FISCAL discipline, improved revenue generation, rational allocation and efficient use of resources must be imbibed by every tier of government to return the economy to the path of sustainable growth and development.
Other efforts needed to put the country on sustainable growth include: the refocusing attention on quality investment in the real sectors of the economy namely agriculture, manufacturing, mines and steel, as well as the promotion of Micro, Small and Medium Enterprises as the critical contributors to the growth of our Gross Domestic Product (GDP).
Minister of Finance, Mrs. Kemi Adeosun stated this in a keynote address at a retreat organised by the Federal Ministry of Finance in collaboration with the Federation Account Allocation Committee (FAAC) on the theme "Enhancing the Effectiveness of FAAC," yesterday in Uyo, Akwa Ibom State.
The Minister, who was represented at the event by the Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, stated that the economic reforms of the Federal Government have been geared towards wealth creation, employment generation, poverty reduction, development of the non-oil sector and value re-orientation.
"Programmes like the promotion of Micro, Small and Medium Enterprises (MSMES), the initiation of N-Power and a number of others were designed to empower the citizenry, encourage private enterprises and change the way Government does business. It is my firm belief that the pursuit of economic diversification through promotion of private enterprises is one of the ways we can unlock the untapped socio-economic potentials for social progress, economic growth and national development," Adeosun said.
She explained that the retreat, attended by Commissioners of Finance from the 36 states and the Accountant-General of the states, came at a critical time when the country was combating a recession in the face of dwindling Government revenue.
The Minister stated that the three tiers of government should apply the best international practice in Public financial management and emphasized: "We must block all observed loopholes and strengthen public financial management. While making frantic efforts to realize this, there is urgent need to reposition FAAC for enhanced performance through efficient management of accrued scarce resources for national development."
Governor of Akwa Ibom State, Udom Emmanuel, who was represented by his Deputy, Mr. Moses Ekpo, called for the review of the current revenue allocation formula.
The Governor said: "Given our common experience about development in our country, our sharing formula should be weighted more towards the States and Local Government Councils than the practice today."
The Governor said that Akwa Ibom has successfully become a major producer of tomatoes, onions and cassava in commercial quantity as a result of the efforts of his administration to diversify the economic base of the state.
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