In the face of the economic meltdown occasioned by the COVID-19 pandemic, Accountant General of the Federation, Ahmed Idris, has advocated efficient management of government funds.
Speaking in a keynote address at the 2021 retreat for members of the technical sub-committee on cash management, Ahmed noted there was increasing pressure on government funds.
The situation, he said according to a statement from the office, “makes it imperative for managers of government funds to evolve strategies and promote useful knowledge that will guarantee efficient cash management.”
The technical sub-committee on cash management, inaugurated in April 2016, is the professional arm of the Federal Cash Management Committee.
Among other functions, the technical sub-committee obtains stakeholders’ inputs, deliberates on them and makes proposals to the Federal Cash Management Committee for approval regarding the payment of personnel costs, pension/gratuities as well as statutory transfers.
Ahmed noted that the theme of the retreat, “Advancing the operational efficiency for effective liquidity and cash management in Nigeria: beyond rhetoric”, was a clear message for all entrusted with the management of government funds to be up and doing and go beyond rhetoric in cash management practice as “the traditional rule of the thumb and/or cash rationing approach cannot drive the nation’s economy.”
He stressed that “managing funds should not just be about expending the available funds; we must constantly keep ourselves abreast with strategies for knowing how to ensure inflows, when to expend and when not to and as well be able to forecast into the unforeseeable future, the cash needs of the government and possible challenges.”
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Idris, who was represented by the Director of Inspectorate Department in the Office of the Accountant General of the Federation, Anamekwe Chukwunyere, commended the initiative of the organisers and expressed optimism that the three-day retreat will discuss critical issues posing great challenges to public financial management practices and evolve feasible, sustainable solutions for them.
Earlier in his welcome remarks, Director of Fund, Office of the Accountant General of the Federation (OAGF), Sabo Mohammed, said the office of the Accountant General is positioned to drive the policy and have been able to deliver on their mandates, despite the COVID-19 pandemic.
The Sub-Committee also obtains stakeholders input, deliberate on them and make proposals for approval for the payment of personal costs.
It also deliberates on pension and gratuities as well as statutory transfer to the Federal Cash Management.
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Accountant general advocates efficient management of public funds
Accountant general advocates efficient management of public funds
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