FG inaugurates committee to review financial regulations

2 months ago 31
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Accountant General of the Federation (AGF) Ahmed Idris has inaugurated a committee to review the current financial regulations of the Federal government.

This followed an approval to that effect by Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed.

It is meant to bring the financial regulations up to tune with current realities and best practices, according to a statement from the Office of AGF.

Financial regulations are legal instruments that empower and guide public officers in carrying out government financial transactions.

Speaking at the inauguration, Ahmed Idris said it became imperative to carry out the review as the current Financial Regulations, which came into effect in 2009, is no longer relevant and useful in driving the public financial management reforms of the government.

While reaffirming that the review underscored the government’s effort at entrenching probity, accountability and transparency in the management of public financial resources, Ahmed Idris urged the committee to consult widely and come up with regulations that will stand the test of time.

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

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

The AGF further charged the committee to “consider, review and recommend appropriate duty tour allowance, estacode allowance, repatriation allowance and overtime allowance; 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.”

He noted that members of the Committee were carefully selected based on their experience and competence and expressed optimism that they will add value to the review process.

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