The federal government has flagged off a new cash planning system with an awareness campaign on its operation and benefits.
The aim is to complement and reinforce the progress made in the implementation of Government Integrated Financial Management Information System (GIFMIS) and the Treasury Single Account (TSA).
The new system, tagged Bottom-up Cash Planning, is designed to enable the collection and aggregation of government cash needs through the individual spending units. It is a component of the overall government cash management arrangement designed to facilitate the optimal allocation and utilisation of government cash resources.
The central objective of cash management is to ensure that the government is able to fund its expenditures in a timely manner and meet its obligations as they fall due, a critical priority as the country confronts the challenges of lower oil revenues in the aftermath of the disruptions of the Covid-19 pandemic.
