Oyetola advocates for updated audit practices to increase revenue in the marine sector
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has stressed the importance of using modern audit techniques to improve revenue generation, reduce inefficiencies, and close gaps in governance within the Marine and Blue Economy sector.
Represented by the Ministry’s Permanent Secretary, Olorutola Olufemi, Oyetola made this statement during the opening of a two-day workshop in Abuja called “Modern Audit Techniques as a Solution to Improve Internally Generated Revenue.”
Oyetola emphasized that the workshop is a crucial step toward increasing transparency, accountability, and efficiency in the sector. He pointed out that issues like revenue leakage, inefficiency, and governance gaps have been limiting the potential to maximize internally generated revenue. He encouraged the participants to use this workshop as an opportunity to learn and improve.
He also reminded auditors that their role goes beyond just checking accounts—they are responsible for helping organizations meet their goals by identifying areas for improvement and ensuring accountability.
The Permanent Secretary also urged participants to engage with experts and case studies during the workshop. He noted that the Marine and Blue Economy sector holds great potential for diversifying revenue, especially as Nigeria seeks to reduce its dependence on oil. He highlighted opportunities in areas like fisheries, shipping, and marine tourism.
Uchechukwu Nwaede Ogwe, the Director from the Office of the Auditor General of the Federation (OAuGF), who represented the Auditor General, praised the workshop. He described it as an important platform for stakeholders to collaborate, share ideas, and develop actionable strategies. He also emphasized the need for greater accountability and reform in the sector. Ogwe pointed out that while the Marine and Blue Economy offers significant revenue opportunities through fishing licenses, oil and gas royalties, customs duties, and marine tourism, challenges like inefficiencies in collection systems and governance gaps still need attention.
He assured the ministry of the Office of the Auditor General’s continued support in driving reforms and improving audit processes to ensure efficient revenue collection.
In her welcoming speech, Jumbo Obenachi Renner, the Director of Internal Audit at the Ministry of Marine and Blue Economy, highlighted the importance of adopting innovative audit strategies aligned with global best practices. She explained that the workshop aims to equip auditors with the knowledge and tools to move beyond traditional methods and embrace new techniques that promote transparency and accountability.
