News
Cost of Governance: Buhari Approves E-Unit for FMF
In line with the current administration’s resolve to institute reform policies that will ensure effective management of the nation’s economy and reduce cost of governance, President Buhari has approved the establishment of an Efficiency Unit (E-UNIT) in the Federal Ministry of Finance (FMF).
The principal objective of the Efficiency Unit is to ensure that all government expenditure is necessary and represents the best possible value for money.
Available records have confirmed that presently, the nation’s recurrent expenditure completely dwarfs capital expenditure by a ratio of 84/16.
This includes non-wage related overhead expenditure such as travel costs, entertainment, events, printing, IT consumables, stationeries etc.
As at September 2015, the entire capital expenditure was just N194bn while overhead expenditure was N272bn.
This scenario is considered unsustainable and at variance with the current administration’s resolve to reform the economy and reduce the cost of governance.
According to Mrs. Kemi Adeosun, minister of Finance, the Efficiency Unit will undertake programmed reviews of all government overhead expenditure with a view to reducing wastage, promoting efficiency and ensuring quantifiable savings for the country.
Specifically, the Efficiency Unit will work across all MDAs to identify and eliminate wasteful spending, duplication and other inefficiencies; identify best practices in procurement and financial management and share such knowledge to ensure its adoption.
Findings of the Efficiency Unit will be formally communicated accordingly and will be enforced through establishment of expenditure guidelines, undertaking follow-up reviews, spot checks and other measures that will ultimately checkmate wastages across all areas of federal government expenditure.
Meanwhile, the Minister of Finance is to inaugurate the Supervising Committee for the establishment of the Efficiency Unit in Abuja on Monday, November 30, 2015 at 10 am.
The Committee, to be chaired by the Finance Minister, has members drawn from both public and private sector.
The Project Leader is Ms Patience Oniha, a highly experienced Banker and Chartered Accountant, with thirty (30) years experience in financial sector. She had worked with Ecobank Nigeria, Standard Chartered Bank, KPMG and is currently a Director in the Debt Management Office (DMO).
Other members of the Committee include Head of Service of the Federation, Accountant-General of the Federation, Auditor-General of the Federation and Director, Budget Office of the Federation.
Members drawn from the private sector include Alhaji Kabir Mohammed, former ICAN President; Mr. Kunle Elebute, (Partner KPMG) and Ms Seyi Kumapayi, Chief Financial Officer Access Bank.
Members of the Supervising Committee have agreed to donate their time without fee as their contribution to making government more efficient.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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