The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has emphasized the necessity for Nigeria to evolve an effective and efficient mechanism for administering public resources amid dwindling revenue profiles and cash flow challenges.
Speaking at the Fourth Internal Auditors’ Retreat in Abeokuta, Ogun State, Edun, represented by Mr. Okon Udoh, Permanent Secretary of the Special Duties Department at the Federal Ministry of Finance, highlighted the importance of prudent management of available resources. He urged internal auditors and public resource managers to initiate reforms ensuring accountability, transparency, and the blockage of financial leakages.
Edun noted that the Office of the Accountant-General of the Federation (OAGF) is already spearheading efforts to manage public resources prudently. The retreat, themed “The Role of Internal Auditors in Public Financial Management Reforms,” aimed to enhance efficiency and effectiveness in the administration of public resources.
Governor Dapo Abiodun of Ogun State, represented by his deputy, Mrs. Noimot Salako-Oyedele, also underscored the significance of accountability, transparency, and probity as fundamental elements of good governance.
Edun called on the resource persons at the retreat to chart a path that would yield substantial benefits to all tiers of government regarding the efficient administration of public funds. He emphasized the need for better administrative mechanisms to reduce waste and corruption.
“The theme of the retreat captures the nation's current financial challenges due to dwindling revenue profiles and the impact on cash flow,” Edun said. “These challenges necessitate prudent management through public financial management reforms as coordinated by the OAGF. We must all develop more effective and robust administrative mechanisms to reduce, if not eliminate, waste and corrupt tendencies.”
Governor Abiodun reiterated his administration’s commitment to ensuring probity and judicious use of public funds by blocking financial leakages within the state's financial system. He encouraged participants to apply the knowledge gained at the retreat effectively in their respective Ministries, Departments, and Agencies (MDAs) across federal, state, and local government levels.
