FINANCIAL RESPONSIBILITIES OF FINANCE OFFICERS OF GOVERNMENT

INTRODUCTION Government Officials who are saddled with the responsibility of managing government funds and property can be grouped into two categories;

(1) The officials who have attained positions by way of experience, hard work, efficiency. 

include the Accountant-General of the Federation, AuditorGeneral for the Federation, Accounting Officers, Sub-accounting Officers, Federal Pay Officers, Revenue Collectors and Local Government Secretary.

(2) The officials who occupy positions by way of political dispensations. 

include Federal Minister of Finance, State Commissioner for Finance, a Local Government Chairman and Councilors.

ACCOUNTING OFFICER 

means the Head of a Ministry/Extra Ministerial Department or whoever is empowered to manage the affairs of a government enterprise.

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is responsible for all receipts and payments of public money in his Department or Ministry.

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is saddled with the responsibility of reporting on the financial activities of his Ministry or Department.

FUNCTIONS OF AN ACCOUNTING OFFICER 

To establish and manage an effective, efficiently run and resultoriented Internal Control Department in his Ministry.

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To ensure that proper books of accounts and system as specified by the

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Minister of Finance, are kept.

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To ensure that all revenue accruable to his Ministry are collected and accounted for as and when due.

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To ensure that there is provision for effective security system over all

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government funds.

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To install adequate preventive measures against frauds and misappropriation of funds.

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To ensure that only trustworthy, dedicated and reputable officers are entrusted with government funds.

FUNCTIONS OF AN ACCOUNTING OFFICER (Con’t;) 

To ensure that all payments are backed up with proper authority and that only services and goods provided are paid for.

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To make available all the cash, stamps, bank statements etc. in his Auditor-General for, the Federation.

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To ensure that financial statements statutorily required are prepared without delay.

ACCOUNTANT-GENERAL OF THE FEDERATION 

defines the Accountant-General of the Federation as “The Chief Accounting Officer of the receipts and payments of the government of the Federation.

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is saddled with the responsibility of general control, custody and supervision of all ministries and departments within the Federation.

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is responsible for the preparation of the annual financial statements of accounts of the Nation as may be required by the Minister of Finance.

POWERS OF THE ACCOUNTANT-GENERAL OF THE FEDERATION 

has power of unlimited access to all financial documents and records of every Ministry or Department at all times.

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can carry out any special investigation, when the need arises, in any Ministry or Department.

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has power to demand for and obtain any information and explanation required to carry out his duties.

FUNCTIONS OF THE ACCOUNTANTGENERAL OF THE FEDERATION 

serve as the Chief Accounting Officer for the receipts and payments of the government of the federation;

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supervise the accounts of federal ministries, extra-ministerial offices and other arms of government;

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collate, prepare and publish statutory financial statements of the federal government and any other statements of accounts required by the Minister of Finance;

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manage federal government Investments;

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maintain and operate the accounts of the Consolidated Revenue Fund, Development Fund, Contingencies Fund and other Public Funds and provide cash backing for the operations of the Federal Government;

FUNCTIONS OF THE ACCOUNTANTGENERAL OF THE FEDERATION (Con’t;) 

maintain and operate the Federation Account;

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establish and supervise Federal Pay Offices in each state capital of the federation;

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conduct routine and in-depth inspection of the books of accounts of federal ministries, extra-ministerial offices and other arms of government to ensure compliance with rules, regulations and policy decisions of the federal government;

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approve and ensure compliance with accounting codes, internal audit guides and stock verification manuals of federal ministries, Extra-ministerial offices and other arms of government.

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investigate cases of fraud, loss of funds, assets and store items and other financial malpractices in ministries/extra-ministerial offices and other arms of government;

AUDITOR-GENERAL FOR THE FEDERATION 

is the officer responsible under the 1999 Constitution of the Federation, for the audit and reports on the public accounts of the Federation

At the end of the audit, he is expected to write a report, stating whether in his opinion: 

The accounts have been properly kept.

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All public funds have been fully accounted for, and the rules and procedures applied are sufficient to secure effective check on the assessment, collection and proper allocation of revenue.

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Monies have been expended for the purposes for which they were appropriated and the expenditure have been made as authorized.

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Essential records are maintained, and the rules and procedures applied are sufficient to safeguard public property and funds.

APPOINTMENT AND REMOVAL OF AUDITOR- GENERAL FOR THE FEDERATION 

appointed by Mr. President, subject to confirmation by the National Assembly;

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the above appointment is based on the recommendation of the Federal Civil Service Commission;

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once appointed, he/she cannot be removed from office, except where he/she can no longer perform the functions of the office due to ill-health, death, gross misconduct or where the terms of his/her office has expired (if he/she has served for 35 years or has attained the age of 60 years, whichever is earlier).

POWERS OF THE AUDITOR-GENERAL FOR THE FEDERATION 

Power of access to books and records of all Ministries and Extra-Ministerial Departments, at reasonable times.

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Power to request for information and explanation necessary for his duties.

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Power to carry out special/ad-hoc investigations in any Ministry and Extra-Ministerial Department.

THE SUB-ACCOUNTING OFFICER 

is an officer entrusted with the receipts, custody and disbursements of public funds.

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is required to maintain a recognized cashbook together with such other books of accounts as may be required by the Accountant-General.

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presented the transactions recorded in his cash book are included in the financial statements

FUNCTIONS OF SUB-ACCOUNTING OFFICER 

Maintenance of the main cashbooks.

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ii. To charge into his accounts under proper heads and subheads, all payments of cash and expenditure commitments immediately such are effected.

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iii. To check all cash, stamp, paper money and investment records in his care for verification of the balances with cash register and other registers.

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iv. To recognize any excess cash discovered apart from the balance in the cash register, as revenue.

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v. To check all cash and stamps in his care, so as to reconcile the amounts with the cash book and stamp register balances.

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vi. Supervision of officers under his purview and who are entrusted with the receipts and expenditure of public money and introducing into place anti-fraud measures.

REVENUE COLLECTOR 

is an officer who is saddled with the responsibility of collecting some specified forms of revenue on behalf of the Government.

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should maintain a recognized revenue cashbook.

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will prepare a code of instructions of the procedures to be followed, to ensure prompt and up-to-date collection of government revenue.

FUNCTIONS OF A REVENUE COLLECTOR 

to exercise total authority over the receipt of all revenue accruable to Government and ensure prompt, accurate and upto-date collection.

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to classify all his collections under proper heads and sub-heads of all revenue.

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to safeguard all public funds, securities and paper money entrusted to him.

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should check all cash in his care and reconcile same with the balance in the cash register.

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should promptly report any anomaly discovered by way of fraud or mis-appropriation of government money in his care, to a superior officer.

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should ensure that adequate, up-to-date, accurate and reliable accounting records are kept.

FUNCTIONS OF A REVENUE COLLECTOR (Con’t;) 

should ensure that the cash limit balance that should be in his possession is not exceeded.

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to report to his superior officer any loophole that may be exploited by subordinate officers in the modalities employed in the collection of government revenue.

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is responsible for the disclosure of all cash, stamps, paper moneys, securities, e.t.c, and balances in his custody when Board of Survey is raised by the Accountant-General.

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should display effective supervision of the officers under his authority to ensure prompt and accurate collection of revenue.

THE DIRECTOR OF BUDGET 

is the officer responsible for the administration of the Department of Budget and Planning.

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The department is sub-divided into four units namely:Fiscal, Revenue, Expenditure, and Budget remitting and Evaluation. Each unit plays a separate role different from others.

FUNCTIONS OF THE DIRECTOR OF BUDGET 

Monitoring of revenue generation and collection by the agencies of government.

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Revenue estimation and publication in the budget book.

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Comparing of actual revenue received from oil and non-oil sectors with the estimated figure.

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Estimating revenue from Joint Venture operations in relation to oil explorations, production and personnel administration.

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Implementing the budget through the issuance of Authority to Incur

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Expenditure papers or Warrants, for both capital and recurrent expenditure.

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Assembling, collating and arranging all data, information and other necessary inputs required for budget preparation.

FUNCTIONS OF THE DIRECTOR OF BUDGET (Con’t;) 

Rendering reports on the performance of the yearly budget and assessing its impact on the economy.

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Collection and analysis of expenditure returns.

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Establishing and maintaining a data bank in the budget office.

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Monitoring and evaluating the performance of programmes funded through the budget.

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He is the liaison officer between the President, Ministries and Departments during budget preparation.

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Formulating fiscal, monetary and economic policies required to develop the economy.

THE MINISTER OF FINANCE  is

an officer on political appointment who has the responsibility for the control and management of public fund of the Federation.

FUNCTIONS OF THE MINISTER OF FINANCE 

is responsible for the preparation of annual estimates of revenue and expenditure of the Federal Government.

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is required to formulate all policies related to fiscal and monetary matters.

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is to ensure the mobilisation of both foreign and indigenous financial resources through external and internal financial institutions for development purposes.

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To ensure a favourable balance of payments position required to maintain adequate foreign exchange services.

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To stabilise the value of Nigerian currency both internally and externally.

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To supervise all matters in connection with the allocation of revenue to the three tiers of Federal, State and Local Governments.

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Relating with relevant International Organisations and Financial Institutions in order to accelerate development process of Nigerian Financial Institutions.

Thank You