Commencement of 2024 Capital Releases Slated for May
By Patience Ikpeme
The Accountant General of the Federation, Dr. Mrs. Oluwatoyin Madein, has disclosed that capital releases for the 2024 fiscal year will begin in the middle of May, 2024. The announcement comes as a welcome move to streamline the financial management process and ensure transparency in government operations.
Speaking at a one-day Stakeholders interaction/sensitization session on the revised policy on cash management and bottom-up cash planning, Dr. Madein explained the timeline for the releases.
While the 2023 capital budget releases were expected to conclude on March 31, 2024, delays in cash planning prompted calls to be made on March 15 and March 21, which are currently being addressed.
Dr. Madein further stated that all payments for capital releases in 2023 have been compiled, and the next step is to close the programme and initiate the process for 2024. The uploading of payments by Ministries, Departments, and Agencies (MDAs) for the year 2024 is expected to commence on May 15.
The workshop was organized to gather input from MDAs on how to effectively implement the revised cash management policy and enhance transparency.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the rejuvenation stage of the economy and President Bola Ahmed Tinubu’s directive for transparent financial dealings, underscoring the workshop’s importance.
Addressing attendees, Edun stressed the connection between government revenue and overhead spending. He stated that “the issue of overhead is a game of numbers. If the government has more revenue, it will be able to give more.” He also emphasized the significance of a structured approach to public finance management, where planning, procedures, and transparency play vital roles.
Recognizing the role of technology and human resources in implementing the revised policy, Edun emphasized that capacity and technology are essential for the successful execution. He urged Nigeria’s youth to play an active role in advancing technological capabilities, underscoring their importance in ensuring the policy’s success.
As the government moves forward with the May commencement of 2024 capital releases, the nation looks forward to an improved financial management process and greater transparency in government operations.
