FINANCE AND SUPPLIES DEPARTMENT
Functions of the department include:
- Budgeting : Collation, Submission and Co-ordination of “Defence” of Annual Estimates for the Commission and the 21 FCEs.
- Accounting & Transaction Processing: Accurately record the financial consequences of the Commission’s activities, and settlement of financial transactions/cash obligations arising from such activities.
- 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.
- Financial Control: Ensure adequate supervision of the disbursement of funds and proper monitoring and accounting for revenue.
- Advisory Role: Advice the Accounting Officer on all financial matters as well as the technical provisions of financial regulations and other treasury circulars.
- 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.
- 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.
- Audit Query: Ensuring the Existence of an effective audit query unit/section to promptly deal with all queries that may arise.
- Financial Monitoring Activities: Conducting Statutory Financial Monitoring Exercise of all Federal Colleges of Education in Nigeria.
- Prompt Rendition of Returns: Ensuring Prompt rendition of all returns to statutory agencies.
- 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.
- 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
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