By Tony Obiechina, Abuja
The Accountant General of the Federation (AGF) Mr Ahmed Idris has directed cash managers in the federal government ministries, departments and agencies (MDAs) to effectively manage the several government cash flows and effectively deploy idle cash where it exists.
He also tasked the cash managers to explore ways on how salaries can be paid on time and ways to upholding greater accountability for public expenditure as well as supporting budget execution and efficient resource allocation.
The AGF stated this while declaring open a 3-day retreat for the technical sub-committee on cash management with the theme “advancing the operational efficiency for effective liquidity and cash management in Nigeria: beyond rhetoric” holding in Keffi, Nasarawa State.
Idris who was represented at the event by Mr Chuks Anamekwe, the Director Inspectorate, Office of the Accountant of the Federation said the objective of the committee is to seek ways of “improving on the Capacities of Stakeholders with a view to getting them more acquainted with Emerging Liquidity and Cash Management Techniques”.
“I implore all participants to brainstorm and come up with cash and financial management strategies and practices that will help advance the practice of modern-day cash management. Therefore, we must all, at this retreat, strive towards coming up with the strategies that will help in establishing the roles of stakeholders towards operationalizing the bottom-up cash management policy”.
According to him, “if fully adopted and applied, will greatly help in ensuring that sufficient cash is available to the government as and when needed to meet commitments to make payments, controlling aggregate cash flows within fiscal, monetary and legal limits, and improving the management of government’s domestic borrowing program, as well as facilitating investment of excess or idle cash.”
Other benefits include: “upholding greater accountability for public expenditure as well as supporting budget execution and efficient resource allocation, supporting the macro-economic policy of Government and ensure efficient and cost-effective public service delivery that accords value for money and enabling financing arrangements to be made in advance in order to meet cash shortages.”
In his welcome address the Director (Funds), OAGF office of the accountant Mr. Sabo Mohammed said the COVID-19 pandemic has thought them adaptive means in running the government finances.
“Our experience in the past one year has really been a very interesting one, proving to us that our job in the Committee requires innovations. This, we are ready to imbibe and constantly put to practice. We shall put heads together at this forum to tell ourselves the truth and come up with better ideas of moving with the tide” he said.