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

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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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Nigeria, Afreximbank Strengthen Ties To Boost Economic Growth, Financial Integration

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Joel Ajayi 


On the sidelines of the 6th AU Mid-Year Coordination Meeting of the African Union, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun held bilateral talks with Dr. Benedict Okey Oramah, President of Afreximbank. 


The meeting, which was held in Accra, Ghana weekend, reinforced the strong partnership between Afreximbank and the Federal Government of Nigeria, with a focus on driving economic growth and financial integration across Africa.


During the meeting, HM Edun acknowledged the fiscal policy measures implemented by the President Bola Ahmed Tinubu-led  Administration, which has significantly improved Nigeria’s revenue position. 


He emphasized the critical need for comprehensive financial integration across Africa to drive intra-continental trade, investment, and development.


On his part, Professor Oramah reaffirmed Afreximbank’s unwavering commitment to supporting President Tinubu’s developmental objectives for economic growth.


 The bilateral talks underscored the importance of collaboration between Nigeria and Afreximbank in achieving shared economic goals.

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