President Muhammadu Buhari on Monday directed the Accountant General of the Federation, AGF, to publish all payments above N10 million to Ministries, Departments and Agencies, MDAs, as well as financial inflows and outflows of the federal government.
Mr Buhari who gave the directives at the official launch of the Financial Transparency Policy and Implementation Guidelines, said the daily treasury statements by the AGF will give the breakdown of all agencies responsible for each payment.
The president, represented by the Minister of State for Niger Delta, Tayo Alasoadura, said the directives are part of efforts to promote transparency and accountability in the management of public finance.
According to Mr Alasoadura, the daily payment reports will equally outline the MDAs, the beneficiary, purpose and amount of the payment, while MDAs must compulsorily publish payments above N5 million.
Besides, the OAGF and all MDAs are expected to, within seven days of the end of the month, publish monthly budget performance report, including their functions, and economic activities performed by them.
In addition, “all MDAS must publish Monthly Budget Performance Reports. These reports must include performance of the budget by various dimensions including MDAs, functions and economic activities performed by all Federal Government Agencies. These reports must be ready within seven (7) 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.”
The AGF and all Accounting Officers of MDAs Buhari said, “must publish Quarterly Financial Statements for government as a whole and for individual MDAS respectively. These must be published within a month after the end of the quarter.”
The AGF must also “publish Annual General Purpose Financial Statements while all public Sector entities are required to publish statements for their individual entities.
“These statements must be prepared following International Public Sector Accounting Standards and must be ready within a month after the end of the first quarter of the following year” the president ordered.