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FG To Strengthen MDAs' Financial Reporting System

Source: EWACHE AJEFU, ABUJA BUREAU CHIEF - thewillnigeria.com
PHOTO: L-R: MINISTER OF STATE, FINANCE, MR REMI BABALOLA DISCUSSING WITH THE 46TH PRESIDENT OF ICAN, RETIRED MAJOR GENERAL SABASTIAN OWUAMA, DURING A COURTESY CALL ON THE MINISTER IN ABUJA RECENTLY.
PHOTO: L-R: MINISTER OF STATE, FINANCE, MR REMI BABALOLA DISCUSSING WITH THE 46TH PRESIDENT OF ICAN, RETIRED MAJOR GENERAL SABASTIAN OWUAMA, DURING A COURTESY CALL ON THE MINISTER IN ABUJA RECENTLY.


ABUJA, July 15, (THEWILL) - Minister of State for Finance, Mr. Remi Babalola, disclosed on Thursday that the Federal Government was currently strengthening the financial reporting system in its Ministries, Departments and Agencies (MDAs) to effectively manage its resources and services.

He stated this in Abuja in a remark at a seminar on electronic payment organized by Accenture Nigeria and Citibank Nigeria Limited and also attended by the Head of Service of the Federation, Mr. Steve Oronsaye.

The seminar was organized to promote and sensitize MDAs on the benefits of processing payments electronically.

The Minister noted that accurate and adequate financial records were essential for Nigeria to meet her development needs and manage state resources.

He said, "We must recognize that change is inevitably especially in a rapidly evolving world, therefore, as the economy changes so does the payment systems required to facilitate transactions in that economy.

"This is in line with the Federal Government’s push to keep its payment systems at par with international best practices and standards by leveraging technology and its associated programmes not only to enhance its service delivery but to advance and sustain the growth of the economy."

Babalola stated that the developed world had moved rapidly and successfully into electronic payment than any other form of payment because of its convenience, safety, efficiency and ease of business transactions.

He explained that the adoption of e-payment by the developing world, including Nigeria, has become imperative in order to boost business transactions and enhance global competition.

"Undoubtedly, e-payment is fast becoming a commonly used payment method in a wide variety of transactions, and most electronic payments are made via browser for goods and services using credit or debit cards.

"There is no doubt that the future of e-payment in Nigeria is promising. However, an effective oversight of the payments system landscape is crucial to achieving a system that is efficient, safe, reliable and dependable," he added.

He assured that the Federal Government was committed to providing the right policy and the enabling environment for the payments system to grow and thrive.

He noted that there was no going back on the e-payment in the public space, while also explaining that the government would broaden and deepen it to incorporate all facets of financial transactions.