TheCable

The federal government has directed that all ministries, departments and agencies (MDAs) must publish the summary of their financial inflows and outflows every day.

President Muhammadu Buhari gave the directive on Monday at the launch of the Financial Transparency Policy and Implementation Guidelines in Abuja.

Tayo Alasoadura, the minister of state for Niger Delta, represented the president at the event.

Government agencies were also directed to publish reports of all payments above N10 million.

Alasoadura said the directives are part of efforts to encourage transparency and accountability in public finance.

“The government has committed to full implementation of the Freedom of Information Act 2014 so that government-held datasets 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 accountant-general of the federation must also publish quarterly financial statements for the government as a whole and for individuals within a month after the end of the quarter.