The Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, has said the office is drafting a bill to give legal backing to the Public Finance Management (PFM) reform initiatives and the operations of the federation treasury.
Speaking at the 2023 Federation Account Allocation Committee (FAAC) Retreat in Asaba, Delta State, the AGF noted that the Finance Control and Management Act of 1958 which is currently the principal legislation in operation, had become obsolete and inadequate to support (PFM) reforms.
She said when passed into law, the bill will repeal the Finance Control and Management Act 1958 and enact the Public Finance Management Bill which will provide a legal framework for the operations of the treasury, institutionalise the public finance reforms, and regulate the management of public funds.
Madein, who presented a paper on the Operations of the Federation Account, said the Federation Accounts Allocation Committee (FAAC) remained the highest decision-making body in terms of revenue sharing and that adequate checks and balances have been put in place to ensure accountability and transparency in the administration and disbursement of the federation account.
