The Federal Government has approved the Financial Transparency Policy & Portal that requires the publication of Public Financial Information through the Open Treasury Portal in order to demonstrate transparency and accountability to the public and its cooperating partners.
This was unveiled during the launch of the Federal Government Transparency Policy/Open-Treasury Portal on Monday, 9th December, 2019, at the International Conference Centre (ICC), Abuja.
President Muhammadu Buhari, who was represented by Minister of State, Niger Delta Affairs, Senator. Omotayo Alasoadura, pledged to Nigerians that its administration will change the way we do business by improving revenue collections as well as spending through a better system.
The President in his address, said that the Accountant General of the Federation (AGF), and all Accounting Officers are required to publish daily reports of at least 10 Million Naira while all MDAs must publish payments of above 5 Million Naira made out of all public funds under their purview.
He further directed that all MDAs must publish monthly budget performance report, these reports must include performance of the budget by various dimensions including MDAs, functions and economic activities performed by all Federal Government Agencies, which according to Mr. President, must be ready within 7 days after the end of the month.
The President also reiterated that this monthly fiscal accounts detailing fiscal performance of the Federal Government must be done within 14 days after the end of the month. The AGF and all Accounting Officers of the MDAs must publish quarterly financial statements for government as a whole and for individual MDAs respectively which must be published quarterly.
He further stated that the AGF must publish Annual General Purpose Financial Statement, while all Public Sector Entities are required to publish their individual entities. These statement, he stated must be prepared following International Public Sector Accounting Standards and must be ready within a month.
Earlier in her address, the Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, said that the launch of this Financial Transparency Policy marks another milestone in the quest for this administration to promote the principles of accountability and transparency in the public financial management system which is in furtherance with what was done in 2012.
She recalled that at the inception of this administration, Mr. President had set out to achieve 3 fundamental goals such as Security of the Nation, the Fight against Corruption, and Improvement of the Economy.
She said the Policy and Portal launched are in furtherance of one of the objectives, which is the fight against corruption in conformity with global best practices and to build confidence of different economic actors in the governance of public affairs by both elected and appointed public officials.
The Accountant General of the Federation, Mr Ahmed Idris, during his vote of thanks, assured Nigerians that the Treasury Policy is well positioned to implement the newly launched Financial Transparency Policy Portal, through the Open Treasury Portal – www.opentreasury.gov.ng which is in line with the uncommon commitment of this administration in promoting the economic well-being of our great nation.
This platform he said, would boost the Public Sector Financial Reforms and that no stone will be left unturned in executing the directives of Mr. President.
HEAD (Press & PR)