Finance and Accounts Department

The department is responsible for the custody and disbursement of Ministry’s funds as well as maintenance of relevant financial records in accordance with the Financial Regulations and extant circulars.
functions

The main functions of the Department are as follows:

a) ensuring compliance with the Financial Regulations and Accounting code by all staff;

b) disbursement of funds and proper monitoring and accounting for revenue;

c) advising the Accounting Officer on all financial matters;

d) maintaining proper records, such as books of accounts, main and subsidiary ledgers;

e) ensuring prompt rendition of all returns e.g. Consolidated Accounts (Monthly transcript), to the Accountant-General of the Federation;

f) compiling and defending the Ministry budget proposal and ensuring effective budgetary control;

g) responding to all queries from Internal Audit Unit, Inspectorate Department of the Office of the Accountant-General of the Federation, Office of the Auditor-General for the Federation and the Public Accounts Committee of the National Assembly; and

h) supervising and monitoring financial activities of agencies under the FMA.





achiEvements

 Rendered statutory returns (Transcript of Account) on a monthly basis to the office of the Accountant General ofthe Federation

 Processed Payments using the GIFMIS Platform for overhead and Capital Accounts maintained by the office of the Accountant-General of the Federation

 Succesfully opened a Project account for the Ministry with the approval of the Accountant-General of the Federation wherein the Agencies under the supervision of the Ministry on a yearly basis contribute part of their Internally Generated Revenue to finance joint projects

 Opened a Sinking Fund Account with the Central Bank of Nigeria with the approval of the Accountant-General of the Federation to facilitate the repayment of the USD 100,000,000 Counterpart Fund Loan taken from the Debt Management Office and the USD 500,000,000 from the China EXIM Bank

 Constituted a Committee to evaluate the possible sources of fund to finance the repayment of the USD 100m DMO loan and the China EXIM Bank loan of USD 500m

 Managed the USD 20 Security Surcharge Account after obtaining approval from the Office of the Accountant General of the Federation

 Managed the Bilateral Air Service Agreement (BASA) Dollar Account


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