OAGF Working on Draft Bill for Legal Backing on Treasury Reform
The Office of the Accountant-General of the Federation (OAGF), has begun the drafting of a Bill to give legal backing to Public Finance Management (PFM) Reform initiatives.
The OAGF said that the bill would also give backing to the operations of the treasury.
According to a statement issued by Bawa Mokwa, Director (Press) of the OAGF, the (AGF), Dr Oluwatoyin Madein, said this at the 2023 Federation Account Allocation Committee (FAAC) retreat in Asaba.
Madein said that the Finance Control and Management Act of 1958, which was currently the principal legislation in operation, had become obsolete and inadequate to support the PFM reforms.
She said the bill, when passed into law, would repeal the Finance Control and Management Act 1958 and enact the Public Finance Management Act.
Madein said that the new law would provide a legal framework for the operations of the treasury, institutionalize the PFM reforms and regulate the management of public funds.
She said that the FAAC was the highest decision-making body in terms of revenue sharing.
According to her, adequate checks and balances have been put in place to ensure accountability and transparency in the administration and disbursement of the federation account.
“The federation account is maintained and operated by the OAGF.
“But 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,’ she said.
On revenue collection, the AGF decried revenue collection in cash by some agencies.
She said that the practice promoted leakages in revenue collection and advised revenue agencies to devise efficient revenue collection strategies to forestall leakages.
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