Finance ministry, OAGF comply with Fiscal Responsibility Act, says Press "Enter" to skip to content

Finance ministry, OAGF comply with Fiscal Responsibility Act, says Adeosun

…Draws up daily, monthly cash payment plan
The Minister of Finance, Mrs. Kemi Adeosun has said that his ministry has synergized effectively with the Office of the Accountant General Of the Federation (OAGF) by adhering strictly to Fiscal Responsibility Act.

Adeosun also disclosed that beyond this, her ministry has also drawn up daily, monthly cash payment plan as directed by the government.

She said this was to clear the air on an online media report which published contrary information about these.

In a statement by her Special Adviser on Media and Communications, Oluyinka Akintunde, and made available to The Daily Times, Adeosun said, “The attention of the Honourable Minister of Finance, Mrs. Kemi Adeosun, has been drawn to a misleading report by an online medium, Premium Times that the Federal Ministry of Finance and the Office of the Accountant of the Federation (OAGF) failed to adhere to the Fiscal Responsibility Act.

“The online medium further falsely alleged that the Federal Ministry of Finance and the OAGF do not have an annual cash plan for every financial year for the purpose of implementing the Appropriation Act.”

According to the statement, “The Honourable Minister wishes to unambiguously refute the entire misconceived report by the online medium; and states that both the Federal Ministry of Finance and the OAGF have always complied with the Fiscal Responsibility Act (FRA) as required by Section 22 of the FRA.

“The OAGF has always prepared a cash plan for payment on a daily and month basis; as well as revised it periodically. Both cash payment plan and revised plan are presented to the Cash Management Committee presided over by the Minister of Finance.

“Members of the Cash Management Committee include: the Honourable Minister of State for Budget and National Planning, Accountant General of the Federation, Director-General of the Budget Office of the Federation, Director-General of the Debt Management Office, Director of Cash Management Department in the Federal Ministry of Finance, a representative of the Central Bank of Nigeria, and some support staff from the Ministry, OAGF and Budget Office.”

The statement said, “The Honourable Minister further wishes to elucidate that the Federal Government’s cash payment platform, the Government Integrated Financial Management Information System (GIFMIS) makes it mandatory that a cash plan must be in place.

This implies that the cash plan must be prepared, reviewed and finalized on the GIFMIS before any disbursement could be made whether personnel, overheads or capital expenditure related.

“The decisions on disbursement to projects are also taken and approved by the Cash Management Committee.”

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