Finance and Accounts
Maintain high ethical and professional competence as the custodians of Public Funds by ensuring Probity, Transparency, Integrity and Accountability in the Ministryâ€™s search for quality education for the nation.
To manage and control the Ministryâ€™s financial resources in accordance with the laid down rules and regulations, rendering both management and statutory accounting returns and installing a result-oriented and fraud-proof accounting system with constant focus on effective Service Delivery
- To install a sound financial system for a prudent management and control of Ministryâ€™s resources in order to promote probity, transparency and accountability.
- To provide management with periodic statutory financial statements for decision making.
- To continually improve on the Ministryâ€™s accounting system, motivate and develop professional human capacity buildingÂ ICT, for effective and efficient Service Delivery.
The department is structured into two Divisions each headed by a Deputy Director:-
- Accounts Division
- Budget Division
The Accounts division is headed by a Deputy Director who is responsible for implementation and review of adequate accounting system and Management of Funds allocated to the Ministry. He is in charge of all payments made within the Ministry and ensure prompt rendition of statutory accounting returns.
The Budget Division which is also headed by a Deputy Director is statutorily charged with the responsibility of co-coordinating the preparation of Annual Budget (i.e. Recurrent and Capital) proposals of the Ministry and its Parastatals.
Other functions include:
- Defence of the Ministryâ€™s recommended Budget from the FMF at the National Assembly in conjunction with other Departments.
- It is responsible for Budget implementation and monitoring.
- He also determines Budget Variances and reasons for their occurrence.
Divisions sub-divided into Branches / Sections, each headed by an Assistant Director/ Chief Accountant as appropriate:
- Recurrent Expenditure (Other Charges)
- Capital Expenditure Section
- Checking Section (Internal Control)
- Bank Reconciliation Section
- Final Accounts Section
- Central Pay Office
- Salaries Variation Section
- Audit Queries/ PAC/ Investigations Section
- Accounts Admin Section
- Advances/ Loans Section
- Funds Control Section
- Revenue Budget
- Recurrent Budget
- Capital Budget
Activities from January 2008 to Date
The Department prepared the 1st and 2nd quarter Recurrent Cash Flow for consideration and approval of the Funds Allocations and Budgetary Committee.
The Department successfully conducted the 4th quarter 2007 Monitoring of Revenue to schools and Parastatals under the Ministry. Plans are underway to embark on the 2008 monitoring exercise.
The Department successfully conducted a 1 day workshop on Effective Budget Implementation and the New Procurement Act for Heads of Tertiary Institutions and Parastatals as well as Directors of Physical Planing and Bursars. It has also concluded plans to run the same for Principals and Bursars of the 102 Unity Colleges.
The Department is currently working in collaboration with the PPM&R Department and the Budget Office of the Federation on the Ministryâ€™s 2009- 2011 Medium Term Sector Strategy (MTSS) as a prelude to the 2009 budget exercise.
The Department has issued the year 2009, Internal Budget Call Circular to the Departments, Institutions and Prostates under the Ministry, for pre-budget discussion between 11th â€“ 22nd August, 2008.
2008 Appropriation of Releases
The total Appropriation for the Education Sector in 2008 is N220,974,830,792.00 representing N147,967,463,806.00 for Personnel Cost, N189,330,821,393.00 for Overhead Cost and N52,325,688,192.00 for Capital.
The Main Ministryâ€™s total allocation for the year is N7, 887,601,388.00 and the detail is as follows:
The sum of N2, 722,724,532.00 was proposed for the main Ministry and the same was approved by the National Assembly. Since the introduction of the Integrated Payroll and Personnel Information Systems (IPPIS), salaries and allowances have been paid directly into the Accounts of Officers.
The Ministry proposed the sum of N1,700,000,000.00 as its overhead cost for 2008 but only the sum of N890,000,000.00 was approved which is below what was approved in 2007. That is N814, 000,000.00 short of our requirement. The sum of N832, 500,000.00 has so far been released to the Ministry for 1st, 2nd and 3rd quarters 2008.
While the Ministry proposed N5, 368,076,856.00 the National Assembly approved N4, 274,876,856.00, 75% of the appropriated sum has been released to the Ministry.
Funds Management and Control
Ensuring prudent management and control of the Ministryâ€™s financial resources in order to promote probity, transparency and accountability.
Mr. Presidentâ€™s concern about management of public funds
â€œThe complexity which government business is expected to assume under this administration has made it necessary to take a closer look, once again, at the Financial Regulations by which government finance and accounting procedures are regulated.
Weekly Financial Statement
1. Statement of Financial Position (Recurrent)
2. Statement of Financial Position (Capital)
3. Statement of Liquidity Position (Capital)
Computerization of Ministryâ€™s Accounts
Computerisation of the Ministryâ€™s payroll system has been achieved vide IPPIS.
Auditor- Generalâ€™s Report and Public Accounts Committee
Ministerial Committee headed by PSE
Sub- Committee headed by D(PSE) has just been constituted to respond to Auditor â€“ Generals 2003- 2006 Audit Report
These reports are ready for deliberations and submission to the PAC.
Accounting for Unity Colleges and FIS
Bursary Departments in the 102 Unity Colleges and the (37 No.) FIS andÂ Zonal Offices headed by Journal accountants.