The Federal Government has begun the process of amending the 63 years old Finance (Control and Management) Act, 1958, CAP. F26, Laws of the Federation of Nigeria, 2004, as part of measures to deepen fiscal and financial responsibilities in the country.
The Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN) said this on Thursday in Abuja at the opening of the workshop on the Reform of the Finance (Control and Management) Act, 1958, cap. f26, Laws of the Federation of Nigeria, 2004.
It was organised by the Nigerian Law Reform Commission (NLRC).
The reform among others seek to provide legal basis for government financial control instruments like the Treasury Single Account (TSA), International Public Sector Accounting Standards (IPSAS), Integrated Personnel and Payroll Information System (IPPIS), Zero Based Budgeting (ZBB), Efficiency Unit; and Presidential Initiative on Continuous Audit (PICA).
Malami represented by the Head of Legal Drafting Department in the Federal Minister of Justice, Mrs Ifunanya Nwadiagwu, said the resolution to embark on the reform of the Finance (Control and Management) Act, 1958, Cap F.26, LFN, 2004 by the Nigerian Law Reform Commission is coming at a time most appropriate in the sense that the Act predated our independence in 1960 and there has never been a major reform of the Act after its enactment in 1958.
Speaking earlier, Prof. Jummai Audi, Chairman, Nigerian Law Reform Commission, said the reform workshop is a major stage in its law reform process, aimed at eliciting the professional advice of resource persons and stakeholders on the proposals for the reform of the Act.
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