- Minister Adegboyega Oyetola emphasized modern audit techniques are essential for maximizing revenue collection and reducing resource wastage in the marine sector
- The workshop aims to equip auditors with skills to tackle revenue leakages and improve efficiency within the Ministry of Marine and Blue Economy
Adegboyega Oyetola, the Minister of Marine and Blue Economy, has emphasized the importance of modern audit techniques in maximizing revenue collection and reducing resource wastage in the marine sector.
He stated that adopting innovative audit methods is essential to optimize the sector’s potential and address inefficiencies.
Speaking at a two-day workshop in Abuja, “Modern Audit Techniques as a Panacea to Improve Internally Generated Revenue,” Oyetola, represented by the Permanent Secretary, Olorutola Olufemi, stressed the significance of this initiative.
He noted that the program marks a turning point for improved audit performance and efficiency within the ministry.
Oyetola highlighted challenges such as revenue leakages, inefficiency, and governance gaps that hinder revenue optimization.
He urged auditors to use the opportunity to engage with experts, strategies, and case studies to implement advanced audit practices in daily operations.
“Your role as auditors goes beyond reviewing accounts; you are essential to helping organizations achieve their objectives,” he said.
The Permanent Secretary added that the workshop is crucial for the nation. As efforts to diversify revenue beyond oil shift focus to the marine economy, opportunities like fisheries, shipping, and marine tourism offer significant growth potential, provided they are managed efficiently.
Uchechukwu Nwaede Ogwe, representing the Auditor General of the Federation, commended the initiative.
He described the workshop as a platform to exchange ideas and craft actionable solutions to address sector challenges.
Ogwe assured continued support and collaboration with the Ministry to drive reforms and promote accountability.
He also highlighted the revenue streams in the marine economy, such as fishing licenses, oil and gas royalties, customs duties, and marine tourism.
However, he pointed out that inefficiencies and governance issues often restrict these streams.
Earlier, Jumbo Obenachi Renner, Director of Internal Audit at the Federal Ministry of Marine and Blue Economy, underscored the need to adopt innovative and forward-thinking strategies.
She explained that the workshop equips auditors with advanced skills to rethink traditional approaches and align with global best practices.
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