Finance & Audit (Amendment) Bill: Strengthening Fiscal Responsibility

In a notable step towards enhancing fiscal responsibility, the Council of Ministers has approved amendments to the Finance and Audit Act, set to be presented to the National Assembly on Friday, 28 February. This pivotal bill is aiming primarily to introduce a Performance-Based Budgeting system, designed to tether funds to tangible results, thereby bolstering the operational efficiency of public administration. The overarching goal is to reinforce fiscal accountability, transparency, and responsibility.

Furthermore, the Finance and Audit (Amendment) Bill will focus on developing expenditure estimates rooted in specific programmes and sub-programmes, covering a rolling three fiscal years, including the current financial year and the two preceding ones.

This detailed approach will specify the resources allocated, the outcomes to be achieved, and the products or services to be rendered.

In addition, the bill encompasses the allocation of expenditure estimates for the first year, which will require the assent of the National Assembly.

It also provides for the preparation of revenue estimates over the same three-year rolling period.

This comprehensive framework not only seeks to improve financial governance but also aims to ensure that public funds are utilised effectively for the benefit of all citizens.

Source: Defi Media