Minister of Marine and Blue Economy, Adegboyega Oyetola, has stated that implementation of modern audit practices is key to harnessing and utilising resources, maximizing revenue collection, and limiting wastage in the Marine and Blue Economy sector.
Oyetola, who made this known at the 2-Day workshop on “Modern Audit Techniques as a Panacea to Improve Internally Generated Revenue”, in Abuja, advised that the program will herald a new phase of efficiency and improved audit performance in the Ministry.
The Minister, who was represented by the Permanent Secretary of the Ministry, Olorutola Olufemi, stated that challenges such as revenue leakages, inefficiency, and governance gap have continued to limit the ability to fully optimize internally generated revenue in the sector, noting that this workshop provides a valuable opportunity for learning and improvement.
“As Auditors, your role extends beyond reviewing accounts: you are essentially to help organizations enhance their objective,” he said.
Speaking further, the Permanently Secretary encouraged participants to actively engage with experts, case studies, and strategies that will be discussed at the workshop towards implementing it in everyday office situations.
According to him, the workshop is coming at a crucial time for the nation, considering that in the effort to diversify revenue sources beyond oil, the marine and blue economy sector offers numerous opportunities for growth, including fisheries and shipping.
Representative of the Auditor General of the Federation and the Director in the Audit Department in the OAuGF, Uchechukwu Nwaede Ogwe, in his message, stated that the workshop provides an excellent platform for stakeholders to engage, exchange ideas, and develop actionable strategies to address the challenges.
Uchechukwu, speaking on behalf of the Auditor General of the Federation, assured of support and collaboration with the Ministry of Marine and Blue Economy in driving reforms and promoting accountability across the sector.
He noted that the Marine and Blue Economy holds tremendous opportunities through various revenue streams including fishing licenses, oil and gas royalty, customs duties and marine tourism, adding that those streams are often constrained by challenges, such as leakages, inefficiencies in collection systems, and governance gaps.
Speaking earlier in her welcome address, the Director Internal Audit, Federal Ministry of Marine and Blue Economy, Jumbo Obenachi Renner stated that to harness the immense potential of the Marine and Blue Economy sector as a pivotal driver of economic growth and sustainability, it is imperative to adopt innovative strategies, robust practices and forward thinking – approaches.
The Director noted that the workshop is designed to equip auditors with the knowledge, skills, and practical framework to rethink approaches, challenge conventional methods, and embrace advanced techniques that align with global best practices.
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