Business

Finance Minister, Public Accounts Committee Meet To Strengthen Financial Accountability

Published

8 months ago

July 24, 2024

Joel Ajayi
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reaffirmed the Federal Government’s unwavering commitment to achieving a robust and transparent financial management system, even as he assured of the full implementation of the 2024 budget.

The Minister gave the assurance in his office in Abuja today, when he met with the House of Representatives Public Accounts Committee led by its Chairman, Honourable Bamidele Salam.

The discussion focused on fostering collaboration to enhance transparency and efficiency across the Ministries, Departments and Agencies (MDAs) of the Federal Government.

Key points from the Chairman’s address to the Honourable Minister include:- An update on numerous hearings with MDAs, addressing auditor reports and compliance issues.- The Chairman identified major gaps in the accounting systems and internal controls of various MDAs.- ⁠He emphasised the importance of blocking revenue leakages to strengthen national finances.- ⁠A proposed structural reorganisation and training programs for auditors and- ⁠The Chairman urged for accelerated implementation of the 2024 budget to ensure effective performance.

With the collective efforts of the Federal Ministry of Finance and the Public Accounts Committee of the House of Representatives, Nigeria is poised towards achieving a robust and transparent financial management system, blocking revenue leakages and strengthening national finances.

This collaboration is a significant step towards ensuring effective performance and accountability in the management of public funds, thus ensuring a brighter future for all Nigerians

Other Honourable Members in attendance included Jeremiah Umar, Daniel Asama Ago, Matthew Nwogu, Aliyu Bappa, Nyampa Zakaria Dauda, Kuye Ademorin, Akiba Bassey, and Olatunji Akinosi.

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Business

Nigeria, Japan Launch Groundbreaking Youth-Focused Venture Fund

Published

6 hours ago

April 2, 2025

The Gleamer

Joel Ajayi

In a major boost to youth entrepreneurship, Nigeria and Japan have launched a strategic venture capital initiative that will channel Naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in his office in Abuja met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) to finalise the framework of the fund, which has now received formal approval from the Japanese government.

NSIA CEO Aminu Umar-Sadiq confirmed that the initiative satisfies two key conditions set by the Minister: mitigating foreign exchange volatility by investing in Naira and securing first-loss or grant capital to de-risk private investment.

With JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative, Umar-Sadiq said.

JICA Director General Takao Shimokawa announced that diplomatic agreements would be signed within weeks, with full implementation expected thereafter.

The Coordinating Minister of the Economy welcomed the development, calling it a timely response to Nigeria’s youthful demography. This fund provides critical financial backing across the capital structure—from equity to debt—and is aligned with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth, he stated.

By combining international concessional financing with domestic currency stability, the fund marks a new model for venture capital in Africa, aimed squarely at empowering the next generation of Nigerian innovators.

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