FG set to plug revenue leakages with ‘Continuous Audit’ initiative

The Federal Government of Nigeria on Tuesday took a step further in its resolve to plug all revenue leakages with the introduction of its Continuous Audit initiative anchored by the presidential Initiative on Continuous Audit (PICA)

Winifred Ekanem Oyo-Ita, Head of Civil Service of the Federation, while reiterating FG’s commitment to instill accountability and transparency in all facets of government’s financial dealings yesterday at the one-day sensitization workshop on Continuous Audit open, said Government is now laying more emphasis on probity in all its business.

Speaking on the theme of the workshop tagged: “Continuous Audit: A tool for Transparency and Accountability in Government Financial Business,” Oyo-Ita stated that it is particularly apt and has come out an auspicious time when the need for prudent management of our limited national resources at all levels of government cannot be over emphasized.

The HOS said the objectives of the Presidential Initiative on Continuous Audit is to ensure that personnel budget are reduced, wastages eliminated, leakages of National revenue plugged and a lean and cost effective government achieved so as to enable government efficiently deliver good governance to the nation.

She stressed that the current recession in the economy would have been better managed had the virtues of probity and accountability which are the cardinal ethos of the public service been accorded priority attention as it is now been done

While commending the Minister of Finance for her efforts in putting in place PICA, she added that the implementation of the initiative will no doubt rejuvenate the culture of probity and accountability in the expenditure of government resources.

In his keynote presentation, titled The Fiscal Responsibility Act,(FRA 2007): A tool in plugging Leakages in Revenue Generation and Remittance,” Victor Muruako, the Acting Chairman of Fiscal Responsibility Commission, posited that

there should be increased collaboration on revenue generation and monitoring among government agencies especially, Federal Ministry of Finance, Budget Office of the Federation, Office of the Accountant General of the Federation and Fiscal Responsibility Commission.

Muruako further advised that Income from government investments in the form of dividends and related receipts should be streamlined and properly monitored to ensure prompt remittances to the Consolidated Revenue Fund.

“Incentives, appropriately designed, should be awarded to MDAs who achieve or exceed revenue targets and reporting standards. Also there should be more disclosures particularly on expenditure in the audited financial reports of corporations, agencies and departments.

“Medium Term Revenue Framework should be prepared alongside Medium Term Expenditure Framework for effective budgetary planning and control,” the FRC boss recommended.

In his goodwill message, Idris Ahmed, the Accountant General of the Federation expressed optimism that the Continuous Audit program would be used maximally exploited to serve as a catalyst for our collective effort for an efficient public financial management system in Nigeria.

He added that the advent of PICA would promote the required synergy with the internal Audit Department in his office. Stressing that PICA is a complimentary organ for realizing the established objectives of the Treasury Internal Audit functions.