The Federal Government has reiterated commitment to the full implementation of the 2024 Budget.
It also pledged to promote a transparent and efficient financial management system.
The commitments were made yesterday by the Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun.
He spoke during a meeting with the House of Representatives Committee on Public Accounts at the National Assembly in Abuja.
Edun’s meeting with the House panel came a day after the National Assembly passed the N6.2 trillion Supplementary Appropriation Bill to raise the 2024 Budget to N35.05 trillion from N28.8 trillion.
Pledging to achieve a robust and transparent financial management system, the minister underscored the government’s dedication to enhancing the efficiency of financial operations across the various Ministries, Departments, and Agencies (MDAs).
The meeting focused on fostering a collaborative approach to tackling financial management challenges and improving accountability.
Chairman of the committee Bamidele Salam provided an update on numerous hearings conducted with MDAs, bothering on auditor’s reports and compliance issues.
After identifying significant gaps in the accounting systems and internal controls of several MDAs, the Committee chair stressed the need to address the deficiencies to ensure sound financial practices.
Salam, who highlighted the importance of blocking revenue leakages as a critical measure to strengthen national finances, identified structural reorganisation and comprehensive training programmes for auditors as essential to bolster the integrity of financial processes within the MDAs.
He called for accelerated implementation of the 2024 Budget, underscoring the need for timely and effective performance to achieve the set goals.
The collaboration between the Federal Ministry of Finance and the House of Representatives Committee on Public Accounts marks a significant step towards achieving a robust and transparent financial management system in Nigeria.
Both parties have pledged commitment to the effective management of public funds with utmost accountability, thereby fostering a more sustainable financial future for the country.
The minister reiterated the government’s commitment to addressing the identified gaps and implementing necessary reforms to enhance financial transparency.
He assured that his ministry would work closely with the Public Accounts Committee on the implementation of the strategies aimed at blocking revenue leakages and improving overall financial management.
The meeting saw the active participation of several members of the House of Representatives, including Jeremiah Umar, Daniel Asama Ago, Matthew Nwogu, Aliyu Bappa, Nyampa Zakaria Dauda, Kuye Ademorin, Akiba Bassey and Olatunji Akinosi.
Their presence underscored the collective resolve of the legislative body to support initiatives aimed at enhancing financial transparency and efficiency.
