Following the approval of the Minister of Finance,Budget and National Planning, the Accountant General of the Federation, Ahmed Idris inaugurated an Interministerial Committee to review the Financial Regulations in the nation’s Public Sector.

Idris while inaugurating the committee said it became imperative to carry out the review as the current Financial Regulations, which came into effect in 2009, are no longer relevant and useful in driving the public financial management reforms of the government.

Idris, while reaffirming that the review underscored government’s effort at entrenching probity, accountability and transparency in the management of public financial resources; urged the Committee to consult widely and come up with Financial Regulations that will stand the test of time.

He advised the Committee to ensure that the review captured the public finance managememt reforms of the Federal Government, taking into consideration the various extant circulars.

He urged the Committee to consider, review and recommend appropriate threshold in respect of loss of cash and stores, in line with present realities.

The Accountant General of the Federation further charged the Committee to also, “consider, review and recommend appropriate duty tour allowance, estacode alowance, repatriation allowance and overtime allowance; appropriate imprest amount for relevant public servant and political office holders; and additional sanctions against infractions of the Financial Regulations and other extant rules”.

He noted that members of the Committee were carefully selected based on their experience and competence and expressed optimism that they will add value to the review process.