The federal government has inaugurated technical working groups for the development of governance code for the Nigerian public sector and not-for-profit organizations which will guide their conduct going forward.
Adeniyi Adebayo, Minister for Industry Trade and investment who inaugurated both groups in Abuja on Thursday expressed optimism about the success of the governance code implementation.
“This Code has been long awaited and it is my hope that it will play a unique role in enthroning higher standards of good governance and ethical practices in the Public Sector thus helping to rebuild public trust and investor confidence in the Nigerian economy,” he said.
He also commended the Financial Reporting Council of Nigeria for ensuring that good governance practices are adopted in both the public service and not-for-profit organisations, noting that this will further engender public accountability of government resources and ensure the sustainability of government-owned entities.
The TWGs consist of people from the private sector, public sector, professional bodies, regulatory agencies, and civil societies.
The TWG for the development of the public sector governance code is chaired by former Head of Civil Service of the Federation, Danladi Kifasi, while former Director General, Bureau of Public Service Reforms (BPSR), Joe Abah heads the TWG on the drafting of the code for not-for-profit.
“I would like to encourage the members of the TWG being inaugurated today, to employ their wealth of knowledge, expertise, experience, professionalism and time in developing an acceptable Code that will rebuild and re-shapen perspectives about the Public Sector and in the short, medium and long term, lead to national growth and development,” he said.
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In his address, Shuaibu Ahmed, executive Secretary, Financial Reporting Council of Nigeria said the purpose of the code is to promote Transparency, Accountability, and Responsible Decision-Making which will help build a more open and democratic society.
“it will also help to ensure that non-profit organizations are well-positioned to respond to changing conditions and emerging issues, this is important in today’s rapidly evolving social and economic landscape, where nonprofit organizations must be adaptable and responsive in order to meet the evolving needs of their stakeholders and the public,” he said.
Speaking to members of the committee, he said the FRC expects that the code when developed will be accompanied by a guidance note, which provides guidance on how departments and agencies may practically implement the requirements laid out in the code.
In his remarks, Joe Abah, chairman, of TWG, not-for-profit organisation expressed optimism about the viability and efficiency of the newly inaugurated TWGs due to the adequate consultation with key stakeholders across the board.
