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The Minister of Finance, Mrs. Zainab Ahmed, disclosed this on Tuesday in Abuja at the opening ceremony of a workshop on revenue generation, accounting and reporting to the Federation Allocation Accounting Committee (FAAC).
The Minister who said the approval of the template was given by President Muhammadu Buhari, explained that the revenue reporting framework was targeted at generating more revenue and improving operational performance.
In her words, “The reporting template had been an issue for quite sometimes and I strongly supported members’ demand for a revised template that would provide in transparent manner on revenue generation.
“ I am further happy to note that the template had been produced and approved for use by the President, ” she added.
The Minister also said he workshop should not only concentrate on the template but also be used to enlighten members as to the dangers of depending on oil in the face of downward trend in revenue generation. Adding that, ” it has become necessary for government to diversify it’s sources of revenue by reducing its dependence on oil.”
Earlier in his remark, the Accountant General of the Federation (AGF) Alhaji Ahmed Idris said the issue of revenue generation and reporting was of great concern to the Office of the Accountant General of the Federation (OAGF)
He said, “This workshop will extensively dwell on the new template, as understanding the numbers presented at FAAC is very germane and has the potential of limiting the previous time expended at each sitting.
Idris said the objective. of the framework is to raise revenue generation and the associated remittances into Goverment Treasury.
The AGF said based on the performance management framework approved by the President, the OAGF would carry out regular monitoring and ensure monthly publication of revenue and expenditure performance.
The AGF added that annual capital budgets of government agencies would be mainstreamed into the Federal Government’s capital budgets to ensure same level of scrutiny.
Idris said henceforth the accounts of all agencies of government must be audited within four months after the end of each financial year, adding that quarterly remittance of interim operating surplus of government-owned enterprises (GEOs) would replace the annual remittance.
Idris further said that legislative action would also be required to amend relevant sections of the Act establishing some of the GOEs to reflect current economic realities and policy thrust of government.
Idris noted the necessity for the OAGF to ensure that the scarce resources entrusted in its custody is adequately managed.
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