- 20 Marks
PSAF – L2 – Q6.3 – Public Financial Management Systems
Explain steps to implement NIFMIS and discuss five benefits for a covered entity's financial management system migration.
Question
The principal spending officer of the covered entity where you work as a financial officer wishes to migrate the entity’s financial management system onto the Nigeria Integrated Financial Management Information System (NIFMIS) platform, in accordance with the provisions of the Public Financial Management Act 2019. However, he has a limited understanding of the steps involved in the implementation.
Required:
(a) Explain to the principal spending officer, the steps involved in implementing the NIFMIS in the entity.
(b) Discuss five benefits of implementing NIFMIS in the entity.
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