The Chairman of the Economic and Financial Crimes (EFCC), Ibrahim Magu has revealed that the implementation of critical policies such as Treasury Single Account (TSA) has been instrumental in ensuring the effective monitoring of public funds and checkmating fraudulent activities in governance.
Magu also, disclosed that the Bank Verification Number (BVN) has been effective in the EFCC effort to arrest financial crimes, as well as exposing several fraudulent accounts used by corrupt persons. The EFCC boss made this disclosure in his address at the 2nd edition of the Auditor- General’s conference in Abuja yesterday, where he said that the Auditor General of the Federation (AGF) has been carrying out some reform in ensuring that loopholes are blocked and transparency enhanced in governance. Magu, who was represented by Aminu Ibrahim Gusau said the EFCC see auditors as partners in the fight against corruption as it is critical in winning the fight against corruption.
“In our effort in fulfilling the mandate of the economic and financial crimes commission, the EFCC realized the key roles which auditing plays in exposing different forms of corruption particularly in government houses, where public officials siphon state funds for personal benefits. “Statistics from the finance ministry has shown that the government has been able to save N24.7bn monthly from TSA, also the Integrated Personnel and Payroll Information System (IPPIS) domiciled in the Office of the Accountant General of the federation has helped in saving about N600bn and eliminated thousands of ghost workers. Magu added that the Nigerian tax and fiscal law, now known as the finance bill which was recently signed into law by the president is a step in the right direction for more revenue generation. He stated that the president has exhibited the strong will to fight corruption to a standstill through the different policies rolled out by the government. He said the responsibility to fight corruption cannot be left with the anti-corruption agencies alone, but requires the collective effort of all Nigerians to succeed. Also speaking, the World Bank Country Director for Nigeria and the African region, Rachid Benmessaoud, says auditors have the sole responsibility of building citizen’s trust and ensuring transparent functioning of government and reassuring them that the funds are judiciously utilized for economic and national development.
“The world bank as an institution has a mission to help countries and stakeholder to eliminate poverty and Nigeria is critical to that mission and we are ready to collaborate with the government in lifting 100 million Nigerians out of poverty,” “There is a need for fiscal reforms so that development projects which is why it is important that every penny spent by the government must tally with the developmental impact,” he said He added that it is the responsibility of Nigeria’s auditor generals’ to work and ensure that MDAs are spending public funds in only developmental gains and not personal gains.
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