BPSR tasks Institutions on public financial management
The Bureau of Public Service Reforms (BPSR) has called on governments, indigenous institutions, development partners including regulators and professional accountancy bodies, to work together in partnership, so as to achieve long-lasting improvements, transparency and accountability in Public Financial Management.
Its Director General (DG), Mr. Dasuki Ibrahim Arabi, gave the charge during the Bureau’s ‘Lunch-time Reform Seminar’, on Tuesday, in Abuja.
The event was themed: “Transformation and Digitalization of Public Financial Management in Nigeria: Innovations, Bottlenecks and Way Forward.”
In his address at the seminar, Arabi, said public financial management is absolutely critical to improving the quality of public service outcomes.
“It affects how funding is used to address national and local priorities, the availability of resources for investment and the cost-effectiveness of public services.
“Also, it is more than likely that the general public will have greater trust in public sector organisations of there is strong financial stewardship, accountability and transparency in the use of public funds,” he added.
According to the BPSR Director General, digitalization, which is still a relatively new concept, substantially strengthens core public financial management functions, especially in the areas of making regular and timely payments, reaching the right beneficiaries, improving accounting and reporting, while also strengthening accountability by providing a more reliable audit trail.
He added: “It also enhances the quality of information on fiscal developments, providing more timely information on government’s cash positions.
“Thus, enhancing cash management functions, and better reconciliation between fiscal transactions, such as transfers, and corresponding records in government relevant bank accounts.
“Meanwhile, it is imperative to constantly train and re-train public servants that are PFM experts in order to position a modern functional PFM at the center of government’s broader digitalization and inclusion agenda.”
The Guest Speaker, Mr. Ahmed Idris, who is the Accountant General of the Federation (AGF), noted that a well-functioning PFM systems are necessary tools for efficient and effective management of public finance.
“Also, a good and well-implemented PFM reform will lead to fiscal discipline and, invariably, well horned service delivery,” he said.