NSIWC

Finance & Accounts

NSIWC With Equity – Efficiency – Opportunity

NSIWC

Welcome to Finance & Accounts Department

OGODO, Chinasa
Head of Department

The Department is responsible for the custody of receipt, disbursement, and accounting for all monies received and expended by the Commission.

The main functions of the Department among others can be summarized as in the following:

  • advising the Accounting Officer on all financial matters as well as the more technical provisions of the financial regulations and other treasury and finance circulars.
  • ensuring compliance with the financial regulations, other extant circulars, and the accounting code by all staff involved in financial matters in the Commission
  • ensuring adequate supervision of the disbursement of funds and proper monitoring and accounting for revenue.
  • maintaining proper accounting records such as books of accounts, main and subsidiary ledgers.
  • preparation and defense of the budget proposals and ensuring effective budget control by matching or comparing budgeted figures with actual expenditure or revenue as the case may be and advising the Accounting Officer appropriately
  • ensuring prompt rendition of all returns e.g consolidated Accounts (monthly transcripts), Bank reconciliation statements, Revenue and Expenditure returns as prescribed in the extant regulations

The Department comprises of two Divisions namely:

  • Finance Division and
  • Budget Division.

The Finance Division comprises of the Funds Section. The Division among others handles the preparation of the Commission’s Capital and Recurrent Budget. It also handles the issuing of AIEs following the release of cash backing of expenditure warrants etc.

The Budget Division maintains the books of accounts and records and prepares statutory returns for the rendition of accounts for the funds expended by the Commission. Such returns include but not limited to expenditure returns, transcripts of accounts and bank reconciliation statements, etc. The Accounts Division comprises the Central Pay Office (CPO), Other Charges, Salaries, Final Accounts, Advances, Checking, Bank Reconciliation, and Pension Accounts Sections all co-ordinated by the Chief Accountant.

Some activities performed by the sections in the department include:
Budget Section:
  • Collects and collates estimates from all departments of the Commission; Capital and Recurrent;
  • Prepares the Commission’s annual Capital and Recurrent budget;
  • Liaises with the Federal Ministry of Finance for the purpose of budget implementation and release of funds;
  • Monitors the performance of the Commission’s budget to ensure that the pattern of spending conforms to the Appropriation Act by way preparation of budget implementation report
Other Charges section:
This section controls the Overhead and Capital vote books of the Commission.
  • Prepares weekly balances of various accounts subheads;
  • Ensures that appropriate liabilities are taken for contract awards;
  • Raises payment vouchers for the payment of claims of staff of the Commission, Contractors; individuals, firms, Corporate Organizations, and Agencies;
  • Prepare expenditure returns for recurrent expenditure;
Salary Section:
  • Ensures that all deductions made from salaries are promptly remitted to appropriate beneficiaries;
  • Prepares Schedules of monthly pension deductions to PENCOM;
  • Balances the personnel cost vote book on a monthly basis;
  • Ensures that staff is properly introduced to the payroll at the beginning of each year.
Checking Section:
  • Scrutinizes all vouchers both personnel overheads and capital before the vouchers are sent to the Internal Audit.
  • Advances Section:
  • Ensures that advances (Motor vehicles, spectacle, etc.) granted to members of staff of the Commission are properly recorded;
  • Monitors retirement of advances granted to members of staff of the Commission;
  • Renders returns of outstanding advances to the OAGF;
  • Maintains the Advances Ledger for the recording of advances granted to staff;
Final Account:
  • Prepares transcripts of Accounts for onward submission to office of the Accountant-General of the Federation (OAGF);
  • Prepares bank reconciliation statement;
  • Ensures that the accounting codes and the new Chart of Accounts (COA) are implemented;
  • Provides the necessary records and materials for external auditors and OAGF to facilitate audit assignments
Central Pay Office:-
  • Ensures payment to approved beneficiaries;
  • Takes Custody of security documents;
  • Remits taxes and other deductions to the appropriate authorities;
  • Collects statement of accounts both personnel, overhead and Capital from banks maintained by the Commission;
  • Implements the e-payment policy of the Government by submission of mandates to banks in hard and soft copies;
  • Maintains the Cash books of the Commission;
  • Operates the bank accounts of the Commission.
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