FG Seeks Solutions To Nigeria’s Fiscal challenges

Nigerian government is seeking strategies to manage the country’s numerous fiscal challenges.

The country is faced with increasing wage at the time of a dwindling revenue while its expenditure is also increasing owing to mounting security challenges and social needs.

These challenges are the focus of the 2022 Retreat for members of the Technical Sub-Committee on Cash Management where the
Acting Accountant General of the Federation, Chukwunyere Anamekwe urged the participants to come up with concrete strategies to effectively manage them.

Anamekwe canvassed entrenchment of fiscal discipline and articulated strategies to mitigate the financial challenges and boost revenue generation.

Anamekwe maintained that the government cannot continue to borrow to fund its objectives, adding that in the face of fluctuating oil revenues, stakeholders should come up with ideas and strategies to boost internally generated revenue.

He charged participants at the Retreat to, among other things indentify the challenges to revenue generation and other means of enhancing inflow into Federal Government coffers; ensure the cutting down of the cost of governance in the most acceptable way; and give quality and profitable advise to the Federal Cash Management Committee.

The 2022 Technical Sub-Committee on Cash Management (TSCM) Retreat which is the 4th Edition, has the theme, “Enthroning Fiscal Discipline in Nigeria’s Public Financial Management: A Clarion Call to All Stakeholders”.

The principal objective of this year’s Retreat was to improve on the capacities of members/stakeholders and get them more acquainted with Nigeria’s fiscal challenges and advance recovery strategies that will enable effective fiscal management and avoidance of deficits.

The technical sub-committee on cash management, inaugurated in April 2016, is the professional arm of the Federal Cash Management Committee.

Among other functions, the technical sub-committee obtains stakeholders’ inputs, deliberates on them and makes proposals to the Federal Cash Management Committee for approval regarding the payment of personnel costs, pension/gratuities as well as statutory transfers.