Business & Economy - News - Politics & Policy - September 15, 2021

Why Nigerian govt is reviewing public financial regulations, says Accountant General

MEDIATRACNET

The decision by the Federal Government to carry out a comprehensive review of the Financial Regulations operational in the public service was informed by the need to entrench probity, accountability and transparency in the management of public financial resources.

The Accountant General of the Federation, Ahmed Idris, gave the clarification on Wednesday in Abuja at the inauguration of an Interministerial Committee to  carry out the review exercise.

At the ceremony, Idris said the review has already been approved by the Minister of Finance, Budget and National Planning, Zainab Ahmed, to update and bring the existing regulations to align with current realities and best practices.

Financial Regulations are legal instruments that empower and guide public officers in carrying out their duties and responsibilities concerning government financial transactions.

The Accountant General of the Federation said it became imperative to carry out the review considering that the current Financial Regulations has become outdated, having been in existence since 2009.

He said some of the provisions of the regulation were no longer relevant and useful in driving the public financial management reforms of the government.

“The review underscores government’s  effort at entrenching probity, accountability and transparency in the management of public financial resources. I urge you to consult widely with the relevant authorities and come up with Financial Regulations that will stand the test of time,” Idris told members of the review Committee.

He advised them to ensure the review captured the public finance managememt reforms of the Federal Government,  taking into consideration the various extant circulars.

The Committee, he said,  should as well consider,  review and recommend appropriate thresholds in respect of loss of cash and stores, in line with present economic and financial realities.

The Accountant General of the Federation further charged the Committe to, “consider, review and recommend appropriate duty tour allowances, estacode alowance, repatriation allowance and overtime allownace; consider, review and recommend appropriate imprest amount for relevant public servant and political office holders; consider, review and recommend additional sanctions against infractions of the Financial Regulations and other extant rules”.

Members of the Committee, he said, were carefully selected based on their experiences and competences, adding that he was optimistic they would add value to the review process.

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