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

The Office of the Accountant General of the Federation (OAGF) is 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.

Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein disclosed this at the 2023 Federation Account Allocation Committee (FAAC) Retreat in Asaba, Delta State.

Bawa Mokwa, Director Press OAGF in a statement disclosed that Dr. 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 (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 legal framework for the operations of the Treasury, institutionalize the Public Finance management (PFM) Reforms and regulate the management of public funds.

The AGF in a paper presentation 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 adequate checks and balances have been put in place to ensure accountability and transparency in the administration and disbursement of the Federation Account.

She pointed out that 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 and advised Revenue Agencies to devise efficient collection strategies to forestall leakages.