Economy
By Anthony Isibor.
AHMED Ibrahim Lawan, Senate President has said that the enormous loss of revenue through Illicit financial flows calls for concern.
He made this known while presenting his goodwill message at the 3rd National Summit on Diminishing Corruption in the Public Sector, organized by the Office of the Secretary to the Government of the Federation and the Independent Corrupt Practices and Other Related Offences Commission ICPC, in Abuja on Tuesday, 30th November 2021.
The event, which has the theme “Corruption and Cost of Governance: New Imperatives for Fiscal Transparency”, was also a rallying point for stakeholders to come together to proffer solutions and address the menace of corruption in the public sector.
Commending the Office of the SGF and ICPC for bringing stakeholders together for the third year running to proffer solutions to address the menace of corruption in the public sector, Lawan said: “We cannot divorce corruption from high cost of governance.
“It has been observed that weaknesses in public institutions and agencies of government are often attributed to corrupt practices and other vices.
“Diminishing corruption in the public sector is therefore crucial to the delivery of government programs and services to meet the 2030 Sustainable Development Goals, SDGs, check insecurity and ensure transformation.
“Mr. President, distinguished ladies and gentlemen, the enormous loss of revenue through Illicit financial flows is concerning. Withholding and non-remittances of revenue generated by some Ministries, Departments and Agencies into the Treasury have also diminished resources available for developmental projects, leading to domestic and foreign borrowings by the government to address critical developmental and infrastructural deficits.
“While revenue has been reducing, the cost of governance has continued to grow. Similarly, there are leakages of money that could have easily been available for national development,” he said.
He also expressed the support of the National Assembly in the fight against corruption and sharp practices in the public sector.
“We will continue to partner and work assiduously with the executive through the passage of crucial legislation to eradicate corruption in all segments and sectors of the country.
“The National Assembly remains committed to the aspiration of a corrupt-free and indivisible Nigeria. We, therefore, remain focused on this altruistic and patriotic path in order to continue to provide pro-people and life-improving legislative interventions throughout our legislative mandate.
“Part of our recent contributions are passage of the Companies and Allied Matters Act (CAMA) 2020 which requires beneficial owner disclosure, globally regarded as crucial in the fight against corruption, and the Petroleum Industry Act to promote transparency and accountability in the oil and gas sector
“The National Assembly is conscious of the financial constraint of the country and has not increased its budget for the past three years. This is our own sacrifice to reduce the cost of governance in the country.
“Your Excellency, Mr. President, the Ninth National Assembly remains committed to the fight against corruption.
“While we appeal to the governments of destination countries to support the efforts of the current administration and the African Continent in the repatriation of looted and illicit funds, on our part at the National Assembly, we will continue to reinvigorate measures and pass laws that will strengthen the fight against corruption and limit financial flows.
“I wish to also reiterate that we will not shy away from our constitutional responsibility of over-sighting MDAs, including monitoring of the implementation of loans approved by the National Assembly.
“We will also monitor the personnel and capital expenditure of MDAs with a view to curtailing wasteful expenditure towards reducing the cost of governance,” he added.
– DEC. 02, 2021 @ 09:43 GMT |
A.I
Tags: AHMED Ibrahim Lawan
