Lack of managerial skills responsible for Financial crisis among Public employees  — Finance Minister

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…Flags off Service-wide Financial literacy programme

By Matthew Denis Abuja

In a bid to enhance financial literacy among government employees, the Minister of Finance Budget and National Planning, Zainab Shamsuna Ahmed has disclosed that lack of managerial skills in saving and investing money is responsible for Financial challenges among Public employees.

The Minister made the disclosure while flagging off ‘Service-Wide Financial Literacy in the Workplace programme on Financial Inclusion in collaboration with the Central Bank of Nigeria’ in Abuja on Tuesday.

The Minister who was represented by the Permanent Secretary of the Ministry, Mal. Aliyu Ahmed said, “This administration in recent times have introduced pro-poor Economic and social empowerment initiatives that is aimed at boosting at realising the National targets on Financial literacy and by extension Financial Inclusion.

“There’s great concern on how government employees manage their Finances. These days public employees faces Financial challenges as a result of the dwindling Economy.

“Studies have shown that lack of primary skills on how to manage, save and invest money is one of the reasons why Public employees experience Financial troubles. Also, it’s discover that most public servants do not cultivate effective saving habits rather they are likely to spend more than their earnings.”

According to the Minister Financial education though not a final solution but can lessen the magnitude of future crisis by enabling public employees to use financial products and services to develop their skills and the confidence to become more aware of financial risks and opportunities to make informed choices.

The Minister noted that these kind of measures can also help in promoting Economic recovery and growth as well as decreases poverty in the society.

“Once this initiative is rollout the pilot stage is expected to cover a total number of 12,000 Government employees by December, 2022.

“It is important to note that the ministry has plan to extend the Programme to other MDAs  by January, 2023 therefore, I respectfully request the Head of Service of the Federation to as a matter of National Interest mandates all MDAs to cooperate with the implementation of the programme which is targeted towards improving the welfare of Public employees.”

The Representative of the German Agency for International Cooperation (GIZ), Mr. Afolabi Olawale Advisor, Access to Finance said they’re ready to partner with Nigeria to ensure Finance inclusion in the country.

He stressed that Financial literacy is necessary for workers to enable them maximises their earnings without having problems.

Mr. Olawale stated that GIZ helps in Promoting the quality of needs-based technical and vocational education and training employment prospects for youths across Nigeria.