A Rear Admiral’s Guide to Public Finance, Accounting 

In a bid to adequately prepare young graduates and newly employed accountants in public sector for the job, Rear Admiral Kashimu Bushi, the Chief of Accounts and Budget of the Nigerian Navy, recently wrote a book on Fundamentals of Nigerian Public Finance and Accounting, Chiemelie Ezeobi reports 

“For many years, Nigeria has been faced with daunting challenge of ineffective and inefficient use of public resources. This has contributed adversely to nation building as a result of low human development and productivity,” Hajiya Zainab Ahmed immediate past Minister of Finance, said. 

Ahmed made this statement at the presentation of the book, Fundamentals of Nigerian Public Finance and Accounting, written by Rear Admiral Kashimu Bushi, the Chief of Accounts and Budget of the Nigerian Navy (NN). 

She added that “Clearly, in the last two decades, the Nigerian nation has witnessed gross paradigm shift in the system of public financial management and accounting. 

“This book on ‘Fundamentals of Nigerian Public Finance and Accounting’ written by Rear Admiral KM Bushi, the Chief of Accounts and Budget of the Nigerian Navy, captures the theoretical concepts, practical applications, experimental perspectives of seasoned professionals, and projected effects of these shifts in national financial management.

“It is hoped that the simplicity and strength in the articulation of these initiatives in the book are reflected in their potential impact on public financial management and accountability in Nigeria, so that the national aspirations for economic prosperity and development may quickly be achieved.”

Book Presentation and Award of Doctoral Fellow 

The book, presented to the reading public by the Institute of Governance and Leadership Studies in Africa (IGLSA), was reviewed by Prof. Ibrahim Saleh, Deputy Dean, Faculty of Management Sciences, Federal University, Kashere, Gombe State.

A lecture with the theme: Public Financial Management and Accounting: Impact on the Nigerian Economy’ was delivered by Prof. ABC Akujuobi, a former Head of the Financial Department, Federal University of Technology, Owerri while the Emir of Lafia, Hon. Justice Sidi Bage Mohammed 1, and Emir of Kano, Alhaji Aminu Ado Bayero and other prominent Nigerians and senior officers  graced the occasion.

Rear Admiral Bushi, who was also awarded as a Doctoral Fellow of Institute of Governance and Leadership Studies in Africa (IGLSA), dedicated the book to the immediate past President Muhammadu Buhari and all his mentors.

Breakdown of Chapters  

The 266 pages book was broken down to 14 chapters. While Chapter One of the book was Introduction to Public Finance and Accounting, Chapter Two was on Regulatory Framework for Public Finance and Accounting and Chapter Three of the book was on Budgeting and Appropriation.

Chapter Four dealt with Financial Recording and Accountability; Chapter Five treated Sources of Public Revenue; Chapter Six treated Public Expenditure Management and Controls; Chapter Seven was on Public Financial Reporting System; while Chapter Eight was on Contract Management and Accounting. 

Meanwhile, Chapter Nine was based on Store Management and Accounting; Chapter Ten treated Elements of Taxation; Chapter Eleven was on Pension and Gratuity; Chapter Twelve discussed Public Debt Management; Chapter Thirteen treated Audit of Public Funds; while Chapter Fourteen dwelt on Public Sector Financial Reforms.

Adding Value to Knowledge of Public Finance 

For Rear Admiral Bushi, who recently co-authored another book, The Wheels Of Prosperity’, it had become imperative to proffer solutions and guidelines to tackle the daunting challenge of ineffective and inefficient use of public resources, especially for young graduates and newly employed accountants. 

With other books like ‘Understanding the Basics of Nigerian Navy Financial Management and Accounting System’; four articles in international journal and five in university and local magazines, under his kitty, Bushi, who is by all counts an experienced accountant, provided these solutions for public finance and accounting in 266 pages and 14 chapters of the new book. 

At the book presentation,  the doctorate degree holder in Accounting and Finance, said his book was written in response to the need to adequately prepare young graduates and newly employed accountants in public sector for the job.

He said he also realised that throughout his 29 years of service in the public sector and indeed in the Nigerian Navy, most work experiences in different sphere of endeavours were not documented.

Lamenting that accounting graduates are not exposed to the practical issues in public sector accounting and those that are newly employed in the public sector are not well equipped with the knowledge of public sector financial management and accounting, he said: “even public sector accountants are barely exposed to the regulatory aspect of public sector accounting, which often serves as a guide to accounting functions.

“Suffice to state that most accountants in government sectors improve their knowledge and skills of public financial management and accounting through safe efforts. Therefore, there is need to involve professional training of the public accountants.

“This informs the publication of this book to add value to the existing body of knowledge in the field of public finance and accounting in Nigeria.

“The accountants, as we know, are the key driver of government financial management system, which is key to economic development and prosperity because all policies are hinged on finance, budget and the accountants are the key implementers of our budgets”.

Thus, he said getting it right at the training stage would help the finance managers and accountants to have the knowledge of implementing policies effectively and would impact the achievements or success of the budget.

He added that developing the knowledge and skills of accountants would help in improving the performance of the national budget.

Commendations

Also speaking, Navy’s Chief of Transformation, Rear Admiral Okon Eyo, who represented the Chief of Naval Staff, Vice Admiral Awwal Zubairu Gambo (CFR), described the author as forthright officer with high sense of dedication and passion to service.

Eyo said the senior officer had continued to make the Nigerian Navy proud both in service to navy and contribution to national development, adding that Rear Adm. Bushi was a disciplined officer and a go-getter.

According to him, it is a clear reflection of the attitude he brings to bear in his primary responsibility as the Chief of Accounts and Budget and the books that are churned out.

“He is quite becoming a prolific writer because this is the third book in quick succession and they are all on financial subjects. He is trying to share his experience and the knowledge he has gathered both in classroom as students and practically on the on the job so people can learn from it.”

Also commending Chairman, Senate Committee on Navy, Senator George Sekibo, commended the author for giving back to the public his wealth of knowledge through the book.

He further charged the author to continue to write more books so that Nigerians could learn and benefit from his knowledge as the country would be better for it.

About The Author

Born on April 5, 1968, Rear Admiral Kashimu Bushi, who has garnered about 28 awards, has a PhD in Finance

with certification in Fraud Detection and Prevention from the Global Training Consulting, London. 

He is a Fellow of Chartered Institute of Administration (FCIA), Fellow Chartered System Accountant of USA (FCSA USA), Fellow Certified National Accountant of Nigeria, Fellow Chartered Institute of Corporate Administration of Nigeria, Fellow Chartered Instituted of Finance and Control of Nigeria (FCIFCN), Fellow Chartered Institute of Occupational Safety and Health Association UK, Associate Chartered Institute of Taxation, and Institute of Financial Planning, Lagos.

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Getting it right at the training stage would help the finance managers and accountants to have the knowledge of implementing policies effectively and would impact the achievements or success of the budget