The need for review of the Finance Control and Management Act of 1958 has been emphasized.

The Minister of Finance, Mrs. Kemi Adeosun, who made call for the review said that the legislation in its current form is weak.

She also challenged treasury managers to ensure transparency and accountability in the management and control of the country’s public finances.

Speaking at the second National Treasury Workshop held in Tinapa, Cross River State, Adeosun noted that the Finance Control and Management Act was outdated and weak in instituting greater accountability and transparency in the conduct of government’s financial business.

The workshop was attended by directors of finance and accounts in all federal and state government Ministries, Departments and Agencies; heads of finance and directors of internal audit; and other stakeholders in national public finance management.

The Act provides detailed guidelines on the control and management of the public finance of the country.

The minister tasked the nation’s treasury managers to critically examine the Act and other related financial issues with a view to addressing some of the inherent deficiencies in the provisions.

Adeosun, who was represented by the Director of Special Projects in the Federal Ministry of Finance, Dr. Mohammed Dikwa, emphasized the need for a change in the mind-set of Treasury managers in order to reform the economy.