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Obiano seeks replacement of 1958 Federal Finance Act for transparency

Anambra State Governor, Chief Willie Obiano, has advised state governments still using the 1958 Federal Fnance Act for their daily financial operations to replace same for effective and transparent funds management.

Obiano spoke through the state Commissioner for Finance, Mr Ifeatu Onejeme, at a one -day sensitisation workshop for key stakeholders in the Anambra State Public Finance Law, 2020 held at Cihcotel Classic Hotel, Awka.

Onejeme, represented by the Permanent Secretary in his ministry, Ebele Okonkwo, said that he observed that some states were still using the outdated 1958 Federal Finance Act to carry out their financial dealings. He said that to ensure transparency and accountability in all government business, there was a need for each state to produce public finance law that would replace the Federal Finance Act of 1958. Onejeme, who commended Obiano for making the state’s 2020 Public Finance Law possible, said that the workshop was organised by his ministry in collaboration with the Anambra State and Local Governance Reform (ANSLOGOR) project being funded by the European Union and managed by the World Bank. “The purpose of the law is to regulate the financial management, ensure that all revenue, expenditure, assets, and liabilities of the states are managed efficiently, effectively, and economically and in a transparent manner.

“It is to ensure that officers are put in a position to be able to manage and control all available resources and be more accountable…”

  • The Sun

 

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