,
7 tweets,
4 min read
Read on Twitter
@OpenFundingNG The first thing is to strengthen the current laws and make sure they are implemented. Like I said earlier, we have never been lacking of laws and ideas, we have always been lacking of people committed to applying those laws and procedures. #GrowthForAll
@OpenFundingNG It must be noted, that the current admin have implemented a few things to better manage Public Finance. One example is the implementation of the TSA. This has made it easier to forecast cash flow for better budgeting of govt expenditure. #GrowthForAll
@OpenFundingNG There is also the implementation of the Government Integrated Financial and Management Information System (GIFMIS) which was implemented in line with the ERGP to assist the FGN to implement a computerised public financial management information system. #GrowthForAll
@OpenFundingNG As a matter of fact, the GIFMIS provides an opportunity to mobilise funds to TSA and reduce the number of stages in transaction processing. In addition it provides better access to information which can then be used to improve fiscal and operational management. #GrowthForAll
@OpenFundingNG Secondly, for a better and improve transparency and accountability in public finance management, the need for Governance code for public sector cannot be over-emphasized. All our contemporaries have such in place. Our development partners have always emphasized it. #GrowthForAll
@OpenFundingNG Lastly, we must also encourage State Govt who account for 50% of Federal Revenue to also implement Public Finance Mgt systems in their States. They can start with the implementation of Open Contracting Data Standard (OCDC) to manage their procurement process. #GrowthForAll
@OpenFundingNG The OCDC procedures for transparency and accountability are clear and it's disappointing that States like Lagos (5th Largest economies in Africa) is yet to implement it. States can take a cue from the BPE which is already committed to implementing this process. END! #GrowthForAll
