The Federal Government has reaffirmed its commitment to the full implementation of the 2024 Budget, emphasizing the promotion of a transparent and efficient financial management system.
This assurance was given by Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, during a meeting with the House of Representatives Committee on Public Accounts at the National Assembly in Abuja.
The meeting followed the National Assembly’s recent approval of a N6.2 trillion Supplementary Appropriation Bill, which increases the 2024 Budget from N28.8 trillion to N35.05 trillion. Minister Edun highlighted the government’s dedication to enhancing the efficiency of financial operations across various Ministries, Departments, and Agencies (MDAs), pledging to achieve a robust and transparent financial management system.
The discussions with the House panel focused on fostering a collaborative approach to addressing financial management challenges and improving accountability. Committee Chairman Bamidele Salam provided updates on numerous hearings conducted with MDAs, which revealed significant gaps in accounting systems and internal controls. Salam emphasized the necessity of addressing these deficiencies to ensure sound financial practices.
Salam also underscored the importance of blocking revenue leakages as a critical measure to strengthen national finances. He advocated for structural reorganization and comprehensive training programs for auditors to bolster the integrity of financial processes within the MDAs. Additionally, he called for the accelerated implementation of the 2024 Budget to achieve the set goals timely and effectively.
The collaboration between the Federal Ministry of Finance and the House of Representatives Committee on Public Accounts represents a significant step towards achieving a robust and transparent financial management system in Nigeria. Both parties have pledged to manage public funds with utmost accountability, aiming to foster a more sustainable financial future for the country.
Minister Edun reiterated the government’s commitment to addressing identified gaps and implementing necessary reforms to enhance financial transparency. He assured that his ministry would work closely with the Public Accounts Committee to implement strategies aimed at blocking revenue leakages and improving overall financial management.
The meeting saw active participation from several House of Representatives members, including Jeremiah Umar, Daniel Asama Ago, Matthew Nwogu, Aliyu Bappa, Nyampa Zakaria Dauda, Kuye Ademorin, Akiba Bassey, and Olatunji Akinosi. Their presence underscored the legislative body’s collective resolve to support initiatives aimed at enhancing financial transparency and efficiency.
