Nigerian Government Initiates Review of Financial Management Policies, Pledges Transparency

Dr. Oluwatoyin Madein, the Accountant General of the Federation, has announced a comprehensive review of the financial management policies in Nigeria. This commitment to review the country’s financial policies underscores the government’s dedication to enhancing prudence, transparency, and accountability in its financial transactions.

The statement was released by Bawa Mokwa, the Director of Press for the Office of the Accountant General of the Federation. Dr. Madein affirmed her unwavering commitment to maintaining and promoting fiscal responsibility in all government financial operations.

She further emphasized her determination to address any existing and potential challenges that could affect the efficient and consistent implementation of the Federal Government’s financial reform initiatives. Since assuming office, Dr. Madein has conducted a thorough examination of these financial reforms. She intends to leverage the insights gained from this review to introduce fresh ideas and strategies, ensuring that the progress achieved so far remains sustainable.

The statement also highlighted that the Accountant General had engaged in meticulous discussions with the IPPIS service providers, leading to significant improvements in the platform’s operations. Simultaneously, the review of other financial management policies is currently underway with the goal of revitalizing these policies for optimal functionality.

Dr. Madein committed to maintaining transparency by continuing to publish detailed information about the distribution of FAAC (Federation Account Allocation Committee) revenue to all three tiers of government. This transparency initiative aims to keep the Nigerian populace informed about government revenue generation and distribution efforts. It will enable citizens to assess government performance in relation to revenue inflows at various levels of governance.

The Accountant General also revealed that the revenue distribution figures for 2022 are ready for publication. Subsequently, details of revenue distribution for 2023 will be made available. Dr. Madein stressed the importance of ensuring that the public remains well-informed about the management of public funds.

Furthermore, her office is committed to the prompt and continuous release of funds to Ministries, Departments, and Agencies (MDAs), as well as the three tiers of government. This commitment ensures that development projects are not hindered by financial constraints, enabling Nigeria to continue its progress.