The Minister of Marine and Blue Economy, Adegboyega Oyetola has emphasised that implementing modern audit practices is essential for harnessing resources, maximising revenue collection, and minimising wastage within the Marine and Blue Economy sector.
Oyetola made this known during the two-day workshop on “Modern Audit Techniques as a Panacea to Improve Internally Generated Revenue” in Abuja. He expressed optimism that the program would mark a new phase of efficiency and improved audit performance within the ministry.
Represented by the permanent secretary of the ministry, Oloruntola Olufemi, the minister highlighted challenges such as revenue leakages, inefficiency and governance gaps that continue to hinder the sector’s ability to fully optimise internally generated revenue. He noted that the workshop presents a valuable opportunity for learning and improvement.
“As auditors, your role extends beyond reviewing accounts; you are essential in helping organisations achieve their objectives,” he said.
The permanent secretary further urged participants to actively engage with experts, case studies and strategies discussed at the workshop and apply them in their day-to-day activities.
He stressed that the workshop comes at a critical time for the country, as efforts to diversify revenue sources beyond oil gain momentum. He highlighted the marine and blue economy as a sector with significant opportunities for growth, particularly in fisheries and shipping.
In his remarks, the representative of the Auditor General of the Federation and director of the audit department in the OAuGF, Uchechukwu Nwaede Ogwe described the workshop as an excellent platform for stakeholders to exchange ideas and develop actionable strategies to address existing challenges.
Speaking on behalf of the auditor-general, Uchechukwu assured the ministry of the support and collaboration of the Office of the Auditor General of the Federation in driving reforms and promoting accountability across the sector.
He underscored the immense revenue potential within the Marine and Blue Economy, including streams such as fishing licenses, oil and gas royalties, customs duties and marine tourism. However, he acknowledged that these opportunities are often undermined by challenges like leakages, inefficiencies in the collection system and governance gaps.
Earlier, in her welcome address, the director of internal audit at the Federal Ministry of Marine and Blue Economy, Jumbo Renner stressed the importance of adopting innovative strategies, robust practices and forward-thinking approaches to harness the sector’s immense potential as a driver of economic growth and sustainability.
She noted that the workshop was designed to equip auditors with the knowledge, skills, and practical frameworks necessary to rethink traditional approaches, challenge conventional methods and embrace advanced techniques that align with global best practices.
