The Federal Government is set to conduct a comprehensive review of obsolete financial regulations that are operational in the country’s public service.
According to a statement from the Office of the Accountant General of the Federation, the review, which has been approved by the Minister of Finance, Budget and National Planning, Zainab Ahmed, will bring the financial regulations up to date with current realities and best practices.
Financial regulations are legal instruments that empower and guide public officers in carrying out government financial transactions.
The statement issued on Wednesday by the Director, Information, Press and Public Relations, OAGF, Henshaw Ogubike, was titled ‘FG to review public financial regulations’.
Ogubike said, “The Federal Government is set to carry out a comprehensive review of the financial regulations that are operational in the country’s public service.
“The review, which has been approved by the Minister of Finance, Budget and National Planning, Zainab Ahmed, is meant to bring the financial regulations up to tune with current realities and best practices.”
Speaking at the inauguration, Idris said it became imperative to carry out the review as the current financial regulations, which came into effect in 2009, were no longer relevant and useful in driving the public financial management reforms of the government.
Idris reaffirmed that the review underscored government’s effort at entrenching probity, accountability and transparency in the management of public financial resources.
He also urged the committee to consult widely and come up with financial regulations that would stand the test of time.
He advised the committee 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.
He said members of the committee were carefully selected based on their experience and competence and expressed optimism that they would add value to the review process.
Sequel to the minister’s approval, the AGF, Ahmed Idris, inaugurated an inter-ministerial committee to review the financial regulations.