Business

FG CHARGES AUDITORS ON ROBUST MECHANISMS TO ELIMINATE WASTE IN PUBLIC FINANCES

Published

2 years ago

May 25, 2024

Joel Ajayi

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 at 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.

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.

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Business

FG, Investonaire Academy Unveil National Programme to Equip 100,000 Youths with Financial Skills, Digital Wealth Tools

Published

5 days ago

November 25, 2025

The Gleamer

By Joel Ajayi

The Federal Government, in collaboration with Investonaire Academy, has unveiled a nationwide financial literacy and wealth-building programme targeting more than 100,000 young Nigerians. The initiative is designed to equip participants with practical skills in budgeting, saving, investing, asset building, and long-term financial planning, positioning them for sustainable prosperity in a rapidly evolving economy.

Launched on Tuesday in Abuja, the Honourable Minister of Youth Development, Comrade Ayodele Olawande, described financial literacy as a necessary survival tool for young people confronting today’s economic realities.

He noted that the initiative represents the foundation of a broader vision expected to extend beyond Nigeria to other African nations and global markets.

Reaffirming the Federal Government’s commitment to supporting over 4,000 corps members annually, the Minister said the programme will provide platforms, resources, and skills needed for both job creation and employability.

“The young people who understand money — how to save, invest, build assets, and manage risk — are the ones who will lead Nigeria into prosperity,” he said.

A major highlight of the launch was the expansion of the Nigeria Youth Academy, a digital platform offering mentorship, training, and startup support. According to the Minister, more than 200 startups will receive empowerment through the Academy’s e-app platform before the end of the year.

He stressed the need for deeper collaboration with private organisations, innovators, and youth-focused groups, noting that government alone cannot drive youth development. He further encouraged young Nigerians to embrace skills acquisition, innovation, and digital enterprise, saying these remain critical to reducing the desire for migration and increasing self-reliance.

Outlining the Ministry’s long-term commitments, Olawande emphasized three priorities: supporting youth innovation, equipping them with growth tools, and safeguarding millions of Nigerian youths under the Ministry’s mandate.

Speaking at the launch, Sebastien Sicre, Chief Operating Officer of Investonaire Academy, said the programme was crafted to revolutionize the way Nigerian youths learn and apply financial knowledge. He highlighted the Academy’s gamified Learning Management System (LMS), which offers interactive learning tools, community forums, and real-time mentorship to make financial education engaging and accessible.

Complementing the digital platform is a new 200-square-metre physical training centre in Abuja, opposite the NNPC Towers, where in-person workshops and mentorship sessions will take place.

The curriculum covers key global asset classes — including equities, commodities, forex, and indices — ensuring participants gain a broad understanding of financial markets.

Sicre added that with Federal Government backing, the programme seeks to unlock new opportunities, strengthen youth participation in the digital economy, and reward outstanding participants through a $1 million funding pool to support new and existing ventures.

International Programme Director of Investonaire Academy, Dr. Enefola Odiba, explained that the initiative aims to bridge long-standing gaps in financial education among Nigerian youths. While schools teach many subjects, he said, essential financial skills are often missing.

“Many people can earn money — earning money can be easy. The real challenge is retaining, managing, and growing that money,” he noted.
Referencing the Central Bank of Nigeria’s definition of financial literacy, Odiba stated that implementation remains a major national challenge. He said the initiative brings together government agencies, youth groups, academic institutions, and private-sector partners to translate strategy into measurable impact.

The programme’s curriculum covers budgeting, saving, investing, and financial planning — areas where many young people struggle. By offering practical training, real-world insights, and guided mentorship, the initiative aims to build a generation of financially empowered youth capable of driving innovation, entrepreneurship, and sustainable economic growth.

With this partnership, the Federal Government and Investonaire Academy share a common goal: to empower young Nigerians with the financial intelligence and digital tools needed to build wealth, grow businesses, and transform the nation’s economic future.

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