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FINANCE AND SUPPLIES DEPARTMENT

Functions of the department include:

  1. Budgeting : Collation, Submission and Co-ordination of “Defence” of Annual Estimates for the Commission and the 21 FCEs.
  2. Accounting & Transaction Processing: Accurately record the financial consequences of the Commission’s activities, and settlement of financial transactions/cash obligations arising from such activities.
  3. Reporting : The use of aggregated financial transactions of the Commission together with any required accounting adjustments, to produce Basic/Statutory Financial Statements and Balance Sheet.
  4. Financial Control: Ensure adequate supervision of the disbursement of funds and proper monitoring and accounting for revenue.
  5. Advisory Role: Advice the Accounting Officer on all financial matters as well as the technical provisions of financial regulations and other treasury circulars.
  6. Compliance: Ensure compliance with the stipulated financial requirements of Government and other Regulatory Agencies as regards the collection, custody, recording and disbursement of public funds.
  7. Funding: Engage relevant agencies of Government and donor/partner agencies to obtain and maintain the necessary financial resources for the attainment of the CORE mandates of the Commission.
  8. Audit Query: Ensuring the Existence of an effective audit query unit/section to promptly deal with all queries that may arise.
  9. Financial Monitoring Activities: Conducting Statutory Financial Monitoring Exercise of all Federal Colleges of Education in Nigeria.
  10. Prompt Rendition of Returns: Ensuring Prompt rendition of all returns to statutory agencies.
  11. Liaising with OAGF: Liaising with the Accountant General from time to time when in doubt in the interpretations of provisions of financial regulations and other treasury circulars.
  12. Interface with Relevant Agencies: The department on behalf of the Commission also interacts with the following Ministries and Agencies where necessary;
    - Office of the Auditor General for the Federation
    - Federal Inland Revenue Service
    - Office of the Accountant General of the Federation
    - Federal Ministry of Finance
    - The Central Bank of Nigeria
    - Tertiary Education Trust Fund
    - Salaries and Wages Commission
    - Federal Ministry of Education
    - International Development Partners
    - Remita

    Structure of the Department

    The Department is made up of five (5) Divisions:
    1. Budget Unit
    2. Fund Management and Control Unit
    3. Final Account Unit.
    4. Salaries and Pension Unit
    5. Central Stores Unit



 
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