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Incompetence In Financial Records Distorts Development – Obi

Wednesday, 12 October 2022

Incompetence In Financial Records Distorts Development – Obi
Peter Obi

Presidential candidate of the Labour Party, Peter Obi, has stated that incompetence in financial records distorts development.

Obi made the remark at the Institute of Chartered Accountants of Nigeria’s conference in Abuja on Wednesday, with the theme, “Nigeria: Adopting Sustainability for Economic Prosperity”.

He said, “Whether you’re involved in corporate, public, government, or forensic accounting, all accountants are fundamentally concerned with financial records.

“Incompetence in financial records totally distorts intended development. It is logical; therefore, that placing Nigeria on the part of economic prosperity will help reduce our national challenges to the barest minimum.”

Also Read: Obi Among Ruling Class — He’s Not A New Face, Says Kola Ologbondiyan

Obi further noted that sustainable economic policies that will drive economic prosperity in the country must be put in place.

“In keeping with our vision of moving the country from consumption to production, we must pursue sustainable economic policies that will help the nation to remain productive in all fronts and sectors.

“For this reason, we will endeavor to domesticate the Sustainable Development Goals as part of our governance modalities,” he said.

Citing his party’s aim, he added, “We have a three-tracked plan aimed at achieving Goal 12 of the SDG, namely ensuring sustainable consumption and production patterns. Second, pursuant to Goal 9 of the SDGs our administration will from its inception continue to encourage investment in infrastructure, energy, transportation, irrigation, and telecoms to grow these and other sectors.”

He noted that his administration if elected, will expand the frontiers of financial inclusion to ensure that SMEs have greater access to credit to grow.

“We will work with financial institutions to improve their ability to identify credit-worthy borrowers; and support inventory financing, which will help to unlock finance for SMEs dealing with high account receivables. All loans must be invested in regenerative projects. We shall pursue a drastic reduction in cost of governance and corruption; improve ease of doing business to attract Foreign Direct Investment to jumpstart industrialization and when borrowing is unavoidable, it will be strictly for production.” Obi said.

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via: Information Nigeria

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