The Office of the Accountant General of the Federation (OAGF) has hinted of its current efforts on the drafting of a Bill that will give legal backing to the Public Finance Management (PFM) Reform initiatives and the operations of the Treasury of the Federation.
The Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, who made this disclosure at the 2023 Federation Account Allocation Committee (FAAC) Retreat in Asaba, Delta State, explained that the Finance Control and Management Act of 1958, which is currently the principal legislation in operation, had become obsolete and inadequate to support the Public Finance Management (PFM) reforms.
She said the Bill, when enacted, would 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.
Madein, who presented a paper on the Operations of the Federation Account, said the Federation Accounts Allocation Committee (FAAC) represented the highest decision-making body in terms of revenue sharing and that adequate checks and balances had been put in place to ensure accountability and transparency in the administration and disbursement of the Federation Account.
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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, the AGF decried revenue collection in cash by revenue agencies, stressing that the practice is promoting leakages in revenue collection.
Madein advised the federal revenue agencies to develop efficient revenue collection strategies to plug all sources of leakages in the processed.
