Senate Demands Accountability, Prudence in Management of Public Funds
Senate Demands Accountability, Prudence in Management of Public Funds
The Nigerian Senate has reiterated the necessity for transparency, prudence, and professionalism in the management of public resources by government agencies.
This call for accountability was emphasized during a recent legislative engagement aimed at ensuring that public funds are utilized effectively for the benefit of the nation.
The Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Mukhail Adetokunbo, made these remarks on Friday.
The statement was delivered during an official oversight visit to the Owerri Zonal Office of the Nigeria Deposit Insurance Corporation (NDIC) in Imo State.
Representing the Chairman at the event, Senator Osita Izunaso (Imo West) explained that the primary purpose of the visit was to allow the committee to engage directly with the management and staff of the corporation.
This interaction served as a platform to review the agency’s ongoing activities and evaluate its current operational performance.
The oversight visit also allowed the legislative team to assess the various challenges facing the NDIC zonal office. By gaining first-hand insight into the working conditions of the staff, the committee aims to identify areas where legislative intervention may be required to improve service delivery and institutional efficiency.
Specific areas of interest highlighted by the committee included the agency’s funding, staffing levels, and infrastructure. Additionally, the senators looked into the level of inter-agency collaboration and the corporation’s overall compliance with existing laws and government policies regarding financial management.
During the session, Senator Izunaso reaffirmed the Senate’s readiness to assist the agency in overcoming its hurdles through legislative support. He noted that the Red Chamber is willing to provide necessary budgetary provisions and policy frameworks to ensure that the corporation fulfills its mandate to protect depositors.
Emphasizing the importance of fiscal responsibility, the Senator stated, “Let me assure you that the Senate remains committed to supporting the NDIC through appropriate legislation and budgetary provisions, where justified, to enable the Corporation discharge its responsibilities effectively. At the same time, we expect the highest standards of accountability, prudence, and professionalism in the use of public resources.”
