From Uche Usim, Abuja
Challenged by paucity of funds amid competing national priorities, members of the Technical Sub-committee on Cash Management (TSCM) of the Office of the Accountant-General of the Federation have begun a three-day retreat aimed at addressing critical issues posing a great challenge to Public Financial Management in Nigeria.
Speaking at the opening session of the retreat themed: “Advancing the Operational Efficiency for Effective Liquidity and Cash Management in Nigeria: Beyond Rhetoric”, the Accountant-General of the Federation, Mr Idris Ahmed, advised the sub-committee members to up their game as the traditional rule of the thumb and/or cash rationing approach cannot drive Nigeria’s economy.
According to him, there are ever-increasing pressures on government funds; and as managers of the funds, they must avoid paying lip service in the administration of the funds.
“I feel a great sigh of relief that critical issues posing a great challenge to Public Financial Management practices are certainly up for discussion at this gathering.
The objective of this Retreat; improving on the capacities of stakeholders with a view to getting them more acquainted with emerging liquidity and cash management techniques entails that, we all must seek, at all times, the knowledge that will keep us afloat in giving the right advises on cash management at the right time. Managing funds is not just about expending the available funds. We must constantly keep ourselves abreast with the strategies for knowing how to ensure inflows, when to expend and when not to; and as well be able to forecast into the unforeseeable future, the cash needs of the government and the possible challenges”, Idris explained.
He urged the sub-committee to strive towards coming up with the strategies that will help in establishing the roles of stakeholders towards operationalizing the bottom-up cash management policy.