To ensure transparency and effectiveness in public fund management in the country,Public Account Committee, PAC, of the House of Representatives is set to hold a National Conference on Public Account and Fisical Governance, NCPAFG, in July in Abuja.
This was disclosed by the Chairman, Public Accounts Committee, Bamidele Salam during a press conference held at the National Assembly Complex Abuja, Tuesday.
Salam disclosed that the event is scheduled to hold from Sunday, July 6 to Thursday, July 10 at the Congress Hall of the Transcorp Hilton Hotel, Abuja.
According to the lawmaker, the conference is convened as a key component of the 10th House of Representatives Legislative Agenda, which is firmly committed to strengthening good governance as a foundation for sustainable national development.
The theme of the National Conference, according to the lawmaker is “Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development.”
He added that the event represents a bold, deliberate and strategic initiative by his committee, as well as the House of Representatives to reposition Nigeria’s fiscal governance and public accounts management systems towards greater integrity.
The expected conference, he disclosed will also serve as a veritable platform to mainstream the ‘Renewed Hope Agenda’ into global fiscal governance transparency structures in order to firmly reestablish Nigeria’s leadership at both regional and continental levels.
He, however, informed that his panel remains a crucial stakeholder charged with the constitutional mandate to oversight public financial management activities and review reports of audit and accounting institutions, noting that Nigeria is currently standing at a critical juncture in its journey toward fiscal governance reforms.
He said: “While some progress has been made over the years and particularly the notable reforms under the current administration, entrenched systemic challenges remain. These challenges include limited full-cycle audit implementation, high-level institutional financial leakages, a skewed and opaque public financial reporting system, and widespread non-enforcement of financial protocols across MDAs at all levels of government”.
He also listed out some economic benefits of NCPAFG conference stressing that it would serve as a prelude to the Annual Conference of the West African Association of Public Accounts Committees, WAPAC, later in year following Nigeria’s emergence as the winner of the hosting rights for 2025 edition has been deliberately structured to deliver strong institutional value with special focus.
Other benefits includes, to build Institutional and Human Capacity aimed at delivering targeted capacity development and skill-building sessions for Public Accounts Committees, Auditors, Financial Managers and Regulatory Officers across all tiers of government, with an emphasis on contemporary tools and practices for audit efficiency and oversight.
It will also help to facilitate Knowledge Exchange and Co-learning as well as create a participatory environment for dialogue and experience-sharing among national and international stakeholders on public sector audit reforms, accountability practices, and digital innovations in fiscal governance.
It will as well strengthen Audit Implementation Frameworks by examine the current institutional frameworks and technical bottlenecks limiting the implementation of audit recommendations, and recommend specific mechanisms for reform, enforcement, and institutional compliance.
“Harmonize National and Sub-National laws and PAC’s practice direction to align and standardise the laws, procedures, and operational guidelines of Public Accounts Committees, PACs, and other stakeholders in fiscal governance space across the national and sub-national levels for greater consistency and effectiveness in public financial oversight.”