Adeosun Wants Weak Finance Control Act Reviewed, Tasks Treasury Managers

The Finance Minister, Mrs. Kemi Adeosun, has called for a review of the Finance Control and Management Act of 1958, arguing that the law was outdated and weak in instituting greater accountability and transparency in the conduct of government financial businesses.

She also challenged treasury managers to ensure transparency and accountability in the management and control of the country’s public finance.

Her admonitions were handed down at the second national treasury workshop held in Tinapa, Cross River State.

The minister, who was represented by the Director of Special Projects in the Federal Ministry of Finance, Dr. Mohammed Dikwa, emphasised the need for a change in the mindset of treasury managers in order to reform the basic polity.

The basic and fundamental approach to financial and economic reforms, she said, was to reform the basic polity, adding that reforms must be impacting and sustainable and should fit into the cultural ethos of Nigeria, among others.

“There is the need to evolve a culture which is value-based. It is expected that this workshop would draw from universal public values such as public trust, accountability, equity, transparency, ethical standard and selflessness,” she said.

While calling for a review of the Finance Control and Management Act of 1958, she noted that the law was outdated and weak in instituting greater accountability and transparency in the conduct of government financial businesses.

The Finance Control and Management Act provides detailed guidelines on control and management of the public finance of the country.

A statement issued by the minister’s spokesman, Mr. Oluyinka Akintunde added that she tasked the nation’s treasury managers to critically examine the Finance Control

and Management Act and other related financial issues with a view to addressing some of the inherent deficiencies in the provisions.

On the Economic Recovery and Growth Plan (ERGP), she explained that it was conceived by the President Muhammadu Buhari administration towards laying a solid foundation for long-term economic growth.

She added that the emphasis of the ERGP was on local content business empowerment.