The Ministry of Finance has issued new guidelines reducing the remuneration for senior federal government officials participating in board meetings of government companies. This move aims to streamline expenses and ensure more efficient use of public funds.
According to the circular released by the Ministry of Finance, board members of government companies or institutions will now receive a reduced compensation of Rs. 50,000 for attending each board meeting. This adjustment marks a significant reduction from the previous remuneration rates, reflecting the government’s commitment to fiscal responsibility and prudent financial management.
The circular stipulates that any additional compensation received by these officials must be deposited into the National Treasury. Furthermore, a receipt of this deposit must be provided to the concerned ministry. This measure ensures transparency and accountability, reinforcing the importance of adhering to the new guidelines.
The decision to reduce remuneration comes as part of broader efforts to curb unnecessary expenditure within government operations. By cutting down on the fees paid to board members for attending meetings, the government aims to redirect resources towards more critical areas of development and public welfare.
This policy change also aligns with the government’s ongoing efforts to promote integrity and efficiency within the public sector. By imposing stricter financial controls and enhancing accountability, the Ministry of Finance seeks to foster a culture of transparency and fiscal discipline among senior officials.
The new guidelines have been welcomed by various sectors, highlighting the need for responsible governance and effective use of public funds. This initiative underscores the government’s determination to implement reforms that support sustainable economic growth and equitable resource allocation.
The Ministry of Finance’s recent circular mandates a reduction in remuneration for senior federal government officials attending board meetings of government companies. This move is part of a broader strategy to enhance fiscal responsibility, transparency, and efficient use of public funds. By ensuring that additional compensation is deposited in the National Treasury, the government aims to reinforce accountability and promote prudent financial management across the public sector.
