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 Shamsuna Ahmed was meant to bring the Financial Regulations up to tune with current realities and best practices.
TheFact Nigeria reports that Financial Regulations are legal instruments that empower and guide public officers in carrying out government financial transactions.
The Director Information, Press and Public Relations, OAGF, Henshaw Ogubike in a statement said, sequel to the Minister’s approval, the Accountant General of the Federation, Ahmed Idris, inaugurated an Interministerial Committee to review the Financial Regulations.
Statement quoted, the Accountant General of the Federation as saying during the inauguration that, it has become imperative to carry out the review as the current Financial Regulations, which came into effect in 2009, was no longer relevant and useful in driving the public financial management reforms of the government.
Idris, while reaffirming that the review underscored government’s effort at entrenching probity, accountability and transparency in the management of public financial resources; urged the Committee to consult widely and come up with Financial Regulations that will stand the test of time.
He advised the Committe to ensure that 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 threshold in respect of loss of cash and stores, in line with present realities.
The Accountant General of the Federation further charged the Committe to, “consider, review and recommend appropriate duty tour allowance, 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”.
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.