SEREC Seeks Financial Transparency, Accountability in Maritime Agencies to Measure Economic Outcomes
By Francis Ugwoke
The Sea Empowerment and Research Centre (SEREC) has called for financial transparency, public enterprise accountability and the ease of doing business in the nation’s maritime ecosystem.
The group said the nation’s maritime industry is too economically important to operate within a financial accountability environment that the “public can only partially see, partially understand and often reconstruct from fragmented sources”.
In a statement issued by the Head of Research, Fwdr Eugene Nweke Rff. In what he called
birthday annniversary celebration contribution, he identified the maritime ecosystem as “public institutions exercising statutory powers, administering public assets, collecting public revenues, regulating private economic actors, undertaking infrastructure projects, entering contractual and concessionary arrangements and, in some circumstances, accessing or administering significant public financing”.
Nweke further identified the institutions as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Port Economic Regulatory Agency (NPERA), National Inland Waterways Authority (NIWA), Standards Organisation of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC), Nigeria Customs Service (NCS), relevant Federal Ministries and other agencies operating within the maritime and trade facilitation ecosystem.
Noting that the demand is not with doubt that these institutions keep accounts as they do, but he added that with public accountability, this will go a long way in helping the Nigerian public, investors, researchers and the media to be able to measure economic outcomes.
Nweke argued, “the deeper question is: Can the Nigerian public, investors, researchers, media, industry stakeholders and Parliament readily trace the complete financial journey from public revenue to public expenditure, from borrowing to debt service, from procurement to assets, and from expenditure to measurable economic outcomes?”
He continued: “SEREC’s answer is that Nigeria must do considerably better.
“The recent public debate surrounding the growth of Federal Capital Territory debt provides a useful miniature of the broader accountability challenge. The lesson is not that public borrowing is inherently wrong, nor that visible infrastructure should be dismissed.
The lesson is that:
Revenue, borrowing and expenditure cannot be responsibly evaluated without access to the books.
That same principle must apply to Nigeria’s maritime public enterprises.
If a public institution increases revenue, the public should be able to determine how much was collected, from what sources, what was retained, what was remitted and what was spent.
If a major project is commissioned, the public should be able to establish its approved cost, contract value, variations, financing source, amount paid, outstanding liability and economic return.
If a public institution borrows, the public should be able to know the amount, lender, interest rate, tenure, purpose, repayment obligations and resulting asset or economic benefit.
If tariffs and charges are increased, port users should be able to understand the financial and economic justification.
If an audit identifies irregularities or unresolved issues, the public should be able to see the management response and subsequent corrective action.
This is the essence of SEREC’s proposed:
SHOW US THE BOOKS DOCTRINE
It means:
Public money must leave a public accountability trail.
The doctrine is not an accusation against any individual agency or management.
It is a governance proposition.
It is also an economic proposition.
Financial transparency directly supports the Presidential Ease of Doing Business agenda because predictable and accessible financial information reduces uncertainty, strengthens investor confidence, improves commercial planning and enables businesses to understand the true cost of operating within Nigeria’s maritime ecosystem.
Transparency also:
– promotes public enlightenment;
– strengthens responsible journalism;
– improves press probity;
– enables independent research;
– strengthens parliamentary oversight;
– encourages institutional prudence;
– discourages financial opacity;
– improves investor confidence;
– supports evidence-based policymaking; and
– enhances public trust”
.” SHOW US THE BOOKS.
LET THE FIGURES SPEAK.
LET PERFORMANCE BE VERIFIED.
LET PUBLIC MONEY PRODUCE PUBLIC VALUE”
The Sea Empowerment and Research Centre (SEREC) has called for financial transparency, public enterprise accountability and the ease of doing business in the nation’s maritime ecosystem.
The group said the nation’s maritime industry is too economically important to operate within a financial accountability environment that the “public can only partially see, partially understand and often reconstruct from fragmented sources”.
In a statement issued by the Head of Research, Fwdr Eugene Nweke Rff. In what he called
birthday annniversary celebration contribution, he identified the maritime ecosystem as “public institutions exercising statutory powers, administering public assets, collecting public revenues, regulating private economic actors, undertaking infrastructure projects, entering contractual and concessionary arrangements and, in some circumstances, accessing or administering significant public financing”.
Nweke further identified the institutions as the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Port Economic Regulatory Agency (NPERA), National Inland Waterways Authority (NIWA), Standards Organisation of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC), Nigeria Customs Service (NCS), relevant Federal Ministries and other agencies operating within the maritime and trade facilitation ecosystem.
Noting that the demand is not with doubt that these institutions keep accounts as they do, but he added that with public accountability, this will go a long way in helping the Nigerian public, investors, researchers and the media to be able to measure economic outcomes.
Nweke argued, “the deeper question is: Can the Nigerian public, investors, researchers, media, industry stakeholders and Parliament readily trace the complete financial journey from public revenue to public expenditure, from borrowing to debt service, from procurement to assets, and from expenditure to measurable economic outcomes?”
He continued: “SEREC’s answer is that Nigeria must do considerably better.
“The recent public debate surrounding the growth of Federal Capital Territory debt provides a useful miniature of the broader accountability challenge. The lesson is not that public borrowing is inherently wrong, nor that visible infrastructure should be dismissed.
The lesson is that:
Revenue, borrowing and expenditure cannot be responsibly evaluated without access to the books.
That same principle must apply to Nigeria’s maritime public enterprises.
If a public institution increases revenue, the public should be able to determine how much was collected, from what sources, what was retained, what was remitted and what was spent.
If a major project is commissioned, the public should be able to establish its approved cost, contract value, variations, financing source, amount paid, outstanding liability and economic return.
If a public institution borrows, the public should be able to know the amount, lender, interest rate, tenure, purpose, repayment obligations and resulting asset or economic benefit.
If tariffs and charges are increased, port users should be able to understand the financial and economic justification.
If an audit identifies irregularities or unresolved issues, the public should be able to see the management response and subsequent corrective action.
This is the essence of SEREC’s proposed:
SHOW US THE BOOKS DOCTRINE
It means:
Public money must leave a public accountability trail.
The doctrine is not an accusation against any individual agency or management.
It is a governance proposition.
It is also an economic proposition.
Financial transparency directly supports the Presidential Ease of Doing Business agenda because predictable and accessible financial information reduces uncertainty, strengthens investor confidence, improves commercial planning and enables businesses to understand the true cost of operating within Nigeria’s maritime ecosystem.
Transparency also:
– promotes public enlightenment;
– strengthens responsible journalism;
– improves press probity;
– enables independent research;
– strengthens parliamentary oversight;
– encourages institutional prudence;
– discourages financial opacity;
– improves investor confidence;
– supports evidence-based policymaking; and
– enhances public trust”
.” SHOW US THE BOOKS.
LET THE FIGURES SPEAK.
LET PERFORMANCE BE VERIFIED.
LET PUBLIC MONEY PRODUCE PUBLIC VALUE”
About Post Author
