FG Seeks Domestication Of National Chart Of Account Template

National, Uncategorized

The Federal Government of Nigeria has urged State Governments to domesticate the National Chart of Account to qualify for Performance-based grants and COVID-19 related Disbursement Linked Indicators (DLIs) due in 2021.

The grants are under the auspices of the States’ Fiscal Transparency Accountability and Sustainability (SFTAS) Programme, a $1.5 billion Federal Government programme supported by the World Bank which aims to strengthen fiscal governance at the state level.

National Programme Coordinator of SFTAS, Mr. Stephen Okon made the call while declaring open a one-day Sensitisation Workshop organised by the Nigeria Governors’ Forum (NGF) for the Office of the Auditor General of the Federation.

Mr. Okon explained that the National Chart of Accounts provides a standard template approved by the Federation Account Allocation Committee (FAAC) for the purpose of planning, budgeting, accounting, and reporting of the financial transactions of State Governments.

Director-General, Nigeria Governors’ Forum (NGF), Mr. Asishana Okauru explained that “the objective of the collaboration was to ensure that every state gets the support required to deliver on the agreed reforms.

Upon full adoption, citizens will be able to track across all states, budget line items by Ministries, Departments and Agencies, economic transaction, fund type, function, programme and location.

Biodun Dare

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