FG inaugurates working group on public sector, non-profit codes

The Minister of Industry, Trade and Investment, Otunba Richard Adebayo yesterday in Abuja inaugurated two technical working group for the Nigeria’s public sector governance and not for profit governance codes.

The two groups are mandated to come up with the Nigerian Public Sector Governance Code (NPSGC) and the Nigerian Not-for-Profit Governance Code.

Speaking at the inauguration of the Working Groups, Executive Secretary/Chief Executive Officer of Financial Reporting Council (FRC) Amb. Shuaibu Adamu Ahmed said developing a Code for the Governance of the public sector is critical for the success of Nigeria’s economy due to the strategic role it plays in business facilitation.

“As the regulator of businesses in the economy, it is imperative that the Public Sector is well governed itself which is in line with the belief of the Financial Reporting Council.

Tinubu to Sultan: Buhari wants me to win, will you decline his request?

2023: Naira, Fuel Scarcity Threat To Elections – AP Presidential Candidate

“Additionally, the code can help to improve the efficiency and effectiveness of public sector organizations. By establishing clear standards for management practices and decision-making processes, public sector organizations can operate more effectively and efficiently, which ultimately benefits the public by providing better services and contributing meaningfully to Nigeria’s economic growth,” he explained.

The ES noted that in Europe, several countries, such as the UK, France, and Germany, have established codes of corporate governance for the public, as the FRC also expects that Departments and Agencies will be required by the code to prepare an Annual Governance Statement to accompany the department’s and agencies accounts and financial statements.