Buhari inaugurates Treasury Portal to allows Nigerians monitor government spending

...…Gives MDAs 3months compliance deadline

The Nigerian Government has inaugurated the Open Treasury Portal with the hope of making public the daily treasury statement on how monies that come into government coffer are spent.

Ministries, departments and agencies are now expected to publish on daily basis, reports of payments above N5m, monthly budget performance and sundry other official financial dealings.

In series of posts on Twitter on Monday, Executive Secretary, Nigeria Extractive Industries Transparency Initiative, Mr Waziri Adio, made the disclosure.

Ministries, departments and agencies are now expected to publish on daily basis, reports of payments above N5m, monthly budget performance and sundry other official financial dealings.

Adio in his Twitter post, said, “With the launch of the Open Treasury Portal today by President Muhammadu Buhari, all MDAs are to publish the following: daily reports of payments from N5m; monthly budget performance; quarterly financial statements; and annual financial statements prepared in compliance with IPSAS.

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“All the reports are to be published within stipulated deadlines on this portal: http://opentreasury.gov.ng. The portal will be open to and can be accessed by all.”

Speaking further, he said that the Accountant-General of the Federation will also publish on a daily basis inflows and outflows into the treasury.

She added that full implementation of the programme by all the MDAs is expected latest by the end of three months.

The Minister said that Nigerians  should not only use the information provided by the portal to discuss governance but also use it to fight corruption.

The Open Treasury Portal is an initiative of the Office of the Accountant General of Nigeria.

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 International Public Sector Accounting Standards (IPSAS).

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

The Policy also directs that all  federal government’s  MDAs must publish: —Monthly Budget Performance Reports, which must be ready within 7 days after the end of each month. It also requires publication of the Monthly Fiscal Accounts detailing Fiscal Performance of the federal government within 14 days after the end of each month.