Finance Ministry To Appoint Analysts

The Federal Ministry
of Finance says it has taken steps to strengthen and increase the capacity of the Post-Mortem Subcommittee of Federation Account Allocation Committee (FAAC) to improve accountability, following approval at the last FAAC meeting that three independent financial analysts be appointed.
The ministry explained that the Post-Mortem Sub-committee is to enhance accountability, improve reconciliation and ensure transparency in respect of all revenues accruable to the federation account.
The sub-committee is saddled with the responsibility of examining the books of accounts of all revenue agencies including the Federal Inland Revenue Service (FIRS), the Nigerian National Petroleum Corporation (NNPC), Customs Service, Department of Petroleum Resources (DPR) and Ministry of Steel and it’s expected to report deficiencies observed to the Federation Account Committee as well as recommend the way forward.
The finance ministry declared that though the un-reconciled differences were no longer there with the increased oversight of the Federal Ministry of Finance and the transparency of the NNPC, it would be easy for the sub-committee to achieve better results.
The ministry explained that the discrepancies had been reconciled owing to the fact that the committee, which reports to the Federal Account on a monthly basis, was originally set up to encourage revenue re-conciliation and block leaks through the use of technology.