President orders AGF, MDAs to publish daily expenditure of N10 million, N5 million
President Muhammadu Buhari has ordered the Accountant General of the Federation (AGF), Ahmed Idris, and all accounting officers to publish daily payments of N10 million while the ministries, departments and agencies (MDAs) must document any expenditure above N5 million.
He gave the order yesterday while unveiling the Federal Government Transparency Policy/Open-Treasury portal in Abuja.
Buhari, who was represented by the Minister of State for Niger Delta Affairs, Senator Omotayo Alasoadura, further directed that all MDAs must publish monthly Budget Performance Report.
These reports he said, “must include performance of the budget by various dimensions, including MDAs, functions and economic activities performed by all Federal Government agencies.”
According to the president, the documents must be ready within seven days from the end of the month.”
Buhari also reiterated that the monthly fiscal accounts detailing fiscal performance of the Federal Government must be done within 14 days from the end of every month.
The AGF and all accounting officers must also publish their quarterly financial statements.
He further stated that the AGF must publish the Annual General Purpose Financial Statement, while all public sector entities are to publish their individual entities.
These statements, the president asserted, must be prepared in line with the International Public Sector Accounting Standards and be ready within a month.
Buhari restated that his administration “will change the way we do business by improving revenue collections as well as spending through a better system.”
Earlier, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said 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 the current administration, the president had set out to “achieve three fundamental goals namely the security of the nation, the fight against corruption and improvement of the economy.”
Idris, on his part, assured Nigerians that the treasury policy was well positioned to implement the initiative.