FINANCE AND ACCOUNTS DEPARTMENT

 

The Finance and Accounts Department is a service Department to other functional/technical Departments of the Ministry as in other MDAs. In line with the Financial Regulations and Other Federal Government’s extant rules, the Department renders financial advice, guidance and reports on the finances and budget of the Ministry to the Accounting Officer. It is principally charged with the responsibilities of financial management and control of the resources of the Ministry .These functions include among others; budgetary planning, control and operation of the accounts. The Department is made up of two Divisions viz:

  • Accounts Division
  • Budget Division

 

FUNCTIONS OF THE DEPARTMENT

The Finance and Accounts Department is charged with the following responsibilities, among others:

  • Financial controls and management of the resources of the Ministry to ensure internal checks and fiscal discipline;
  • Advising the Accounting Officer on all financial matters in line with the Financial Regulation and other extant rules and regulations;
  • Regular brief on the financial position of the Ministry to the Honourable Minister and Permanent Secretary whenever required;
  • Ensuring compliance with Financial Regulations, Accounting Codes and all other extant rules in accounting for all public funds;
  • Compilation of Ministry’s budget, defence of the Ministry’s budget proposals with the Accounting Officer in the Budget Office of the Federation, Federal Ministry of Finance and National Assembly;
  • Ensuring effective budgetary control through proper budget implementation in line with approved allocation;
  • Monitoring and Evaluation of Ministry’s yearly Budget performance;
  • Monitoring of Capital Projects and Programmes in collaboration with the Department of Planning;
  • Liaison with the Budget Office of the Federation, Federal Ministry of Finance for adequate and timely releases of funds to the Ministry .
  • Ensuring that all funds received by the Ministry are utilized for the purposes for which they are meant and in accordance  with laid down procedures and in line with Financial Regulation and other extant rules;
  •  Maintenance of the Statutory Books of Accounts (Overhead and Capital accounts) of the Ministry;
  • Rendition of weekly Returns on Vote Book balances to guide approval patterns;
  • Preparation and timely rendition of all statutory Financial Returns like transcripts, Bank Reconciliation Statements, Expenditure Returns, Revenue Returns, Budget Performance Report, etc. to relevant Offices of Government;
  • Liaison with Inspectors and  Auditors from Office of the Accountant-General of the Federation, Office of the Auditor-General for the Federation, EFCC,ICPC and other Government statutory Inspectors and Auditors;
  • Receipt and response to all audit queries issued by the Office of the Auditor-General for the Federation and the Public Accounts Committee of the National Assembly;
  • Monitoring of all Documentary Letters of Credits (L/Cs) of the Ministry on Capital Projects with the Central Bank of Nigeria (CBN) to ensure that disbursements on these L/Cs are in line with terms and conditions establishing them;
  • Member of the Ministry’s Top Management Committee (TMC), Ministerial Tenders Board (MTB) and Procurement Planning Committee (PPC);
  • Ensuring regular training of the Departmental staff to enhance optimum productivity;
  • Any other duty as assigned by the Accounting officer of the Ministry.