By NDUKA CHIEJINA

The Federal Government has approved a comprehensive review of the Financial Regulations currently being operated in the public service.

Accountant General of the Federation (AGF) Idris Ahmed made this disclosure in Abuja on Wednesday while inaugurating an inter-ministerial Committee to review the Financial Regulation.

Idris Ahmed charged the Committee to, consider, review and recommend appropriate Duty Tour Allowance, estacode allowance, repatriation allowance and overtime allowance.

They are to also consider, review and recommend appropriate imprest amount for relevant public servant and political office holders.

The Committee is also charged to consider, review and recommend additional sanctions against infractions of the Financial Regulations and other extant rules.

The review, was recently approved by the Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed.

A statement from the Office of the Accountant general of the Federation (OAGF) said:

“The revised Financial Regulation is meant to be in tune with current realities and best practices”.

Financial Regulations are legal instruments that empower and guide public officers in carrying out government financial transactions.

Speaking at the inauguration, the Accountant General of the Federation said “it became imperative to carry out the review as the current Financial Regulations, which came into effect in 2009, is no longer relevant and useful in driving the public financial management reforms of the government”.

Idris, while confirming the review, emphasized government’s effort at entrenching probity, accountability and transparency in the management of public financial resources.

He urged members of the Committee “to consult widely and come up with Financial Regulations that will stand the test of time”.

The AGF advised the Committee to ensure that “the review captured the public finance management reforms of the Federal Government, taking into consideration the various extant circulars”.

The Committee, he said, “should as well consider, review and recommend appropriate threshold in respect of loss of cash and stores, in line with present realities”. (The Nation)

Update news