The minister said this on Thursday while delivering a keynote address at a retreat organised by the ministry of finance in collaboration with the federation account allocation committee (FAAC) on the theme: “Enhancing the Effectiveness of FAAC” in Uyo, Akwa Ibom.
Adeosun, who was represented by Mahmoud Isa-Dutse, permanent secretary, federal ministry of finance, advised all tiers of government to aim for fiscal discipline, improved revenue generation, rational allocation and efficient use of resources if the economy is to move back to sustainable growth and development.
Adeosun, who said federal government reforms have leaned towards wealth creation and employment generation, advised that attention be refocused on quality investment in the real sectors of the economy, including agriculture, manufacturing, mines and steel, as well as the promotion of micro, small and medium enterprises as the critical contributors to the growth of the Gross Domestic Product (GDP).
“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.
“I am happy to state here that the present government is intensifying efforts in this direction and very soon the multiplier effect will become obvious.
“We must block all observed loopholes and strengthen public financial management. While making frantic efforts to realise this, there is urgent need to reposition FAAC for enhanced performance through efficient management of accrued scarce resources for national development.”
The minister also urged the three tiers of government to apply the best international practice in public financial management.
Every month, FAAC allocates government revenue amongst the three tiers of government.
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