Nigeria pushes for transparency in govt owned enterprises

Nigeria is making strides towards improving its revenue collection and ensuring transparency in government-owned enterprises through a new initiative. Directors of finance and accounts will be deployed to selected federal government-owned enterprises as part of this effort. Niyi Falade, CEO of Crusader Sterling Pensions, shared his insights on this initiative during an interview with CNBC Africa's Kenneth Igbomor. Falade expressed his belief that the initiative is long overdue and critical for promoting transparency and accountability in government operations. He emphasized the importance of ensuring that public funds are properly managed and utilized for the benefit of the country. The initiative aims to enhance corporate governance practices and drive efficiency in revenue generation. By implementing measures to curb corruption and improve financial management, Nigeria seeks to reduce budget deficits and enhance overall fiscal performance. Falade highlighted the need to prioritize cost management and address inefficiencies in government spending. Leveraging technology solutions will also play a key role in enhancing operational efficiency and promoting a culture of accountability. The initiative will be rolled out in a pilot phase, targeting 10 government institutions initially. This phased approach will allow for the evaluation of the program's effectiveness and scalability. The ultimate goal is to instill a culture of transparency and integrity across all levels of government and drive sustainable economic growth. By strengthening financial oversight and governance mechanisms, Nigeria aims to build a solid foundation for future growth and development. The collaborative efforts of government stakeholders, private sector entities, and civil society organizations will be essential in driving the success of this initiative. The drive towards greater transparency and efficiency in government operations reflects Nigeria's commitment to good governance and responsible financial stewardship. As the initiative progresses, it is expected to yield positive outcomes in terms of revenue generation, budget management, and anti-corruption measures. With a focus on best practices and continuous improvement, Nigeria is positioning itself for sustainable growth and prosperity.