Nigerian Government Advocate Transparency, Accountability In Public Financial Management

The Nigerian government has emphasized that accountability and transparency in public financial management are crucial for building trust and attracting investment.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by the Permanent Secretary, Finance Lydia Jafiya Shehu highlighted this at the opening of the 5th Edition National Treasury Workshop, themed: ‘Nigeria’s revenue challenges and the way forward: exploring non-oil alternatives’.

He said the workshop is a strategic platform for fostering collaborations, exchange of ideas, and expanding knowledge on key strategies for the growth and stability of Nigeria economy, through enhanced revenue performance and management.

“The theme of this workshop is both timely and imperative. It underscores the urgent need to rethink our revenue generation strategies, especially in light of the volatile nature of oil revenues which has long been the backbone of our economy but recently facing a downturn”.

Highlighting recent global shifts in energy policies, declining oil demand and fluctuating crude prices, Mr. Edun urged state Accounting Officers to diversify their economic approach in revenue generation and embrace ways that taps into the immense potential of non-oil sectors such as agriculture, solid minerals, manufacturing, tourism, digital economy and creative industries.

“Nigeria is blessed with abundant natural and human resources that remain largely untapped. The question before us today is: how can we harness these resources effectively to drive sustainable economic growth and development?”
“Exploring Non-Oil Revenue Sources
Several non-oil sectors have demonstrated strong potentials for revenue generation, job creation, and economic transformation. It is time to explore these aggressively. Let me highlight a few critical areas such as: Agriculture and Agro-Processing, Solid Minerals and Mining, Manufacturing and Industrialization, Tourism and Hospitality, The Digital Economy and ICT, Tax Reforms and Compliance, etc.”

The Minister disclosed that the government was already taking bold steps to tackle key Challenges in Revenue Mobilization through reforms in public financial management, digitalization of revenue collection, and strengthening of tax administration.

He called collaboration among all stakeholders especially the private sector in complementing government efforts.
Earlier, the Accountant General of the Federation, Dr. Oluwatoyin Madein said the workshop was to brainstorm and to come up with robust and implementable communique capable of changing the current revenue challenges faced by the country.

“To this end, I charge us all to contribute meaningfully so as to proffer far reaching recommendations for policy makers, both at the federal and sub-national level”.

Olusola Akintonde