Mr. Ogunsanya Semiu Afolarin
Head, Finance and Accounts
INTRODUCTION
The Finance and Accounts Department is one of the service departments in the Council. It is charged with the responsibility of managing the finances of the Council and reports its activities to the Chief Accounting officer and all supervisory agencies of the Federal Government such as the Office of the Accountant General of the Federation, the Office of the Auditor General for the Federation and, the federal Ministry of Finance, among others.
MANDATES / FUNCTIONS / ACTIVITIES
The Department plans the budget of the Council by the preparation of estimates for submission to the National Assembly as required by the Constitution of the Federal Republic of Nigeria 1990. The estimates comprise of expected revenue and projected expenditure for the year.
The Department exercises financial advisory role to guide the management on matters of prudence and Value-for-money in decision making.
STRUCTURE (DEPARTMENT/UNITS)
In order to discharge its duties efficiently and transparently, the Department has three (3) divisions namely Budget and Expenditure Control Division (BECD), Funds Management Division (FMD) and, Financial Accounting Division (FAD).
ACHIEVEMENTS
- The Department ensures that the Council fully complies with the Fiscal Responsibility Act through the preparation of Medium Term Expenditure Framework (MTEF) and submission of estimates for inclusion in the Federal Government Annual Budget.
- The Department has ensured that the Council complied with operation of Treasury Single Account (TSA) since its full introduction in September, 2015. The Council currently operates a project account at the CBN for counterpart funding projects.
- The Department processes the Council payroll with domesticated accounting software developed by the Library and Informatic Centre of the Council. The Department is also in the process of integrating the Final Accounts and other division to the software to ensure efficiency and prompt access to financial information.
- The year 2015 Audited Account of the Council was prepared in compliance with the provision of International Public Sector Accounting Standards (IPSAS). The year 2016 Accounts will also be prepared in line with IPSAS when completed.
