Adeosun: Finance control act outdated, weak

The Minister of Finance, Mrs. Kemi Adeosun, has called for urgent review of the Finance Control and Management Act of 1958, in order to ensure transparency and accountability.

Mrs Adeosun made the call at the 2nd National Treasury Workshop holding at the Tinapa Lakeside Hotel in Calabar, Cross River State, on Wednesday where she urged the participants to use the workshop to examine all components of the Economic Recovery and Growth Plan (EGRP) with a view to considering the expected cost benefit to the country.

A press release by the Director of Information, OAGF, Mrs Kenechukwu Offie, said the minister, who was represented by the Director, Presidential Committee on Continuous Audit, Dr. Mohammed K. Dikwa, said “this law which provides detailed guidelines on control and management of public finance in the country, is outdated, out of fashion and weak in instilling greater accountability and transparency in the conduct of government financial business.”

Dikwa commended the Accountant-General of the Federation, Mr. Ahmed Idris, for his exemplary leadership that has ensured greater transparency and accountability in the nation’s public financial management.

The Accountant-General of the Federation, Mr. Idris, speaking at the workshop, called on public financial managers in the country to see the current challenges facing the treasury and the economy as an opportunity that will spur them to form a united front that will generate great ideas resulting in providing lasting solutions to the problems.

The workshop had in attendance, directors of Finance and Accounts in all federal and state government MDAS, heads of Finance and directors of Internal Audit and other stakeholders in national public finance management.