The Federal Government made N1 trillion from various financial reforms, initiatives like Treasury Single Account (TSA), whistle blowing and operations of anti-graft agencies. This was disclosed by Permanent Secretary, (Special Duties), Ministry of Finance, Mohammed Dikwa.
Dikwa explained that President Muhammadu Buhari’s administration had been able to prevent the leakage of N700 billion and recovered N300 billion at a period the government was in need of liquidity. This amount was saved through various financial reforms and initiatives that prevented wastage and leakages of funds.
Dikwa, said the N300 billion had been saved by anti-graft agencies of government in collaboration with the Ministry of Finance, Budget and National Planning. He made this known while speaking at his send-off dinner. He has reached the mandatory retirement age of 60 years.
According to him, some of the reforms that aided the government’s financial management of public funds included Government Integrated Financial Management Information System aimed at improving public expenditure management processes, and the Integrated Personnel and Payroll Information System to improve the effectiveness and efficiency of payroll administration for government workers.
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He also mentioned the adoption of International Public Sector Accounting Standards for greater transparency and accountability in government financial statements; the Treasury Single Account for consolidating and managing government’s cash resources and the Presidential Initiative on Continuous Audit.
Other financial reforms include the Efficiency Unit aimed at reducing the cost of governance; whistleblowing policy aimed at exposing corrupt practices; Asset Tracing Project for identification and recovery of government assets that are redundant and the Strategic Revenue Growth Initiative for boosting of government revenue.
Why this matters: The policies have contributed to economic growth, curbing waste of public funds and blocked leakages. Apart from helping the government in managing its finances, the reforms also ensured proper utilisation of the funds.
Dikwa advised that the civil service should ensure the financial reforms continue.
“In order to save more funds for developmental purposes, I urge all members of staff of the Ministry of Finance to give maximum support to my successor.
“As I bow out from the service today, I want to challenge those coming after me to pick up the baton from where I stopped and stand together to ensure commitment to the responsibilities and mandates of the ministry.
“Reform initiatives have saved the country over N700bn from being wasted and recovered over N300bn through security agencies working in collaboration with the Federal Ministry of Finance, Budget and National Planning.”