Finance And Accounts

INTRODUCTION/BACKGORUND

The Finance and Accounts Department came into existence on 10th December, 2013 via the approval of the Governing Council of the Centre for efficient and effective service delivery as the life wire of the organization.

   Prior to 2013, the department had been functioning as a division under the department of Finance and Administration.

   Alhaji Shittu B.O was the pioneer Director/Head of Department of the newly created Finance and Accounts Department from January, 2014 to January, 2020 when he retired.

   The current Head of Department Mrs. Osipitan O.A. took over the mantle of leadership from the retired pioneer Director from January, 2020 to date.

    Finance and Accounts Department has seven (7) functional unit as listed below for the purpose of division of labour and effective supervision and control.

  1. Other Charges Unit.
  2. Checking and Variation.
  3.  
  4. Central Pay Office (CPO) Unit.
  5. Funds & Revenue Unit.
  6. Final Accounts Unit.
  7. Budget Unit.

    It is worthy of note that the Department is blessed with Qualified professional accountants that man the various units at the Headquarters and the state offices.

STRATEGIC MANDATE/OBJECTIVE
  • Advising the accounting officer on all financial matters as well as the technical provisions of financial regulations, other treasury and financial circulars.
  • Managing funds in a manner that assures smooth operation of the Centre.
  • Ensuring compliance with financial regulation and the accounting code/manual.
  • Maintaining proper accounting records such as books of accounts, main and subsidiary ledgers of the Centre.
  • Ensuring adequate control and management of property, plant and equipment register and reconciling the schedule to the general ledger on monthly basis.
  • Ensuring the existence of effective and adequate internal control system to safeguard the assets of the Centre.
  • Ensuring prompt disbursement to contractors/suppliers and staff using the government approval payment mode.
  • Ensuring the timely preparation, payment of salaries and remittance of third party deductions simultaneously.
  • Organizing and supervising the finance and accounting functions in a manner that facilitates.
    1. Adequate financial control, efficient and smooth operation of financial management functions.
    2. The observance of due diligence, accuracy and cost effectiveness in the Centre’s administration and
    3. Ensuring conformance of the Centre to due process.
  • Ensuring the preparation and updating of the information needed for Medium Term Revenue Framework (MTRF) Medium Term Expenditure Framework (MTEF) Medium Term Sector Strategy (MTSS)
  • Compiling and defending of the budget proposal and ensuring effective budgeting control by matching and comparing budgeted figures and actual expenditures or revenues as the case maybe. These financial management reports should be submitted to the accounting officer on or before 5th of the next month to facilitate efficient financial management decisions.
  • Ensuring monthly preparation and submission of trial balance and other financial statement in line with international public accounting standards to the office of the Accountant General of the federation on or before the 10th of the next month.
  • Ensuring that all staff under her control are exposed to regular training programs to equip them with relevant skills for efficient performance of their duties.
  • Liaising with the office of the accountant of the federation from time to time when in doubt in the interpretations of the provision of these regulations and other treasury circulars when confronted with difficulties in the performance of his duties.
  • Ensuring the existence of an effective audit query to promptly deal with all queries from internal audit unit, office of the Accountant General, office unit, office of the Auditor General and Public Account Committee etc. and
  • Any other responsibility/duty as may be delegated by the Accounting officer or by the Accountant General of the Federation.
DEPARTMETAL DIVISIONS/UNITS FUNCTIONS
  • FINAL ACCOUNTS SECTION;
    1. Ensuring posting of store issue notes into stores register.
    2. Maintenance of PPE register.
    3. Raises store issue expense journal.
    4. Reconciles store records with the control balances in the general ledger.
    5. Prepare PPE schedule and notes and reconcile with the general ledger balances for each class asset.
    6. Support quarterly, half and yearly annual stocks taking and report on variances if any.
    7. Registers and numbers all PPE acquired.
    8. Staff are to be exposed to regular training programmes to equip them relevant skills on the job for efficient performance of their duties.
    9. Processes payment of advance, imprest and deposits.
    10. Make entries into subsidiary accounts.
    11. Draws up and update subsidiary accounts.
    12. Reconcile subsidiary accounts with the control balances in the general ledger.
    13. Ensure retirement f outstanding advances and imprest accounts.
    14. Ensure proper classification of advances. Payment vouchers and retirement of same advances in accordance with NCOA.
    15. Receive journal vouchers from all sources.
    16. Post all journals vouchers into the general ledger.
    17. Balance the general ledger.
    18. Draws up monthly & cumulative trial balances.
    19. Prepares and present general purpose financial statements (GPFS) of the Centre and other disclosures.
    20. Ensure that all control accounts in the general ledger are reconciled with the schedules on a monthly basis, report on variances (if any) should be made on or before 7th of the next month.
    21. Prepare annual of the Centre together with GPFS of the ministry.
    22. Post books and record to generate fiscal report.
    23. Prepare monthly and annual operations report on recurrent revenue and expenditure.
    24. Prepare monthly and annual operations report on capital receipts and expenditure.
  • CENTRAL PAY OFFICE (CPO).
    1. Raise mandate (manual/electronic) on processed payment vouchers.
    2. Posts paid payment vouchers into relevant cash books.
    3. Raise monthly journals of each cash book and submit same to financial & fiscal reporting division or final accounts on or before 4th of the next month.
    4. Ensure safe custody of documents.
    5. Maintain mandate register for each cash book maintained.
    6. Reconcile mandate register with cash book on daily basis.
    7. Ensure that all staff in this unit are exposed to register training programs to equip them with the relevant skills for the efficient performance of their duties.
    8. Preparation of e-register for both overhead and capital payment.
    9. Respond to audit queries promptly and adequately.
    10. Liaises with other relevant departments for response and collates same for submissively to Public Accounts Committee (PAC) of the National Assembly (NASS) and treasury.
    11. Attends meetings of the PAC of the NASS, OAGF and relevant agencies of the government with the Accounting officer, Director Finance and Accounts and any the relevant officer.
    12. Ensure that all staff in their unit are exposed to regular training programs to equip them with relevant skills for efficient performance of their duty.
    13. Performs any senior duty assigned by the DFA.
  • FUNDS & REVENUE SECTION.
    1. Maintain a revenue cash book.
    2. Collect revenue due to the Centre.
    3. Obtain data & information of revenue receivable.
    4. Revise journal vouchers of revenue collected.
    5. Keep adequate records of revenue received and receivable by the Centre.
    6. Collect revenue due the Centre.
    7. Obtain data and information of revenue receivable.
    8. Sending of reminder notes to the debtors of revenue due but not yet paid.
    9. Monthly reconciliation of individual ledger accounts with each debtor.
    10. Prepare revenue budget.
    11. Ensure that approval rates are assigned to revenue sources.
    12. Documentation of all revenue sources accruing to the Centre.
    13. Prepares medium term revenue framework.
    14. Collects revenue budget.
    15. Issue debit notes for revenue done.
  • OTHER CHARGES SECTION
    1. Processing recurrent/capital payments.
    2. Maintain vote books for recurring and capital expenditures.
    3. Responsible for issuance of Authority to incur Expenditure (AIE) for recurrent/capital expenditures.
    4. Ensures that all staffs in this unit are exposed to regular training programs to equip them with relevant skills on the job for the effective performance of their duties.
    5. Ensure proper classification of all payment vouchers and journals in accordance with NCOA.
    6. Maintain contract ledger for each contractor.
    7. Maintain ledger accounts for retention fees, value added tax, withholding tax and stamp duty.
    8. Drafting of memo and documentation of staff.
  • IPPIS/SALARY SECTION.
    1. Preparation of salaries through the Integrated Personnel & payroll Information System (IPPIS).
    2. Enrollment of new officers.
    3. Capturing of new officers with the system.
    4. Ensuring effective variation control to explain differences of monthly salary payment.
    5. Payment of salaries arrears of newly recruited.
    6. Payment of arrears for promotion.
    7. Printing of pay slips.
    8. Perform any other duty that may be assigned.
  • VARIATION AND CHECKING UNIT
    1. Receiving payment vouchers from other charges and advance.
    2. Checking of all vouchers received in accordance with financial regulation and treasury circular.
    3. Ensuring all payment vouchers received are voted.
    4. Query of vouchers not properly raised by other charges and advance unit.
    5. Passing of PV checked to internal audit.
    6. Ensure all payment are approved by accounts officer.
  • BUDGET DIVISION
    • Collates revenue and capital budget of the centre.
    • Prepare medium term recurrent and capita framework
    • Prepare medium term strategy,
    • Liaises with budget office of the federation on recurrent and capital budget of the centre.
    • Prepares monthly recurrent and capital analysis report.
    • Advices on capital expenditure limits for vote controllers in accordance with the appropriation.
    • Ensures that staff in the division are exposed to regular training programmes to equip them with relevant skills for the efficient performance of their duties.
    • Ensuring proper preparations of budget report.
    • Ensuring proper maintenance of budget books and records.
    • Ensuring the preparation of medium term revenue framework.
PROGRAMMES CONDUCTED SINCE 2016 TO DATE
  1. National Training Programme on Application of Accrual IPSAS, IFRS, Electronic Accounting and Capacity Building. June 19-22, 2018.
  2. Basic Accounting Records and Documentation and Management Accounting for staff of Finance and Accounts Department, Audit and Store Unit. 2019.
  3. 2 Day National Learning and Development Programme on Accounting and Financial Reporting In Public Sector. Oct 26-27, 2021.
  4. Continues Capacity Building On IPSAS Implementation. July 2022.
  5. Capacity Building and Sensitization Workshop on Monitoring and Evaluation on enhancing the performance of project inspector. 15th Sept, 2022.
IMPACT MADE BY DEPARTMENT
  1. Educated and enlightened staff beneficiaries on the need to professionally maintain accounting records/documents.
  2. Made sure the Centre was IPSAS compliant.
  3. Enhancement of staff performance and higher productivity.
  4. Adequate improvement on project execution.
  5. Engendering uniformity and comparability of reports and information.
  6. Provided strategy for quality service delivery.
  7. Enhanced transparency and accountability.
  8. Disclosure of accurate and sufficient report and information.