Wednesday, February 21, 2024
Home Business OAGF WORKING ON A DRAFT BILL TO GIVE LEGAL BACKING TO PFM...

OAGF WORKING ON A DRAFT BILL TO GIVE LEGAL BACKING TO PFM REFORMS AND OPERATIONS OF THE TREASURY

OAGF WORKING ON A DRAFT BILL TO GIVE LEGAL BACKING TO PFM REFORMS AND OPERATIONS OF THE TREASUR
The Office of the Accountant General of the Federation says it’s  drafting a Bill that will give legal backing to the Public Finance Management (PFM)  Reform initiatives and the operations of the Treasury of the Federation.
The Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein disclosed this at the 2023 Federation Account Allocation Committee (FAAC) Retreat in Asaba, Delta State.
 Madein stated that the Finance Control and Management Act of 1958 which is currently the principal legislation in operation, has become obsolete and inadequate to support the Public Finance Management Reforms.
She said the Bill, when passed into law, will repeal the Finance Control and Management Act 1958 and enact the Public Finance Management Bill which will provide legal framework for the operations of the Treasury, institutionalize the Public Finance management (PFM) Reforms and regulate the management of public funds.
The AGF who presented a paper on the Operations of the Federation Account, said the Federation Accounts Allocation Committee (FAAC) is the highest decision-making body in terms of revenue sharing and that adequate checks and balances have been put in place to ensure accountability and transparency in the administration and disbursement of the Federation Account.
According to her, although the Federation Account is maintained and operated by the Office of the Accountant-General of the Federation, all the States and relevant Federal Agencies are duly represented in all the Institutions that are responsible for the administration and disbursement of the Federation Account.
On revenue collection, Dr. Madein decried revenue collection in cash by Revenue Agencies, stating that this practice promotes leakages in revenue collection. She advised Revenue Agencies to devise efficient revenue collection strategies to forestall leakages.
RELATED ARTICLES

NAICOM, MINISTRY OF YOUTH COLLABORATE TO ADVANCE YOUTH DEVELOPMENT.

  The Federal Ministry of Youth Development has solicited the collaboration of  National Insurance Commission NAICOM, in advancing youth development initiatives, especially in the areas...

FCCPC URGES STRICTS PENALTIES FOR DISCO  NON COMPLIANCE 

The Federal Competition and Consumer Protection Commission (FCCPC) commends the Nigerian Electricity Regulatory Commission (NERC) for its recent action against eleven (11) Electricity Distribution...

NIGERIA CUSTOMS SERVICE RESTATES COMMITMENT TO IMPROVE ITS OPERATIONS BASE ON SCIENTIFIC STUDIES 

The Nigeria Customs Service has restated its commitment to improve Customs Operations based on the outcomes of the World Customs Organisation (WCO)  assisted Time...

Most Popular

NAICOM, MINISTRY OF YOUTH COLLABORATE TO ADVANCE YOUTH DEVELOPMENT.

  The Federal Ministry of Youth Development has solicited the collaboration of  National Insurance Commission NAICOM, in advancing youth development initiatives, especially in the areas...

CLIMATE CHANGE:  NNPC LTD/TOTAL ENERGIES JV ACHIEVES ZERO GAS FLARE

In pursuit of meeting the targets of 20% (unconditional) and 47% (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under...

BURDEN ALLEVIATION: LOCAL MANUFACTURING OF ASSISTIVE DEVICES TO ALLEVIATE BURDENS FOR PLWDs

  Despite the rising inflation and economic downturn prevalent in Nigeria, the Executive Secretary, National Commission for Persons with Disabilities, Dr. James David Lalu has...

FCCPC URGES STRICTS PENALTIES FOR DISCO  NON COMPLIANCE 

The Federal Competition and Consumer Protection Commission (FCCPC) commends the Nigerian Electricity Regulatory Commission (NERC) for its recent action against eleven (11) Electricity Distribution...

Recent Comments