The Federal Government has restated its dedication to the complete execution of the 2024 Budget.
Furthermore, it has vowed to uphold a transparent and effective financial management system.
The Finance Minister and Coordinating Minister of the Economy, Wale Edun, gave these assurances yesterday.
He addressed the House of Representatives Committee on Public Accounts during a session at the National Assembly in Abuja.
This meeting with the House panel occurred following the passage of the ₦6.2 trillion Supplementary Appropriation Bill by the National Assembly to increase the 2024 Budget to ₦35.05 trillion from ₦28.8 trillion.
Emphasizing the commitment to establishing a strong and transparent financial management system, the minister highlighted the government’s determination to enhance financial operations’ efficiency within the various Ministries, Departments, and Agencies (MDAs).
The discussion centred on fostering a collaborative approach to addressing financial management challenges and enhancing accountability.
Chairman of the committee, Bamidele Salam, provided an update on the various hearings conducted with MDAs, focusing on auditor’s reports and compliance issues.
Upon identifying significant gaps in the accounting systems and internal controls of several MDAs, the Committee chair emphasized the necessity of rectifying these deficiencies to ensure sound financial practices.
Salam emphasized the importance of preventing revenue leakages to strengthen national finances, pointing out that structural reorganization and comprehensive training for auditors are crucial to enhancing the integrity of financial processes within the MDAs.
He urged for the swift execution of the 2024 Budget, stressing the importance of timely and efficient performance in order to reach the established objectives.
The minister reaffirmed the government’s dedication to addressing the identified shortcomings and implementing necessary reforms to promote financial transparency.
He guaranteed that his ministry would collaborate closely with the Public Accounts Committee to implement strategies aimed at preventing revenue leakages and enhancing overall financial management.
Naija News understands that the meeting witnessed the active engagement of numerous members of the House of Representatives, among whom were Jeremiah Umar, Daniel Asama Ago, Matthew Nwogu, Aliyu Bappa, Nyampa Zakaria Dauda, Kuye Ademorin, Akiba Bassey, and Olatunji Akinosi.
Their attendance highlighted the unified determination of the legislative body to endorse measures aimed at improving financial transparency and efficiency.
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