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Adeosun: We comply with Fiscal Responsibility Act

The Minister of Finance, Mrs. Kemi Adeosun has said the finance ministry and the Office of the Accountant General of the Federation (OAGF) have always complied with the Fiscal Responsibility Act (FRA) as required by Section 22 of the FRA. 

Reacting to a report that said her ministry and the OAGF failed to adhere to the act and that they do not have an annual cash plan for every financial year for the purpose of implementing the Appropriation Act, the minister said the OAGF has always prepared a cash plan for payment on a daily and monthly basis as well as revised it periodically. 

The Special Adviser, Media & Communications to the Minister of Finance, Oluyinka Akintunde, said “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 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.”

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