The Office of the Accountant General of the Federation (OAGF) 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. Bawa Mokwa Director (Press) in OAGF said in a statement that Dr. Madein highlighted 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 legal framework for the operations of the Treasury, institutionalise the Public Finance management (PFM) Reforms and regulate the management of public funds. On revenue collection, Dr. 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.

Source: Nigerian Tribune November 22, 2023 04:40 UTC