The federal government has decided to review financial management policies such as the Integrated Payroll and Personnel Information System (IPPIS) and Government Integrated Financial Management System (GIFMIS) among others.
It has also resolved to provide a timely and consistent flow of funds to ministries departments and agencies (MDAs) as well as the three levels of government (federal, state, and local) in order to prevent any hindrance to development efforts.
This was made known by the Accountant-General of the Federation (AGF), Oluwatoyin Madein in a statement issued in Abuja on Friday, September 15, and signed by Bawa Mokwa, Director of Press in the OAGF.
Speaking of the planned financial management reforms, the AGF said: “will take necessary steps to permanently resolve observed and potential threats to the efficient and continuous implementation of all the financial management reforms initiative of the federal government.”
Madein said that since she assumed office as AGF, she “has undertaken an in-depth review of the financial reforms and will leverage on the outcome of the review to inject new ideas and strategies into the projects, so that the gains so far recorded will be sustained.
“Recently, the OAGF had meticulous engagements with IPPIS Service providers, I can assure you that there has been great improvement in the operations of the payment platform. The review of other financial management policies is underway.
“The objective is to give the necessary revitalization to these policies to make them function optimally”, she explained.
Recall that regarding the release of funds to MDAs and other tiers of government, previous administrations were known for denying MDAs funds, claiming that there were no sufficient funds available.
The current administration under Bola Ahmed Tinubu aims to rectify this situation by ensuring that funds are released promptly and continuously, thereby preventing any delays or obstacles in the development projects and initiatives of the MDAs and government entities.
According to Madein, “the federal government has said it will ensure prompt and continuous release of funds to the Ministries Departments and Agencies (MDAs) and the three tiers of government so that development effort will not be hampered.”
To show good faith on the part of the federal government, the AGF disclosed that the Office of the Accountant-General of the Federation (OAGF) “will sustain the practice of publishing the details of the Federation Account Allocation Committee (FAAC) revenue distribution to the three tiers of government”.
She noted that publication of the revenue distribution would keep Nigerians abreast with the revenue generation and distribution effort of the Federal Government and also help them balance government performance with revenue inflows at all levels.
According to her, a government could only thrive if the citizens were carried along in the management of public funds, adding that Nigerians needed to be aware of the inflows and expenditures.
“With this, they can compare revenue collected with the developments on grounds to ascertain whether the government is performing or not”, Madein said.
She revealed that the 2022 revenue distribution figures were ready for publication, adding that this would be followed by the publication of the details of the revenue distribution so far made in 2023.
Madein explained that the seeming delay in publishing the 2022 figures was due to a number of factors, including the overriding determination to institute appropriate and permanent mechanisms that would guarantee continuous publication of the revenue distribution.
The AGF equally acknowledged and appreciated the high level of interest shown by Nigerians in the revenue generation and distribution effort of the government, and assured that effort was in top gear to ensure that the revenue distribution figures were published monthly.
On revenue generation, the AGF was happy that there had been a remarkable increase in government revenue and expressed optimism that the trend would be sustained.