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Finance Ministry, OAGF comply with Fiscal Responsibility Act —Adeosun

By Peter Egwuatu

ABUJA—THE  Minister of Finance, Kemi Adeosun, yesterday, refuted an allegation that its ministry and the Office of the Accountant General of the Federation, OAGF, have failed to comply with the Fiscal Responsibility Act, saying it was untrue and misconceived.

Finance Minister, Mrs Kemi ADEOSUN

Reacting to a recent report by an online medium, Premium Times, over the allegation, the minister through a statement by Oluyinka Akintunde, Special Adviser, Media & Communications, said : “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 attention of the 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.”

Continuing the statement said; “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: 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.”

In the statement, Akintunde said 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” he added.


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