Imperative of an active financial management system in Anambra – Opinion – The Guardian Nigeria News – Nigeria and World News

0


In my previous intervention, I explained why Professor Chukwuma Soludo’s reign would do better than the previous good regimes we had in Anambra State. I made it clear that Professor Soludo whom I know will distinguish his reign from his predecessors by working with a best practice financial management system.

I also know that beyond making the system viable to work with the developing world, a strong financial management system would also optimize the use of Federation Accounts Allocation Committee (FAAC) allocations and revenues. internally generated (IGR), thus leading to a super responsibility. In other words, accountability can never be achieved without financial management, and I take it a step further by saying that perfect accountability cannot be achieved without a perfect financial management system.

At this point, I must quickly mention that the manifesto presented by Soludo is not only remarkable, but also very pragmatic and promising, not only for ndiAnambra, but for all Nigerians. Its plans are based on four cardinal points, namely economic transformation, governance, the social agenda and the environment.

Each of these cardinal points have several strategies with projects, which would be of a capital nature, therefore involving heavy sums of money to spend. There is no doubt that if these strategies / projects are properly implemented Anambra State would be the dream state that we all pray and hope for.

However, I would like to ask the Governor-elect if he is satisfied that the current financial management system in place is strong enough to allow these projects to be delivered effectively and efficiently? I’m talking about quality / price ratio. I doubt the answer is YES. Without a strong control system in place, I believe his efforts would not meet his expectations, which is why I beg him passionately to quickly set up a unit in his office, to work on this aspect as soon as he takes up. its functions.

The special unit is expected to work with the Ministry of Finance and external consultants to assess and evaluate the financial management systems in place in MDAs in Anambra State. Most of the policies and controls currently in use would most likely be outdated and therefore ineffective at present.

Many loopholes for leaks are also the most likely to be currently in the system. I suggest that the incoming governor, through the unit, can work with consultants to perform the following tasks: This will affect the style of budgeting, procurement, advances, treasury and many other areas of control.

An agreed applicable best practice system should also be instilled in officers and all MDA staff through training and retraining. I warn in advance that officers will frown upon such changes, but they must be.

* Have the special unit under His Excellency’s desk, to monitor compliance. Where appropriate, let consultants plant tax officers in MDAs. There is no doubt that the gains would far outweigh the costs in the end.

It will also be nice to have this overhauled system very functional almost immediately, Soludo takes office, so that new members of the cabinet do not feel comfortable with the current financial management system.

From my professional experience in this field, I know that the implementation of this revision becomes more difficult, when it is not introduced at the start of a regime.

With the above suggestions, I am confident that the objectives set will be fully achieved. I have seen this work before and have no doubts that it will work in my beloved state as well. Note that I clearly omitted the state auditor general’s office in this article. It’s intentional and it’s a topic I would like to focus on in the future.

*O’Martins, an expert in financial management and compliance, writes from Abuja.


Share.

About Author

Comments are closed.