The Accountant General of the Federation, Mrs. Oluwatoyin Madein, has announced that capital releases for the 2024 fiscal year will commence in the month of May. This revelation was made during a one-day Stakeholders interaction/sensitization session on the revised policy on cash management and bottom-up cash planning held yesterday in Abuja.
Mrs. Madein explained that although the capital releases for the year 2023 were scheduled to conclude on the 31st of March, there were pending payments that needed to be completed. This delay was attributed to the ongoing uploading of cash plans for 2023 and the revision of the policy on cash management.
She elaborated, stating, “The 2023 capital budget releases were expected to end on the 31st of March 2024 but at the end of March, cash plan for 2023 was still being uploaded so we decided to make calls on March 15 which we treated already and that of March 21st is what we are still on. However, we have compiled all payments for capital releases for 2023 so we can close and commence for 2024. As soon as we close this Programme, we will start calling for the uploading of payments by MDAs for the year 2024.”
The Accountant General emphasized the importance of timely and efficient financial management in ensuring the smooth implementation of government projects and programs. She assured stakeholders that efforts were underway to streamline processes and expedite the release of capital funds for the 2024 fiscal year.
The stakeholders’ session served as a platform for dialogue and engagement on the revised policy on cash management, providing an opportunity for participants to gain insights and clarity on the government’s financial strategies and priorities. With the commencement of capital releases in May, government agencies and ministries are poised to initiate and advance key projects aimed at driving national development and progress.
