At the stakeholders’ review meeting on the implementation of the revised policy on cash management and bottom-up cash planning protocols, which was held in Abuja on Monday, Minister of State for Finance Doris Uzoka-Anite provided the assurance.
Mrs. Anite stated in a statement issued by Mohammed Manga, the ministry’s spokesperson, that the updated Cash Management and Bottom-Up Cash Planning strategy was a crucial step in guaranteeing prudent financial management and long-term economic growth.
Introduced in 2024, the policy has demonstrated “significant progress in streamlining budget execution, ensuring funds are allocated and utilized in line with approved plans, and facilitating timely project implementation,” according to the Minister.
She pointed out that by limiting potential for financial misconduct, protecting public monies, and requiring more examination and reason for fund requests, the policy improved accountability and transparency.
In order to guarantee accurate economic statistics and increased transparency, the Minister emphasized the significance of data consistency among important government organizations.
In order to increase the supply of food and reduce inflationary pressures, she also emphasized the necessity of structural reforms, especially in the agricultural sector.
“We reaffirm our commitment to the effective use of public funds by adopting this policy, which is essential to advancing development programs that have an impact and addressing the needs of our people,” she added.
However, Mrs. Uzoka-Anite acknowledged that there are still issues, such as the policy’s lengthy procedures and the requirement that certain Ministries, Departments, and Agencies (MDAs) acquire the skills and resources required to fully adopt the Bottom-Up Cash Planning approach.
“To identify areas for improvement and develop solutions, the Government is having an open and constructive dialogue with stakeholders,” she said.
She urged all parties involved to actively participate, offer their perspectives, and suggest workable solutions, all the while restating the government’s steadfast commitment to making sure the updated Cash Management and Bottom-Up Cash Planning strategy is successful.
“By working together, we can create a public financial management system that is more accountable, transparent, and effective and that benefits all Nigerians,” she continued.
