Fund Management

You are here

THE FUNDS MANAGEMENT DIRECTORATE.

The Funds Management Directorate is divided into two main departments namely, Finance and Accounts Department and the Rural Electrification Fund (REF) and Budget Department.

 

A.    FINANCE AND ACCOUNTS DEPARTMENT

The Finance and Accounts Department performs the following duties:

1.    Ensuring compliance with Financial Regulations and Accounting Code by all staff under his control and supervision.
2.    Promptly charge all disbursements under the proper heads and sub heads.
3.    Promptly prepare such financial statements as are required by law or by the Accountant General.
4.    Ensuring adequate supervision of disbursement of funds and proper monitoring and accounting for revenue.
5.    Advising the Accounting Officer on all financial matters as well as the more technical provision of these Regulations and other Treasury and Financial Circulars.
6.    Maintaining proper accounting records such as books of accounts Main and Subsidiary Ledgers.
7.    Report apparent defect in the procedure of revenue collection detected in the course of accounting duties.
8.    Ensuring prompt rendition of all returns e.g. Consolidated Accounts (monthly transcripts) Bank reconciliation statements, Revenue and Expenditure returns as prescribed in these Regulations.
9.    Exercise supervision over all officers entrusted with the receipt and expenditure of public money and take precaution by the maintenance of efficient checks against the occurrence of fraud, embezzlement or carelessness.
10.    See that all books are properly posted and kept up to date.
11.    Supervise the expenditure of government so that no payment is made without proper authority and call the attention of appropriate officer in writing where there is apparent abuse.
12.    Compiling and defending of the budget proposals and ensuring effective budgeting control by matching/comparing budgeted figures with actual expenditure or revenue as the case may be and advise the Accounting Officer appropriately.
13.    Produce when required by the Accountant General or his representative all securities and account books and vouchers in his charge.
14.    Liaising with the Accountant General from time to time when in doubt in the interpretation of the provisions of these Regulations and other Treasury Circulars or when confronted with difficulties in the performance of its duties.
15.    Ensuring the existence of an effective Audit Query Unit/Section to promptly dealing with all queries from Internal Audit Unit, Inspectorate Department, Office of the Accountant General, Office of the Auditor General and Public Accounts Committee.
16.    Ensuring that all staff under its control are exposed to regular training programme to prepare them for efficient performance of their duties.
17.    Within twenty one days reply formal queries or any other enquiries addressed to the office by the Accountant General and Auditor General giving full particulars or information required.

B.    REF AND BUDGET DEPARTMENT

The REF and Budget Department carries out the following activities among others:

Budget and Budgeting.

(i)    Preparation of the annual budget estimates of the Agency (i.e. Personnel, Overhead and Capital estimates) strictly in accordance with the templates handed over by the Budget Office of the Federation (BOF) through the supervising Ministry i.e. Ministry of Power.
(ii)    Ensuring that the budget estimates prepared in (i) above are delivered to the supervising Ministry for onward transmission to the BOF.
(iii)    Carrying out monthly, quarterly and bi-annual budget monitoring and evaluation and submitting of report to the management of the Agency for their information and records.
(iv)    Carrying out variance analysis and ensuring that the reasons for the variances are identified and brought to the attention of the management for further necessary action.
(v)    Submitting of the appropriate reports on the activities of the Department to the appropriate Directorate/department for the preparation of the Agency’s annual report

 

Rural Electrification Fund (REF).

(i)    Ensuring that the Rural Electrification Fund (REF), which was established by virtue of Section 88 Sub-section II of the EPSR Act of 2015, remains an essential catalyst for the development of rural electrification activities in the country, by way of promoting, supporting and providing rural electrification programmes through Public Private Partnership (PPP) in order to:

(a)    Achieve more equitable regional access to electricity
(b)    Maximize the economic, social and environmental benefits of rural electrification subsidies
(c)    Promote expansion of the grid and development of the off-grid electrification
(d)    Stimulate innovative approach to rural electrification provided that no part of the country is marginalized
(ii)    Ensuring that the sources of funds for the REF as outlined under Section 88 Sub-section II of the EPSR Act 2005 are appropriately exploited so as to increase the size of the fund, which is currently stands at about N2billion.
(iii)    Ensuring that the sum of N2billion currently in the REF kitty are appropriately invested in gilt edged securities so as to earn the required returns while the other sources referred to in (II) above are fully exploited.
(IV)    Ensuring that the modalities for investment in the REF under the Rural Electrification (RE) objects as highlighted below are strictly adhered to;

(a)    Investments in RE projects are to be under a PPP arrangement  
(b)    The projects to invest in should show the extent to which the proposed activity can demonstrate technical, economic and financial viability for a sustained period.
(c)    The extend for which the proposed activity demonstrate support for rural development, taking into relevance the priorities of the communities
(d)    The level of community and investor commitment to the proposed activity
(V)    Ensuring that the following are carried out under the RE schemes:
(a)    Developing the criteria for project evaluation
(b)    Developing the scoring/ranking system for evaluation of RE applications
(c)    Developing RE application forms, conditions and procedures
(d)    Processing of all RE applications and making appropriate recommendations to management for approval while taking into consideration the following:

1.    Verify that the grant application fulfill the formal requirements imposed by the instructions for the application.
2.    Verify that the basic eligibility criteria for projects are fulfilled.
3.     Check the investment cost figures against benchmarking figures.
4.    Calculate the subsidy entitlement for the projects

(e)    Setting up the appropriate subsidy level for qualified RE schemes.

(VI)    Monitoring and evaluation of REF funded projects
(VII)    Compilation and submission of relevant data on REF funded projects to the REA Promotions Directorate as may be required by them.