The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the Federal Government’s steadfast commitment to establishing a robust and transparent financial management system.
The assurance comes alongside a pledge for the full implementation of the 2024 budget.
Edun made the statements during a meeting in his office in Abuja with the House of Representatives Public Accounts Committee, chaired by Honourable Bamidele Salam.
The discussions centred on enhancing transparency and efficiency within the Ministries, Departments, and Agencies (MDAs) of the Federal Government.
In his address, Salam provided an update on various hearings with MDAs, focusing on auditor reports and compliance issues.
He highlighted significant gaps in the accounting systems and internal controls of several MDAs.
Key concerns raised included the necessity to block revenue leakages to fortify national finances, the need for structural reorganization and training programs for auditors, and the urgency for accelerated implementation of the 2024 budget to ensure effective performance.
”The collaboration between the Federal Ministry of Finance and the Public Accounts Committee will advance Nigeria’s financial management system, enhancing transparency and accountability.
”This joint effort is crucial in addressing revenue leakages and strengthening the nation’s financial stability,” he stated.
Members present at the meeting included Jeremiah Umar, Daniel Asama Ago, Matthew Nwogu, Aliyu Bappa, Nyampa Zakaria Dauda, Kuye Ademorin, Akiba Bassey, and Olatunji Akinosi.
In a related development, the Institute of Directors Center for Corporate Governance (IoDCCG) has collaborated with the ministry, Financial Reporting Council, and the Institute of Chartered Secretaries and Administrators of Nigeria to introduce a new Code of Corporate Governance guidelines for the public sector in Nigeria.
Speaking at a press conference ahead of the 2024 summit titled “Institutionalizing Corporate Governance for National Transformation: The Imperative for Public-Private Sector Collaboration,” IoDCCG Chairman, Mr. Urum Kalu Eke, highlighted the organization’s impactful role since its establishment in 2006.
He noted that IoDCCG has significantly influenced Nigeria’s corporate landscape through extensive workshops and training programs to advance corporate governance.
