FG begins move for independence of audit institution

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says process to have an independent audit institution in the country has commenced.

Ahmed disclosed this while fielding questions from participants at a virtual presentation of 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) in Abuja on Friday.

She explained that the National Audit Bill that would be enacted into law for the independence of the Auditor General of the Federation was being considered.

She underscored the need for such office to be independent in order to gurantee transparency and accountability in governance system.

“By the time we have such act in place, office of the Auditor General of the Federation will become truly independent, it will be independent of the executive, and that is what they need in terms of strength to do their audit work.

“Right now, they are under Federal Government budget and once an audit is being funded directly by the executive, their independence is always called to question.

“With this plan, at the end of the day, it will have independent source of revenue and therefore become more effective and that will strengthen accountability within the system,” she explained.