FG to draft legal backing bill for financial reform | Guardian Nigeria News

The Accountant General of the Federation (OAGF) has begun drafting a bill to provide legal backing to the Public Finance Management (PFM) reform initiative.

OAGF said the bill would also provide support to the operations of the Treasury Department.

According to a statement issued by the Director-General (Press Affairs) of the OAGF, Mr. Bawa Mokwa, the Director General (AGF), Dr. Oluwatoyin Madein, said this at the 2023 Federal Accounts Allocation Committee (FAAC) retreat held in Asaba. .

Mr. Madein said the main law currently in force, the Financial Management and Control Act of 1958, is outdated and insufficient to support PFM reform.

He said that if passed into law, the Bill would repeal the Financial Management and Control Act 1958 and replace it with the Financial Management Act.

Madein said the new law will provide a legal framework for the Treasury’s operations, institutionalize PFM reform and regulate the management of public funds.

He said FAAC is the highest decision-making body in terms of revenue sharing.

She said appropriate checks and balances have been put in place to ensure accountability and transparency in the management and expenditure of federation accounts.

“The Federation Account is maintained and operated by OAGF.

“However, all states and associated federal agencies are formally represented in all agencies responsible for managing and disbursing federal accounts,” she said.

Regarding revenue collection, the AGF condemned the collection of revenue in cash by some agencies.

He said this practice was contributing to leakage in revenue collection and advised revenue authorities to devise efficient revenue collection strategies to prevent leakage.

Source: guardian.ng

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