Comply with cash policy or risk access to funding, Edun tells MDAs
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has warned ministries, departments and agencies of government to comply with the revised cash management policy or risk having access to funds for capital projects.
Edun made the disclosure in Abuja yesterday during a one-day stakeholders’ review meeting on the implementation of the revised cash management and bottom-up cash planning policies for MDAs.
He said the cash management policy was inherited by President Bola Tinubu in 2023 and has now been revised for efficient and effective delivery.
He however noted that there have been concerns that some MDAs were not adopting the revised policy on bottom-up cash management and were subsequently bypassing GIFMIS platform which is why the government at a time temporarily withdrew the use of the platform.
“Consequently, any government agency that does not adopt this new policy will not have access to funds to execute capital projects in the 2024 budget which has now been extended to June this year,” he said.
He further stated that the federal government will be introducing an array of new automation in 2025 to drive revenue collection and urged MDAs to embrace technology to boost internally generated revenue.
The Accountant General of the Federation, Oluwatoyin Sakirat Madein, stated that the modification of bottom-up planning was necessary to ensure that MDAs align with the technological drive of the current administration.
Subsequently, the AGF stated that steps were taken to ensure compliance and the finalisation of capital projects payment.
