Government Considering New Measure To Monitor Public Expenditure
The Federal Government is preparing to launch a new public finance management system to monitor public expenditure.
The program is being modeled after the Treasury Single Account and the Integrated Financial Management Information System (GIFMIS) (TSA).
Ministry Departments and Agencies (MDAs) have been informed of the “Go Live” date of February 10, 2023 in a Treasury Circular from the Office of the Accountant General of the Federation (OAGF), known as the “Bottom-Up Cash Planning Policy.”
Acting Accountant General of the Federation Sylva Okolieaboh noted that the strategy entails gathering and aggregating financial requirements of the government via individual spending units during yesterday’s sensitization workshop in Abuja.
Using bottom-up cash planning, he said, allows for the most effective distribution and use of the government’s available financial resources.
The primary goal of cash management, according to Okolieaboh, is to make sure that the government can pay its bills on time and fulfill its responsibilities when they become due.