The Department of Finance and Accounts is responsible for a sound accounting system and control of Ministry’s resources in order to promote transparency and accountability. It is headed by a Director with a staff strength of 104 officers.
It also has three Divisions, namely:
(i) Accounts Division:
(ii) Finance Division; and
(iii) Budget Division.
Functions of the Department
The functions of the Finance and Accounts Department include the following:
(i) Advising the Accounting Officer and Honourable Ministers on financial matters;
(ii) Ensuring that proper budgetary and accounting system are in place to enhance internal control, accountability and transparency;
(iii) Ensuring that effective and prudent fund management controls are put in place to prevent fraud and wastage;
(iv) Ensuring effective internal revenue generation and remittance to Consolidated Revenue Fund;
(v) Rendering periodic management and statutory reports to Management and the Accountant-General of the Federation;
(vi) Responsible for audit queries and Public Accounts Committee matters; and
(vii) Serving as the Secretariat of the Ministerial Funds Allocation Committee.
The Overhead, Personnel Cost and Capital Accounts, now operated under the Government Integrated Finance and Management Information System (GIFMIS), are centrally controlled by Central Bank of Nigeria (CBN). In addition, the Ministry maintains a special account in the CBN for disbursement of African Development Bank (AfDB) loan.