[U.S]–Nigerian finance minister,Kemi Adeosun, has told the World Bank and participants at the global parliamentary conference in the World Bank 2017 Spring Meetings that the whistle-blowing programme of the finance ministry has been very successful.
According to TheCable, the minister made this revelation while highlighting Nigeria’s economic reform agenda and the need for a strong collaboration between the executive and the legislative arm of government.
“We are going after those who have stolen our money. We have put in place a very successful whistle blower programme that is delivering results, and allows those who report illicit activity to receive up to 5 percent any funds that we recover,” Adeosun said at the World Bank Headquarters in Washington.
“We are also significantly improving our financial management controls to ensure that it is considerably more difficult for public funds to be diverted. We have to do more though and that means collaboration with the legislature.
“We need tighter tax and financial reporting legislation and to ratify bilateral agreements so that our enforcement agencies are empowered to deliver the results that we need,” she added.
She also revealed that the government is focused on resetting the Nigerian economy by addressing over-reliance on oil and working on other non-oil channels to boost revenue.
“To improve non-oil revenues, we have to address illicit capital flows. When stolen money is transferred from Nigeria, or other African countries, there are too few questions asked by those countries that receive the funds, but when we identify those funds as stolen and seek to recover them, there are too many questions being asked.
“There is money sitting in foreign bank accounts that we have spent over a decade trying to recover. That is money that could deliver significant value for Nigeria as we seek to increase spending on critical infrastructure and establish a basis for long term sustainable growth.
“I hope that the automatic exchange of information scheme coming into force next year will be a step towards achieving greater transparency, but we need more collaboration among parliamentarians in Africa, and across the world to ensure that this situation improves and that recipient countries are held to account.”
It will be recalled that just two days ago, the Minister of Information, Lai Muhammed has also hailed the whistle-blower policy of the Federal Government, which he said, has led to the recovery of looted funds in many currencies that may otherwise not have been discovered, describing it as an effective tool of fighting corruption in Nigeria.Please Follow Us @ThePageNg