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Public Funds: Minister Urges Elimination of Waste and Corruption

Minister of Finance and Coordinating Minister for the Economy, Olawale Edun

The Minister of Finance, Wale Edun, has advocated for robust administrative mechanisms and reforms to eliminate waste and corruption in managing public funds. Edun made this call on Tuesday at the 4th Internal Auditors Retreat, themed “Enhancing Efficiency and Effectiveness in the Administration of Public Resources: The Role of the Internal Auditors,” held in Abeokuta, Ogun State.

Represented by the Permanent Secretary for Special Duties at the Ministry of Finance, Okokon Udoh, Edun emphasized the need for prudent resource management amid the country’s dwindling revenue and cash flow challenges. He highlighted ongoing public financial management reforms coordinated by the Office of the Accountant-General of the Federation.

“Judging from the theme of the retreat, it is evident that the treasury understands the nation’s dire needs,” Edun said. “These challenges call for prudent management of available resources through effective reforms developed and coordinated by the Office of the Accountant-General of the Federation. We must devise better, more effective, and robust administrative mechanisms to reduce or eliminate waste and corruption.”

Edun commended the Accountant-General of the Federation, Oluwatoyin Madein, for her efforts in implementing reforms to ensure efficient management of the nation’s financial resources.

Opening the retreat, Ogun State Governor Dapo Abiodun, represented by his deputy, Engr. Noimot Salako-Oyedele, reaffirmed his administration’s commitment to probity and judicious spending. He noted the state’s success in blocking financial leakages and emphasized the importance of accountability, transparency, and probity in good governance and sustainable development. Abiodun assured internal auditors of continued support for efficient financial management practices.

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The Accountant-General of the Federation, Oluwatoyin Madein, stressed the retreat’s objective to promote accountability and transparency in public finance management. She urged participants to recognize that these principles are crucial for economic growth and development.

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Olaonipekun Olukoyede, represented by the agency’s Director of Internal Audit, Mrs. Idowu Apejoye, stated that the retreat would help curb corruption and stabilize public finance.