Administration and SuppliesMarch 19, 2019
The Accounts Department was carved out of the Finance and Administration Department as the Department of Finance and Supplies in 2014 in line with the bifurcation policy of the Federal Government. It later metamorphosed into the Department of Accounts.
The Accounts department was specifically created to strengthen the accounting and financial services of the Commission in line with global best practices. For effective delivery of its functions, the department consists of the following sections.
- Revenue Section
- Salary Section
- Other Charges Capital Section
- Other Charges Recurrent Section
- Expenditure/ Budgetary Control Section
- Final Accounts Section
- Project Financial Management Section, and;
- The Cash Office.
DUTIES AND FUNCTIONS OF THE DEPARMENT
- The Accounts Department is responsible for the receipt custody, disbursement and accounting for all monies received and expended by the Commission
- To keep the financial records of the Commission
- To process all payments of the Commission as approved
- To coordinate the revenue process of the Commission ( 40% of 13% Oil Derivation Fund)
- To render monthly, quarterly and annual financial reports through the preparations of financial statement
- To handle investment proposals of the Commission through cost benefit analysis.
- Advising the Commission on all financial matters as well as the more technical provisions of the financial regulations and other treasury and finance circulars.
- Ensuring compliance with the financial regulations, other extant circulars and the accounting code by all staff involved in financial matters in the Commission
- Ensuring adequate supervision of the disbursement of funds and proper monitoring and accounting for revenue.
- Maintaining proper accounting records such as books of accounts, main and subsidiary ledgers.
- Preparation and defense of the budget proposals and ensuring effective budget control by matching or comparing budgeted figures with actual expenditure or revenue as the case may be and advising the Commission appropriately
- Ensuring prompt rendition of all returns e.g consolidated Accounts (monthly transcripts), Bank reconciliation statements, Revenue and Expenditure returns as prescribed in the extant regulations