The Office of the Accountant General of the Federation (OAGF) is spearheading legislative reforms to fortify the Public Finance Management (PFM) initiatives and the functions of the Federation’s Treasury.
Dr. Oluwatoyin Madein, the Accountant General of the Federation, unveiled this strategic plan during the 2023 Federation Account Allocation Committee (FAAC) Retreat in Asaba, Delta State.
Dr. Madein highlighted the imperative need for a legal foundation to support the evolving landscape of Public Finance Management.
The existing Finance Control and Management Act of 1958, deemed obsolete, is set to be replaced by the innovative Public Finance Management Bill.
This bill will not only repeal the outdated legislation but also establish a robust legal framework, institutionalizing PFM reforms and governing the meticulous management of public funds.
During her presentation on the Operations of the Federation Account, Dr. Madein emphasized the pivotal role of the Federation Accounts Allocation Committee (FAAC).
As the highest decision-making body for revenue distribution, FAAC ensures rigorous checks and balances, guaranteeing accountability and transparency in the administration and disbursement of the Federation Account.
Dr. Madein, in a statement conveyed by Mr. Bawa Mokwa, the Director of Press OAGF, underscored the collaborative nature of managing the Federation Account.
Despite being maintained and operated by the Office of the Accountant-General of the Federation, all states and relevant federal agencies are actively represented in the institutions responsible for administering and disbursing the Federation Account.
Expressing concerns over cash-based revenue collection, Dr. Madein advocated for more efficient strategies to prevent revenue leakages.
The emphasis lies in urging Revenue Agencies to devise advanced and effective revenue collection methods, thus fortifying the financial integrity of the Federation.
