Oyetola seeks modern audits to boost marine revenue
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has underscored the importance of adopting modern audit practices to optimise revenue generation, reduce inefficiencies, and address governance gaps within the Marine and Blue Economy sector.
Represented by the Permanent Secretary of the Ministry, Olorutola Olufemi, spoke during the opening of a two-day workshop titled “Modern Audit Techniques as a Panacea to Improve Internally Generated Revenue” in Abuja.
The minister emphasised that the workshop marks a critical step toward achieving greater transparency, accountability, and efficiency in the sector’s operations.
“Challenges such as revenue leakages, inefficiency, and governance gaps have continued to limit our ability to fully optimise internally generated revenue. This workshop provides a valuable opportunity for learning and improvement.
“As auditors, your role extends beyond reviewing accounts; you are essentially to help organisations enhance their objectives by identifying areas for improvement and ensuring accountability,” Oyetola noted, emphasising the critical role auditors play in accomplishing these goals.
The minister urged participants to actively engage with experts and case studies during the workshop while emphasising the Marine and Blue Economy sector offers untapped opportunities for revenue diversification at a time when Nigeria is looking beyond oil to strengthen its economy.
“From fisheries and shipping to marine tourism, the sector holds immense potential for growth,” he added.
In his remarks, Director in the Audit Department of the Office of the Auditor General of the Federation (OAuGF), Uchechukwu Nwaede Ogwe, who represented the Auditor General, applauded the initiative. He described the workshop as a platform for stakeholders to collaborate, exchange ideas, and formulate actionable strategies.
Ogwe emphasised the need for accountability and reform within the sector, stating, “The Marine and Blue Economy presents significant revenue opportunities through fishing licenses, oil and gas royalties, customs duties, and marine tourism. However, inefficiencies in collection systems and governance gaps remain key challenges that require urgent attention.”
He assured the ministry of the continued support of the Office of the Auditor General of the Federation in driving reforms and strengthening internal audit mechanisms to ensure efficient revenue collection.
Earlier in her welcome address, Director of Internal Audit at the Ministry of Marine and Blue Economy, Jumbo Obenachi Renner, underlined the need for innovative and globally aligned audit strategies to unlock the sector’s potential.
“To harness the immense opportunities within the Marine and Blue Economy sector, it is imperative to adopt innovative strategies, robust practices, and forward-thinking approaches that align with global best practices,” Renner said.
She explained that the workshop was designed to equip auditors with the tools and knowledge required to rethink conventional methods and embrace advanced techniques that foster transparency and accountability.
