February 10, (THEWILL) – The Federal Government has inaugurated a Technical Working Group (TWG) for the development of the Nigerian Public Sector Governance Code.
Inaugurating the TWG at the Ministry’s Headquarters on Thursday, in Abuja, Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, commended the Financial Reporting Council of Nigeria (FRC) for the bold step taken to ensure that corporate/good governance practices are enshrined in the public sector space.
He said the latest effort was coming after the Council issued the private sector code called the Nigerian Code of Corporate Governance (NCCG) 2018.
According to the Minister, the purpose of the public sector governance code is to “ensure that the public sector fulfils its overall mandate, achieves its intended outcomes for citizens and service users, and operates in a very effective, efficient, transparent and ethical manner, engender public accountability of government resources; ensure sustainability of government-owned entities, amongst others.
“Many of you are well familiar with the earlier journey of developing Codes of Corporate Governance for the Private Sector, the Public Sector and Not-For-Profit-Organisations in Nigeria.
“The journey has been very challenging and contentious but we are today, proud that the Nigerian Code of Corporate Governance (NCCG) 2018, has been successfully implemented since its issuance on January 15, 2019. Looking at the composition of the technical working group being inaugurated today, I am optimistic about the success of the Public Sector Governance Code.”
The Code, when developed, shall be applicable to all ministries, departments and agencies of government, all state-owned entities and all parastatals.
Adebayo charged members of the Technical Working Group to deploy their wealth of experience in developing a very robust Code that would 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.
Members of the group, headed by a former Head of Civil Service of the Federation, Barrister Danladi Kifasi, are drawn from the public/civil service, relevant professional bodies & associations, regulatory agencies on ethical conduct/practice, and civil/advocacy organisations.
