President Muhammed Buhari has approved the Financial Transparency Policy, which mandates the publication of Public Financial Information through an Open Treasury Portal, in line with the Nigeria Government’s determination to enthrone transparency and accountability in public financial management.

According to the Presidency, the Transparency Policy mandates the Accountant General of the Federation (AGF), and all Nigerian Government accounting Officers to publish daily reports of payments of least 10 Million Naira, while all MDAs must publish payments above 5 Million Naira of all public funds under their purview, Irukka news reports.

The Policy also directs that all Nigeria Government’s MDAs must publish:

Monthly Budget Performance Reports, which must be ready within 7 days after the end of each month.

Monthly Fiscal Accounts detailing Fiscal Performance of Nigeria Government within 14 days after the end of each month.

The Policy also requires the Accountant General of the Federation (AGF) and all Accounting Officers of MDAs to publish Quarterly Financial Statements for Nigeria Government as a whole and for individual MDAs respectively.

The Policy requires the AGF to publish Annual General Purpose Financial Statement, while all Public Sector Entities are required to publish for their individual entities.

These statements must be prepared following the International Public Sector Accounting Standards (IPSAS).

Read more on http://irukkanews.com/index.php/2019/12/10/president-buhari-approves-the-financial-transparency-policy/

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