News

May 21, 2024

Public Finance: Minister calls for reforms to eliminate waste, corrupt tendencies

Wale Edun

Finance and Coordinating Minister of the Economy, Wale Edun

….as Gov. Abiodun harps on judicious use of public funds

By James Ogunnaike, Abeokuta

The Minister of Finance, Mr. Wale Edun has called for a better, more effective and robust administrative mechanisms that will eliminate waste and corrupt tendencies in public finance, through effective reforms.

Edun, made the call in his opening remarks at the 4th Internal Auditors Retreat, with the theme .

“Enhancing Efficiency and Effectiveness in the Administration of Public Resources: The Role of the Internal Auditors”, in Abeokuta, Ogun State capital.

Edun, who was represented by the Permanent Secretary, Special Duties, Ministry of Finance, Mr. Okokon Udoh, said with the dwindling revenue profiles of the country and the attendant challenges on the cash flow, there is need for prudent management of the available resources, through the public financial management reforms as being developed and coordinated by the Office of the Accountant-General of the Federation.

Edun said, “judging from the theme of the Retreat, “Enhancing Efficiency and Effectiveness in the Administration of Public Resources: The Role of the Internal Auditor”, it is indeed very evident that the treasury is demonstrating full knowledge of the dire needs of the nation.

“It captures the mood of the nation, 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”, Edun said.

He commended the Accountant-General of the Federation, Dr. (Mrs) 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 recklessness spending, saying that his administration has successfully blocked all leakages in the state financial architecture.

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

He emphasised the aptness of the theme of the retreat, which is “Enhancing Efficiency and Effectiveness in the administration of public resources: The role of internal auditor,” assuring internal auditors of his administration’s continued support at enabling them discharge their duties efficiently as partners on prudent financial management practices.

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

On her part, the Accountant General of the Federation, Dr. (Mrs) Oluwatoyin Madein, 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.

She equally challenged participants at the retreat to identify the challenges to accountability and transparency in their daily affairs in the management of public funds and as well find means of cutting down the cost of governance in the most acceptable ways.

Madein added that, “the Audit Monitoring Retreat has now become a veritable tool providing the needed platform for sharing quality information and knowledge that help to keep us abreast with Public Financial Management Reforms that can strengthen our individual and collective capacities.

“This knowledge, no doubt, is of immense benefit to participants, as well as the respective agencies/institutions that have nominated them.

In his goodwill message, the Chairman, Economic Financial Crime Commission (EFCC) Chairman, Mr Olaonipekun Olukoyede, represented by the Director, Internal Audit of the agency, Mrs Idowu Apejoye, in his remarks said the retreat would help curb corruption and achieve stability in public finance, provide for the audit of all financial records, help  to provide a detailed office record to prevent fraud, and ensure that government revenues are judiciously spent and utilised.