The Department of Finance and Accounts is responsible for ensuring sound Accounting System and Control of the Ministry’s financial resources in order to promote transparency, probity and accountability. The Department is headed by a Director and has three divisions, namely:

• Financial and Fiscal Reporting
• Expenditure and Revenue
• Budget

Functions of the Finance & Accounts Department
The functions of the Finance and Accounts Department in the Ministry include the followings:

1. Ensuring that proper Budgeting and Accounting system are put in place to enhance internal control, accountability and transparency.
2. Ensuring that effective and prudent fund management controls are put in place to safeguard wastage and prevent fraud.
3. Ensuring effective internal revenue generation
4. Rendering periodic management and statutory reports to management and the Accountant-General of the Federation.
5. Maintenance of Government Assets records for preparation of Financial Statements.
6. Responsible for Audit Queries and Public Accounts committee matters
7. Serves as the Secretariat of the Funds Allocation Committee and the Annual budget meeting and its defence before the committees’ on Niger Delta Affairs at the National Assembly.
8. Advising the Accounting Officer and Honourable Ministers on Financial matters.
9. Liaising with Regulatory Authorities on Financial Matters.
10. Any other duties as may be assigned by the Accounting Officer

Revenue
The revenue collection and remittances in the Ministry is through Federal Government’s GIFMIS platform effective from 1st April, 2015. To this end, all payments due to the Federal Government or any of the Agencies are made into the Consolidated Revenue Fund (CRF) of the TSA; or designated Accounts in the CBN through electronic channels using the CBN payment gateway (REMITA).

The revenue include Tender Fees, VAT, Withholding Tax and Stamp Duty deducted at source.