The Federal Government on Sunday said it has saved a whopping N700 billion through the implementation of various public sector financial management reforms including the Treasury Single Account, TSA, Whistle-Blowing policy and other institutional reforms.
The outgoing Permanent Secretary (Special Duties) in the Ministry of Finance, Dr. Mohammed Dikwa, who made the disclosure during a send-off dinner held in his honour by the ministry as he retired from civil service, said in addition to the N700bn savings, about N300bn had been recovered by the anti-graft agencies of government through the collaborative efforts of the Ministry of Finance, Budget and National Planning.
Punch reports that Dikwa retired from the civil service on Friday having reached the mandatory retirement age of 60 years.
He gave some of the public financial management reforms introduced by the government as 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.
Others are 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.
There is also 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.
Dikwa said that the Federal Government had been recording consistent growth in the economy because of the conceptualisation and implementation of the initiatives.
He urged his former colleagues in the civil service to put necessary measures in place to block leakages, curtail wastage, and improve efficiency in the public sector.
“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.”