News:
November 4, 2015
A draft of the Public Financial Management (PFM) Bill, is expected to get to parliament by the end of year.
The Bill will among other things seek to bring to book fiscal indiscipline arising from public sector managers.
The passage of the PFM law is a key requirement under the country’s ongoing economic reforms programme under the International Monetary Fund (IMF).
Finance Minister Seth Terkper told journalists that the passage of the PFM Bill will bring about an enhanced mode of accountability in institutions that receive funds from government.
Speaking to the media after a stakeholders’ forum on the draft Bill, he said one of the main functions of the PFM law will be to prescribe defined roles for individuals such as chief directors of ministries, budget officers, Treasury officers and others who play key roles in budget preparation and implementation.
With the aid of the Attorney General, Terkper said it is hoping to introduce a system that penalizes public sector managers who fail to discharge their duties as far as implementation of the Public Financial Management law is concerned.
The draft Bill is currently being prepared by the Finance Ministry with assistance from the Attorney General’s Department and two experts provided by the Department for International Development (DFID).