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Senate supports initiatives to curb wasteful spending

10 December 2015, 11:35Augustine Osayande

Abuja - Senate President, Bukola Saraki, has offered to play a role in curbing wasteful spending and support government initiatives to improve the living standards of locals.

Saraki stated this during the commencement of public hearing on the “Abuse and Mismanagement of Treasury Single Account (TSA) Regime” Organised by the Senate Joint Committee on Finance; Banking, Insurance and other Financial Institutions and Public Accounts, held in Abuja.

“We are together with the executive on the need to curb waste and plug all loopholes in our revenue and expenditure streams. We are equally concerned and are exploring ways of shoring up the national revenues in spite of the persistent fall in the oil price in the international market,” said Saraki.

“We embrace these challenges as we believe that it will more than anything enable us to think outside of the box to draw up innovative solutions that would strengthen our institutions and the economy at large.”

Also Read: The Saraki Text-Crime Bill: Has its corruption run Nigeria's Senate mad?

He welcomed the steps already taken by President Muahammadu Buhari to move the country towards efficiency and away from the business as usual mindset through reduction in wasteful expenditure.

One of such step he welcomed is the full pursuit and implementation of the Economic Reform Governance Project (ERGP), which has as its core objective the modernization of Public Finance Management (PFM).

The Senate President added that the adoption of the PFM was in line with the globally accepted Government Integrated Financial Management Information Systems (GIFMIS) aimed at plugging revenue wastes.

“All these are supportive of the introduction and the enforcement of the Treasury Single Account (TSA) which has been fully authorised by the President,” Saraki said.

- CAJ News


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