PRESIDENT Muhammadu Buhari has launched the Open Treasury Portal to promote transparency and track spending in the public sector.
IN a series of tweets on Monday, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Waziri Adio, who revealed this explained that the platform mandates all the ministries, departments and agencies to publish, on a daily basis, reports of payments in excess of N5 million and over, monthly budget performance and other official financial dealings.
Adio stated president Buhari was represented by the Minister of State for Niger Delta, Tayo Alasoadura, at the official launch of the Financial Transparency Policy and Implementation Guidelines for his administration.
He quoted the president as saying that the daily treasury statements by the Office of the Accountant General of the Federation (AGF) will give the breakdown of all agencies responsible for each payment.
Adio said the portal will make public the daily treasury statement of agencies and ministries how monies that come into government coffer are being spent while the publications must be in line with the International Public Sector Accounting Standards.
“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,” he tweeted.
“In addition, the Office of the Accountant General of the Federation, OAGF, was directed to also publish monthly fiscal accounts within 14 days of the end of the month showing the fiscal performance of the Federation in terms of revenue receipts from all collecting agencies and payments out of the Federation Account.”
However, he said the portal was done free of charge by staff from the OAGF without any cost to the country.
“The open treasury portal was conceived and implemented by staff of the Office of the Accountant General, at no cost to the country,” he said.