a groundbreaking investment in Africa’s self-sufficiency in healthcare. He highlighted that beyond reducing capital flight from medical tourism; the facility will create 3,000 jobs, boost intra-African trade in medical services, and strengthen pharmaceutical supply chains.
“The Africa Medical Centre of Excellence (AMCE) represents a defining moment in Africa’s pursuit of self-sufficiency in healthcare. For too long, our continent has borne the heavy burden of non-communicable diseases, capital flight from medical tourism, and the exodus of skilled professionals seeking opportunities abroad. AMCE is set to change that narrative.
“By delivering world-class, lifesaving care to over 350,000 patients within its first five years, this facility will ensure that quality healthcare is no longer a privilege reserved for those who can afford to travel overseas.
“It will create 3,000 jobs, stimulate Intra-African trade in medical services, and strengthen critical supply chains in pharmaceuticals and healthcare delivery. Most importantly, it will help Nigeria retain the over $1.1bn lost annually to outbound medical tourism, redirecting those resources towards strengthening our own systems,” he said. He further stated the initiative is more than an investment in infrastructure—it is an investment in Africa’s future.
“Through strategic partnerships with governments, international stakeholders, and the private sector, we are demonstrating that Africa has both the ambition and the capability to provide world-class healthcare for its people. The AMCE is not just a medical facility; it is a statement of intent, a symbol of progress, and a beacon of hope for a healthier, more self-reliant continent,” he said.
Speaking at the event, Chief Executive Officer of AMCE, Brian Deaver, highlighted the hospital’s impact: “The Africa Medical Centre of Excellence is not just a hospital—it is a bold step toward reshaping the future of specialised healthcare in Africa. By integrating cutting-edge medical technologies, pioneering research, and world-class training, AMCE is creating a sustainable healthcare ecosystem that will set new standards for medical excellence across the continent.
“This facility is more than a response to Africa’s healthcare challenges—it is a proactive investment in the well-being of millions. From early diagnostics to advanced treatment and long-term disease management, AMCE will provide a seamless continuum of care that improves patient outcomes, strengthens medical expertise, and retains talent that might otherwise seek opportunities abroad.
“As we move closer to our launch, our focus remains unwavering: building a centre of excellence that not only delivers life-saving care but also drives economic growth, supports local innovation, and reinforces Nigeria’s position as a leading destination for specialised medical treatment. Through strategic partnerships and state-of-the-art infrastructure, we are not just treating diseases—we are transforming healthcare delivery for generations to come.”
Deputy Senate President, Senator Barau Jibrin said the Africa Medical Centre of Excellence represents a transformative leap for healthcare in Nigeria and across the continent.
“Witnessing the rapid progress of this project reaffirms our commitment to fostering world-class medical infrastructure that will provide accessible and high-quality care for all. The Government of Nigeria remains dedicated to supporting initiatives that strengthen our healthcare system and enhance the well-being of our people,” he said.
Secretary to the Government of the Federation, Sen. George Akume said the healthcare is the backbone of national development, and the Africa Medical Centre of Excellence is a shining example of what strategic investment and collaboration can achieve.
“This project will not only position Nigeria as a hub for cutting-edge medical services but also create jobs and drive innovation in the sector. The government is proud to support such a visionary initiative that will serve generations to come,” he added.
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Tax Reform Bills Pass 2nd Reading without Opposition
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By Ubong Ukpong, Abuja
The four tax reform bills submitted by President Bola Ahmed Tinubu to the National Assembly, passed through second reading in the House of Representatives, without any form of opposition by members.
The bills were, the Nigeria Revenue Service (Establishment) Bill, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, and the Joint Revenue Board (Establishment) Bill.
All the bills were read for the first time on the 8th of Oct.
2024, but could not be salted for second reading in the House due to disagreements by members on the content of the Nigeria Tax Administration Bill following objection by northern leaders and the Nigerian Governors Forum.The four bills were consolidated into one by the House before commencement of debate yesterday.
Apart from some observations on certain areas of the three bills that tend to conflict with some sections of the Constitution and a few other clauses in the four bills, members unanimously spoke in favour of the passage of the bill for a second reading.
Minority Leader of the House, Kingsley Chinda who appeared to be speaking the mind of minorities said while they support the spirit behind the four bills, they have issues with some of the letters of the proposed laws.
Chinda said the bills seek to rejig the nation’s tax system for effective revenue generation, adding that for every law, there is the spirit of the letters.
The Rivers lawmaker said: “We have all agreed that the spirit behind the four bills is good. But we have issues with some of the letters of the bills. Why we oppose some letters of the bills, we support the spirit and want to assure Nigerians that we will watch those letters and at the appropriate time, we will ensure that the letters are corrected in the interest of Nigerians.”
He advocated the reduction in the Value Added Tax, saying it is possible to reduce tax, while efforts should be made to tidy up all areas of conflict.
Leading the debate on the bills House Leader, Prof. Julius Ihonvbere commended the President for having the courage to institute the bills that address and reform the nation’s tax laws with a view to among others address issues of multiple tax, multiply revenue collection, and diversify the economy.
While appreciating those who held opposing views to the bills the House Leader said the opposing view helped strengthen the bills which aim to overhaul the tax system in the country as the oldest tax system in the world.