The federal government, through the Office of the Accountant General of the Federation (OAGF), is in the process of formulating a Bill that will provide legal support for the Public Finance Management (PFM) Reform initiatives and the functioning of the Treasury of the Federation.
Oluwatoyin Madein, the Accountant General of the Federation (AGF), revealed this during the 2023 Federation Account Allocation Committee (FAAC) Retreat in Asaba, Delta State.
She emphasized that the current Finance Control and Management Act of 1958 has become outdated and insufficient to accommodate the Public Finance Management (PFM) Reforms.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 a legal framework for the operations of the Treasury, institutionalize the Public Finance Management (PFM) Reforms and regulate the management of public funds.
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 a legal framework for the operations of the Treasury, institutionalize the Public Finance Management (PFM) Reforms and regulate the management of public funds.
While the Office of the Accountant-General of the Federation oversees the Federation Account, Madein emphasized that all states and relevant federal agencies are adequately represented in the institutions responsible for administering and disbursing funds from the Federation Account.
Discussing revenue collection, Madein expressed concerns about cash-based revenue collection by Revenue Agencies, noting that this practice contributes to revenue leakages.
She urged Revenue Agencies to adopt more efficient revenue collection strategies to prevent such leakages.
