By Davies Iheamnachor
PORT HARCOURT – Rivers State Governor, Chief Nyesom Wike, has commended President Muhammadu Buhari-led Federal Government on the implementation of Treasury Single Account, TSA and the Integrated Personnel Payroll System.
Wike, however, bemoaned that the system is marred with abuses in the areas of revenue collection and disclosures.
The governor spoke Monday at a 3-day Public Financial Management Retreat organized by the Office of the Accountant General of the Federation for Members of the Federal House of Representatives, House Committee on Finance and key Stakeholders in the Executive in Port Harcourt.
Wike, who was represented by his Deputy, Dr. (Mrs.) Ipalibo Banigo, also pointed out that the revenue allocation and distribution, as well as budget execution have been abused.
He stressed the need to implement necessary reforms in line with global best practices to tackle the challenges of public financial management.
The Governor said the call for effective revenue collection, equitable revenue allocation, efficient budgeting and effective budget should be given priority attention.
Wike revealed that one of the first things his Administration did on assumption of office was to introduce strategic reforms in the State’s Public Financial Management System, to foster greater transparency and accountability.
He said, “Apart from producing more realistic budgets based on pragmatic assessments of available resources, we are now more efficient and result oriented in the collection, allocation and management of available public resources.”
He expressed optimism that the retreat which aims at improving the principles and practices of public financial management in the country, would address the issues of transparency and accountability, even as he commended the accountant General of the Federation, Ahmed Idris for the retreat.
Meanwhile, the Accountant, General of the Federation. Alh. Ahmed Idris, has expressed the Federal Ministry of Finance and the Office of the Accountant General’s commitment toward ensuring that a modern and transparent Public Financial Management System is instituted, as well prevails in Nigeria.
Idris noted that there is a continuous capacity building for staff and adaptation of international best practices in Public Financial Management.
Also, the Chairman, House Committee on Finance, Hon. Ibrahim Babangida, in his address, ‘Understanding the Public Sector Reform Initiatives: Towards Greater Executive/Legislature Collaboration in Budgeting, Accounting and Reporting Processes’ described the public sector reforms initiative as apt and timely.