FG Directs MDAs to Publish Daily Financial Transactions

By Adedapo Adesanya

The federal Ggvernment, in line with establishing a transparent and accountable structure, has directed all Ministries, Departments, and Agencies (MDAs) to publish a daily summary of their financial inflows and outflows.

This order was given by President Muhammadu Buhari, through the Minister of State for Niger Delta, Mr Tayo Alasoadura, at the launch of the Financial Transparency Policy and Implementation Guidelines on Monday.

In addition to publishing the summary, the directive also ordered that reports of all payment above the N10 million mark should be published as part of the Buhari-led administration to encourage transparency and accountability in public finance.

According to the Minister, “The government has committed to full implementation of the Freedom of Information Act 2014 so that government-held data sets can be availed and used by the media and the public at large.

“All MDAs are required to promptly respond to additional requests for information beyond what is published,” he said.

“With these reports, the treasury will publish payments of at least N10 million while all MDAS must publish payments above N5 million made out of all public funds under their purview.

“The reports must include the MDA responsible, the beneficiary, the purpose and amount of each payment. Accounting Officers are responsible for providing answers to any questions from the public relating to transactions completed by entities under their charge.

“All MDAS must publish monthly budget performance reports. These reports must include the performance of the budget by various dimensions including MDAs, functions and economic activities performed by all federal government agencies. These reports must be ready within seven days after the end of the month,” the Minister added.

The directive also stated that the Accountant-General of the Federation must publish quarterly financial statements for the government as a whole and for individuals within a month after the end of the quarter.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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