Treasury Managers Must Promote Accountability, Transparency In Public Finance – Adeosun

• Proposes Review of Finance Control Act

BY EDMOND ODOK, ABUJA – The Minister of Finance, Mrs Kemi Adeosun says Treasury managers must embrace value-based culture of transparency and accountability in the management and control of Nigeria’s public finance for sustainable development in the polity.

Mrs Adeosun said a change in the mindset of Treasury managers will promote good governance and engender the necessary reforms for effective service delivery to the Nigerian people.

She also insisted that the nation’s Treasury managers must seriously examine the existing Finance Control and Management Act and other related financial issues in order to address some inherent deficiencies in the law that hinders socio-economic and political growth and development in the polity.

The Minister, who spoke at the second National Treasury Workshop for Treasury Managers on Public Accounts in Tinapa, Cross River State, said reforms of the civil order is germane as the necessary tool in changing the society for good.

Mrs Adeosun, represented by the Director of Special Projects, Federal Ministry of Finance, Dr Mohammed K. Dikwa, said the need for a change in the mindset of Treasury managers in order to reform the basic polity cannot be over-emphasised.

According to her, “The basic and fundamental approach to financial and economic reforms is to reform the basic polity. Reforms must be impacting and sustainable and should fit into the cultural ethos of Nigeria, among others.

“There is the need to evolve a culture which is value-based. It is expected that this workshop would draw from universal public values such as public trust, accountability, equity, transparency, ethical standard and selflessness.”

She said it is important to review the Finance Control and Management Act (FCMA) of 1958, describing the law as outdated and weak in instituting greater accountability and transparency in the conduct of government financial businesses. The FCMA provides detailed guidelines on control and management of the country’s public finance.

On the Economic Recovery and Growth Plan (ERGP), the Finance Minister said President Muhammadu Buhari-led administration is working to lay a solid foundation for long-term sustainable economic growth, adding that ERGP’s emphasis is on local content business empowerment.

“The ERGP has been further designed to build competitive market, invest in infrastructure and human resources as well as harmonize monetary, trade and fiscal policies for the purposes of boosting non-oil revenue, reduction in cost of governance, privatization of selected public enterprises/assets, delivery on agriculture and transportation, among others,” the Minister stated. 

Adeosun stated that the government through the Federal Ministry of Finance had embarked on several financial reforms aimed at strengthening governance, accountability, reduce corruption and effective service delivery.

The Minister said among the reform initiatives are: full implementation of the Treasury Single Account (TSA); Presidential Initiative on Continuous Audit (PICA); Revenue Boosting Initiatives, Fiscal Sustainability Plan; Voluntary Assets and Income Declaration Scheme (VAIDS); and the Whistleblower Policy. Others include: Cash Management; Efficiency Unit; Healthpay Project; Family Homes Project; Asset Tracing Team; and Road Trust Fund.

Also speaking at the occasion, Accountant-General of the Federation (AGF), Alhaji Ahmed Idris said public financial managers must evolve innovative ideas to address existing and emerging challenges facing the Treasury and economy.

Alhaji Idris said; “I will advise our public financial managers to see the current challenges facing the treasury and the economy as an opportunity to spur them to form a united front that will generate great ideas resulting in the provision of lasting solutions to the problems.”

A statement by Oluyinka Akintunde, Special Adviser on Media & Communications to the Minister of Finance said the workshop was attended by Directors of Finance and Accounts in all Federal and State Governments’ Ministries, Departments and Agencies (MDAs), Heads of Finance and Directors of Internal Audit and other stakeholders in national public finance management.