Connect with us

Business

AGF commits to fiscal transparency in government finance

Published

on

Oluwatoyin Maiden

Dr. Oluwatoyin Maiden, the Accountant General of the Federation, has reiterated her dedication to upholding and advocating for the principles of fiscal prudence, transparency, and accountability in government financial operations, particularly concerning FAAC allocation distribution.

This information was contained in a statement released by Mr Bawa Mokwa, the Director of Press, Office of the AGF, on Thursday.

According to the statement, Dr. Maiden declared her intention to take necessary actions to permanently address identified and potential challenges to the efficient and uninterrupted implementation of all the financial management reform initiatives established by the Federal Government.

She clarified that since assuming office, she has conducted a comprehensive review of the financial reforms and intends to utilize the insights from this review to introduce fresh concepts and tactics into the projects to sustain their benefits.

  • In her words, “Recently, the OAGF had meticulous engagements with IPPIS Service providers.  I can assure you that there has been great improvement in the operations of the payment platform. 
  • “The review of other financial management policies is underway. The objective is to give the necessary revitalization to these policies to make them function optimally.”

AGF’s commitment to transparent FAAC revenue disclosure

The AGF also affirmed that the Office of the Accountant General of the Federation (OAGF) would continue the practice of making public the specifics of FAAC (Federal Accountants Allocation Committee) revenue allocation to the various tiers of government.

Dr. Madein emphasized that disclosing the revenue distribution would keep the Nigerian populace informed about the government’s revenue generation and allocation efforts, allowing them to evaluate government performance in relation to revenue inflows at all levels.

  • “A government can only thrive if the citizens are carried along in the management of public funds. Nigerians need to be aware of the inflows and expenditures.
  • “With this, they can compare revenue collected with the developments on grounds to ascertain whether the government is performing or not”, she said.

The AGF disclosed that the figures for the 2022 revenue distribution are ready for release and will be followed by the publication of revenue distribution details for 2023. She explained that the delay in publishing the 2022 figure was due to various factors, including the determination to establish a robust and permanent mechanism for consistently disclosing revenue distribution.

Dr. Madein, acknowledging and appreciating the significant interest shown by Nigerians in government revenue generation and distribution, assured the public that efforts are underway to publish revenue distribution figures on a monthly basis.

Regarding revenue generation, she noted a notable increase in government revenue recently and expressed confidence that this positive trend would be sustained.

The AGF further pledged to ensure the timely and continuous disbursement of funds to Ministries, Departments, and Agencies (MDAs) and three tiers of government to prevent any hindrance to development initiatives.


Download Nairametrics App for breaking news and market intelligence.
    app store banner

Trending