Govt releases new financial regulations for MDAs

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A new guide for financial transactions by Ministries, Agencies and Departments (MDAs) of the Federal Government has been released by the Office of the Accountant – General of the Federation (AGF).

The document, which, also known as the country’s financial regulations, was released at the weekend. It provides the framework by which government’s finance and accounting procedures are regulated. The new financial regulations document is the second since the commencement of the present democratic dispensation in 1999, according to the Accountant – General of the Federation (AGF), Mr. Ibrahim Dankwambo and is to ensure proper accountability in government financial activities.

Dankwaabo explained that with the increasing emphasis on accountability, probity and transparency, it was imperative that relevant rules and regulations that guide the smooth operations of Treasury be made available to all stakeholders to serve as a guide.

The of Minister of Finance, Dr Mansur Muhtar, who presented the document said the need to review the existing financial regulation was borne out of government’s concern to put in place vital rules and regulations that would guarantee probity and transparency in the management and control of public funds. He noted that since 2000 when the financial regulations were last reviewed and published, the conduct of government’s business had undergone series of transformations.

His words, “the revised Financial Regulations is the second publication since the advent of democratic governance in May, 1999. The last publication was done in year 2000. Some profound changes have been incorporated into this edition of the Financial Regulations, which include rules and regulations relating to public procurement of goods and services as well as the codification of offences and sanctions in case of any breaches to these rules and regulations.

“The complexity which government’s business has assumed since the inception of democratic governance made it necessary to take a closer look, once again, at the financial regulations by which government finance and accounting procedures are regulated.” “This review and indeed the changes in the philosophy of management of government business are designed to promote honesty and transparency.”

Other publication of the office of the AGF, which was launched by Muhtar include Reports of the AGF together with audited financial statements (2003-2008), Federal Treasury Circulars (1999-2008) and a compendium of the Federation Allocation Account Committee disbursement to the three tiers of government (1999-2008).

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