The federal government through the Office of the Accountant General of the Federation says it 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.
Oluwatoyin Madein, the Accountant General of the Federation (AGF), disclosed this at the 2023 Federation Account Allocation Committee (FAAC) Retreat in Asaba, Delta State, according to a statement by Bawa Mokwa, spokesperson of the Office.
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 a legal framework for the operations of the Treasury, institutionalize the Public Finance Management (PFM) Reforms and regulate the management of public funds.
The AGF who presented a paper 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 that adequate checks and balances have been put in place to ensure accountability and transparency in the administration and disbursement of the Federation Account.
According to her, 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, Madein decried revenue collection in cash by Revenue Agencies, stating that this practice promotes leakages in revenue collection. She advised Revenue Agencies to devise efficient revenue collection strategies to forestall leakages.
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