Minister advocates modern maritime audit

The Minister of Marine and Blue Economy, Adegboyega Oyetola, says the implementation of modern audit practices is key to limiting wastage in the maritime sector, adding that it will help in maximising revenue collection.

Oyetola made this observation in Abuja during a 2-day workshop on ‘Modern audit techniques as a panacea to improve internally generated revenue.

He asserted that the programme will herald a new phase of efficiency and improved audit performance in the ministry.

Represented by the Permanent Secretary of the Ministry, Olorutola Olufemi, Oyetola said that challenges such as revenue leakages, inefficiency, “and the governance gap have continued to limit the ability to fully optimise internally generated revenue in the maritime sector.”

He noted that the workshop provides a valuable opportunity for learning and improvement.

He charged auditors to extend their roles beyond reviewing accounts, stressing that auditors are essential in helping organisations enhance their objectives.

Oyetola encouraged participants to actively engage experts on the strategies that will be discussed at the workshop towards implementing it in everyday office situations.

According to him, the workshop is coming at a crucial time for the nation, “considering that in the effort to diversify revenue sources beyond oil, the marine and blue economy sector offer numerous opportunities for growth, including fisheries and shipping.”

Earlier, the representative of the Auditor-General of the Federation and the Director, in the Audit Department in the OAuGF, Uchechukwu Ogwe, said that the workshop provides an excellent platform for stakeholders to engage, exchange ideas, and develop actionable strategies to address the challenges.

Ogwe pledged to support and collaboration with the Ministry of Marine and Blue Economy in driving reforms and promoting accountability across the sector.

He noted that the ministry holds tremendous opportunities through various revenue streams, including fishing licenses, oil and gas royalties, customs duties, and marine tourism.

Ogwe added that those streams are often constrained by challenges, such as leakages, inefficiencies in the collection system, and governance gaps.

In his welcome address, the Director of Internal Audit, Federal Ministry of Marine and Blue Economy, Jumbo Renner, stated that to harness the immense potential of the sector as a pivotal driver of economic growth and sustainability, it is imperative to adopt innovative strategies, robust practices, and forward-thinking approaches.

Renner noted that the workshop was designed to equip auditors with the knowledge, skills, and practical framework to rethink approaches, challenge conventional methods, and embrace advanced techniques that align with global best practices.