In its commitment to strengthening transparency and accountability in the public sector, the Financial Reporting Council of Nigeria has initiated the Nigerian Public Sector Governance Code with a view to tackling corruption in the administration of public funds.
Executive Secretary of FRC, Dr. Rabiu Olowo, said the code would promote good governance and address misuse of funds by government officials.
He said the draft had been issued for stakeholders’ input.
Speaking at a stakeholder engagement and consultation forum held on Tuesday in Abuja, Olowo said the code would ease collaboration between government agencies, private sector and development partners on the execution of large-scale projects.
He added that the code would strengthen individual organisations and contribute to the overall stability and sustainability of the nation’s public sector.
According to him, the code would address the country’s low ranking in the Transparency International Index on corruption, which put Nigeria 154th out of 180 countries with a score of 24/100 based on the 2021 Corruption Perception Index (CPI).
Citing the Transparency International Index, the ES said corruption remained the abuse of entrusted power and privileges for private gain.
He noted that this has proven to be pervasive and prevalent in Nigeria’s public sector.
His words, “In a country where the public sector plays a vital role in providing social services, advocacy, and development initiatives, the draft code will and shall help ensure that government organisations operate with integrity and in line with best practices.
“This code establishes guidelines for board composition, financial management, sustainability practices, stakeholder engagement, diversity, equality and non-discrimination, among other key issues, which are essential for building trust with the public at large who rely on their services.
“This trust is particularly important in Nigeria, where corruption and mismanagement have historically undermined confidence in public institutions.
“It is hoped that the code, when implemented as expected, will enhance public trust and attract more local and international funding, driving sustainable growth and development across various other sectors.
“Ultimately, a stronger, more credible public sector will evolve and contribute to a more resilient and inclusive economy, where the benefits of development stretch to all corners of the society.”
In his remarks, Chairman of the Technical Working Group (TWG) on the Nigeria Public Sector Governance Code, Danladi Kifasi, said the draft regulation was part of Tinubu’s Renewed Hope agenda on good governance and anti-corruption.
The objective, he said, was to enhance accountability, transparency, integrity and prevent conflict of interest and corruption among public sector officers.
According to him, “The code serves as a guiding framework, outlining principles and best practices for the governance of public sector organisations and public servants, as well as, ensuring that the entities and their staff operate in the public interest with integrity and efficiency.
“We are looking for good conduct, good character of institutions and organisations that will improve service delivery in the public service.
“So, the code is not an instructional book. It’s a guide that you will have to practice. Professional bodies have code of ethics, isn’t it? The public service should have a code of ethics.
“It’s only adding value to it. And if all of us imbibe it, we may not need policemen, we may not need EFCC or ICPC to continue to police our public service institutions.”
Deputy Chairman of TWG on the Nigeria Public Sector Governance Code, Muhammed Ahmad, explained that the philosophy of the code was founded on inclusiveness, sustainable development, integrated approach and a belief in the public sector as an integral part of the society.
According to him, the code would ensure that Public Sector Entities (PSEs) fulfil their overall mandate, achieve intended outcomes for citizens and service users and operate in an effective, efficient, transparent and ethical manner.
He said, “The code has been developed and is to be implemented in Nigeria, and will be applicable to all ministries, departments and agencies of government, all state-owned entities and all parastatals.”
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