IMF advises Nigeria to strengthen the Cash Management Unit

The International Monetary Fund (IMF) has advised the Office of the Accountant-General of the Federation (OAGF) to strengthen Cash Management Unit for better results.

IMF Senior Resident Economist, Africa Department, Mr. Amine Mati, gave the advice on Friday in Abuja while presenting a report of the activities of the IMF team that worked with the OAGF for ten days. Mr. Mati, who was the leader of the IMF Technical Team, however, expressed their satisfaction with the work being done by the Accountant-General of the Federation (AGF), Mr. Ahmed Idris, and his team. The IMF team was at the Treasury House on Technical Assistance Mission aimed at strengthening Cash Flow Forecasting and Cash Management.

Speaking at an interactive session between the OAGF Management and the visiting IMF team, AGF, Mr. Ahmed Idris, commended IMF for its interest and continued support in developing better public financial Management practice in Nigeria.

The AGF noted that the mission “has been very enriching and mutually beneficial for both the OAGF team and the IMF.” He said that while the capacity and skills of the OAGF team have been enhanced in the area of cash management, cash forecasting and TSA, the IMF team on their part have equally gained a lot – learning from the unique experiences of Nigeria as a developing economy with its own challenges in the area of cash management and forecasting.

Speaking further, the Accountant-General assured of the commitment and determination of the Treasury to do all within its powers to religiously implement the recommendation and agreed timelines, promising to bring other issues to the appropriate authorities.

While delivering a vote of thanks, the Director, OAGF Funds Department, Mr. Adeyemi, thanked the team for the visit and reassured them of the Treasury’s commitment to ensure more efficient cash forecasting and management in the country.

Leave a Reply