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HomeEconomyNigeria Explores Mechanisms To Eliminate Waste in Public Finances At Auditors Retreat

Nigeria Explores Mechanisms To Eliminate Waste in Public Finances At Auditors Retreat

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The Federal Government has charged Internal Auditors working in its Ministries, Departments and Agencies (MDAS)
to intensify efforts in devising better means, more effective and robust administrative mechanisms capable of eliminating waste and corrupt tendencies in public finances.

The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, gave the charge in his remarks at the opening ceremony of the 4th Internal Auditors Retreat held in Abeokuta, the Ogun State Capital.

The Minister, who was represented at the event by the Permanent Secretary, Special Duties, Federal Ministry of Finance, Mr Okokon Ekanem Udo, observed that,
“Judging from the retreat, it is indeed very evident that the treasury is demonstrating full knowledge of the dire needs of the nation. It captures its mood, given the dwindling revenue profiles of the country and the attendant challenges on the cash flow”.

“These challenges call for prudent management of what is available through the Public Financial Management Reforms as being developed and coordinated by the Office of the Accountant-General of the Federation”

“Therefore, we must all devise better, more effective, and robust administrative mechanisms that will reduce, if not eliminate waste and corrupt tendencies by using effective reforms”

He commended the Accountant-General of the Federation, Oluwatoyin Madein’s efforts in implementing reforms and strategies that will ensure efficient management of the nation’s financial resources.

Declaring the retreat open, the Ogun State Governor, Dapo Abiodun, said his administration will continue to ensure probity and judicious spending of public funds and other resources by avoiding reckless spending.

The Governor, who was represented by his Deputy, Engr. Noimot Salako-Oyedele* noted that
accountability, transparency, and probity are pivotal elements that enhance good governance and promote sustainable development.

He emphasized the aptness of the theme of the retreat assuring internal auditors of his administration’s continued support enabling them to discharge their duties efficiently as partners in prudent financial management practices.

The Governor encouraged participants to put into good use the knowledge garnered at the retreat as representatives of various MDAs of governments at the federal, state, and local levels.

The Accountant General of the Federation, Oluwatoyin Madein, in her remarks on the occasion, said the overall objective of the retreat was to promote accountability and transparency in all facets of the nation’s public finance and management architecture.

She charged participants at the retreat to appreciate that accountability and transparency remain major watchwords for prudent financial management practices, stressing that they are the major prerequisites for economic growth and development.

Also speaking, the Chairman, Economic and Financial Crimes Commission, Mr Olaonipekun Olukoyede, represented by the Director, Internal Audit of the Agency, Mrs Idowu Apejoye, said that the retreat would help curb corruption and achieve stability in public finance.

Mr Mohammed Manga, Director Press and Public Relations, Ministry of Finance, says in a statement that the four-day retreat with the theme: Enhancing Efficiency and Effectiveness in the Administration of Public Resources: The Role of Internal.Auditors, was organized by the Office of the Accountant General of the Federation.

Global News Network Correspondent
Global News Network Correspondenthttps://globalnewsnetwork.com.ng
GNN is a News blog based in Nigeria to educate, inform and Analyse issues of interest like Politics, Health, Solid Minerals, Energy and Power, Transportation, Defence and Security, Sports and Entertainment to our teeming audience. Stories are generated by seasoned veteran Editors and Journalists. We Say It As It Is.

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