Finance and Accounts Department

The Finance and Accounts Department is statutorily empowered by the Constitution of the Federal Republic of Nigeria, 1999 and the Financial Regulations as revised up to 1st January, 2000 to manage the finances of the Ministry and maintain accurate accounting records. The Department is subdivided into two Divisions namely Finance & Accounts and Budget Division.

FUNCTIONS

  • Manages Receipts and disbursement of funds.

  • Maintains the Ministry’s book of accounts and official bank accounts.

  • Co-coordinates and respondes to Federal Audit queries and representing the Ministry at the Public Accounts Committees (PAC) of the National Assembly.

  • Provides Financial Management advice to the Management.

  • Articulate Public Expenditure, Plans and controls for optimal utilization of fund available to the ministry.

  • Maintenance of sound financial records and issues reports thereof as appropriate and timely.

  • Prepares ministry’s annual budget and implementations of appropriation Acts.

  • Coordinates the activities of the Banking and Financial Institutions in the Country.

  • Handles Foreign Exchange and Trade Relations Policy matters.

  • Represents the Ministry on the Boards/Governing Councils of Financial Institutions and on the Financial/Trade Related Committees. Handles matters relating to Destination Inspection of all imported goods and pre-shipment inspection of goods (Oil & non-oil).

SERVICES RENDERED

Statutorily, the Department functions though laid down guidelines and some of the services rendered include:

  • Co-ordinates and align the operations of Banking and Financial Institutions in line with Federal Government Polices;

  • Regulates Capital Market matters.

  • Involved in trade relations, Administration of the Comprehensive Import  Supervision Scheme (CISS) as well as the Nigerian Export Supervision Scheme (NESS)

  • Manages corporate entities to whom the Government has financial interest.

  • Manages the Secretariat of the Federation Allocation committee (FAAC).