FG to grant legal backing for public finance management

FG to grant legal backing for public finance management

The Nigerian government is planning to improve the country's financial management system.

The Office of the Accountant General of the Federation (OAGF) is working on a bill.

The bill will give legal support to the Public Finance Management (PFM) Reform initiatives.

It will also make the operations of the Treasury of the Federation more efficient.

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Dr. Oluwatoyin Madein shared important information at the 2023 FAAC Retreat in Asaba, Delta State.

The Accountant General of the Federation talked about the steps that are making a big difference.

According to Dr. Madein, the existing Finance Control and Management Act of 1958,

Serving as the primary legislation, has become outdated and insufficient to sustain the evolving PFM Reforms.

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The proposed bill, once approved, will replace the obsolete 1958 Act and introduce the Public Finance Management Bill.

The new law will create rules for how the Treasury works, make PFM Reforms official, and control public funds.

Dr. Madein stressed the importance of the Federation Accounts Allocation Committee (FAAC) in revenue sharing.

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She assured stakeholders that robust checks and balances are in place to guarantee accountability and transparency in the administration and disbursement of the Federation Account.

This ambitious legislative move signifies the government's commitment to modernizing financial management practices and adapting to contemporary needs.

As the nation progresses towards a more transparent and efficient fiscal system, the proposed bill marks a pivotal moment in shaping Nigeria's financial landscape.

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The proposed bill is a testament to the government's dedication to fostering accountability, transparency, and responsible financial governance.

Exciting times lie ahead as Nigeria takes a bold step towards a more robust and adaptive financial future.

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