In a fresh initiative to enthrone greater transparency in government business, president Muhammadu Buhari Monday directed the office of the accountant general of the federation (OAGF) to publish daily financial statements of federal government transactions.
The directive followed the launch of a new financial transparency policy/open treasury portal designed to give the citizenry access to information on fiduciary matters, improve accountability and transparency in public financial management.
The policy/portal, which was launched in Abuja by the president, compels daily statements from the Office of the Accountant General of the Federation (OAGF) giving summary flows in and out of the treasury with a breakdown of agencies responsible.
- Our inflation is in excess of 20%, not 13%, says Okwudili Ijezie,…
- Cross River begins performance review of top 50 revenue generating MDAs
- AfDB appoints Fal director general, president's cabinet office
- Stakeholders say financial literacy can help bridge gaps in capital…
- Delta contests Financial Derivatives’ ‘fairly miserable state’ assessment
Buhari, who was represented at the launch by Tayo Alasoadura, the minister of state for Niger Delta affairs, directed the accountant general of the federation (AGF), Ahmed Idris, to henceforth ensure the publication of daily inflows and outflows of MDAs.
His administration, he stated, “has committed to full implementation of the Freedom of Information Act 2014 so that government-held-data-sets can be availed and used by the media and the public at large. All MDAs are required to promptly respond to additional requests for information beyond what is published.
“With these reports, the Treasury will publish payments of at least 10 million naira while all MDAS must publish payments above 5 million naira made out of all public funds under their purview”.
According to Buhari, the information “must include the MDA responsible, the beneficiary, the purpose and amount of each payment,” adding that “accounting officers are responsible for providing answers to any questions from the public relating to transactions completed by entities under their charge.”
The president added that all MDAs must publish monthly budget performance reports.
These reports, he noted, must include performance of the budget by various dimensions, including MDAs, functions and economic activities performed by all federal government agencies.
These reports, he stressed, must be ready within seven days after the end of the month.
The president also directed the AGF to “publish monthly Fiscal Accounts detailing fiscal performance of the federation including receipts from all the collection agencies and payments out of the Federation Account.
This must be done within 14 days after the end of the month, he stressed.
Buhari equally directed that the AGF and all accounting officers of MDAs “must publish quarterly financial statements for government as a whole and for individual MDAs respectively.
Frontpage November 14, 2018