General news

Grants: FG tasks states on National Chart of Account

Published

on

News Today 2

By Temitope Ponle

The federal government has urged state governments to incorporate the national chart of accounts (NCoA).

This is to qualify them for performance-based grants under the State Budget Transparency and Sustainability Program (SFTAS) for the Annual Performance Assessment (APA) 2020 Results.

Mr. Stephen Okon, National Program Coordinator (CNP), SFTAS Program, launched the call in a statement by Mr. Ibrahim Mohammed, Communication Specialist, SFTAS Program Coordination Unit, Ministry of Finance, Budget and National Planning.

The federal government has also advised states to take steps to qualify for performance-based grants under COVID-19-related Disbursement Indicators (DLIs)due in 2021.

The SFTAS program is a results-based, $ 1.5 billion federal government program supported by the World Bank that aims to strengthen tax governance at the state level.

Okon was speaking at a one-day NCoA awareness workshop hosted by the Nigeria Governors Forum (NGF) for the Independent Verification Officer (IVA) on April 1.

The Nigerian News Agency (NAN) reports that the IVA is the Office of the Auditor General of the Federation (OAuGF).

Okon explained that the NCoA provided a standard template approved by the Federation Account Allocation Committee (FAAC) to be domesticated by state governments for their planning, budgeting, accounting, and reporting purposes. financial transactions.

“The adoption of the NCoA by state governments will strengthen the country’s national accounts and budget monitoring; promote greater transparency and accountability at all levels of government, ”he said.

The program coordinator said many states still struggled to accurately report under set requirements, while some had properly domesticated the NCoA in the past.

NGF Managing Director Asishana Okauru explained that the goal of the collaboration is to ensure that no state is left behind.

“Every state should get the support it needs to implement the agreed reforms,” Okauru said.

According to him, 36 states were deemed to have met the eligibility criterion for the preparation of their audited financial statements for fiscal year 2019 in accordance with International Public Sector Accounting Standards, and were published online before August 31, 2020.

He added, however, that the preparation of the 2021 budget in accordance with the NCoA and its online publication remained the eligibility condition for the 36 states to qualify for the performance-based grants under the APA SFTAS 2020 and for DLIs linked to COVID-19 expected in 2021.

He noted that the IVA would verify states’ compliance with the NCoA requirement for the 2021 budget and the 2020 SFTAS eligibility criteria.

NAN reports that the Ministry of Finance, Budget and National Planning along with the NGF provided technical assistance in the form of advice and capacity building training for budget officials in all 36 states.

It is about helping States in the process of domestication. (NOPE)

(NAN)

Short Link: https://wp.me/pcj2iU-3yCq

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

Centre advises farmers on alternative fertiliser Bring informal sector to tax net to boost revenue, says don 15 soldiers die in suicide bombing in Somalia Buhari advocates timely completion of NLNG Train 7 Obaseki inaugurates Renal Dialysis Centre in Auchi ILO elects Nigeria as regular member of Governing Board Twitter writes FG over suspension, seeks dialogue Japan to donate 1m AstraZeneca vaccine doses to Vietnam Twitter’s founder, Dorsey, liable for EndSARS losses-FG SPDC reports 51 leaks in N/Delta this year Philippines records 5,389 new COVID-19 cases, 118 more deaths EKEDC explains outage in Badagry World Bank, AU to deploy vaccines for 400m Africans Papal inspectors complete probe into Cologne sex abuse scandal Japanese PM, Suga survives vote of no confidence China administers over 900m doses of COVID-19 vaccines China’s Liaoning now has over 26,500 5G base stations Japan doubles vaccination doses to 40,000 for Olympic workers Child labour, societal consequences and insecurity FG distributes tablets to 300 N-SIP monitors in Bauchi China’s health literacy rate surges in 2020 Poll: Germany’s Greens slide further to below 20% Ex-U.S. congressman proposes rural dev’t model for Bayelsa Israel lifts mask requirement with few exceptions Gov. Mohammed of Bauchi appoints new SSG Global efforts will safeguard environment- UN President COVID-19 infections reaches 167,078 in Nigeria, says NCDC Biden to meet top EU officials for trans-Atlantic reset Nationalist flag march in Jerusalem triggers fears COVID-19 Vaccine: 5,014 receive second dose in Enugu Mali at critical juncture with democratic future at risk – UN Envoy Ganduje urges more women to come into politics Global COVID-19 cases drop for 7th week – WHO Governors to hold virtual meeting on judicial, legislative autonomy PDP is focused to take over Anambra – state Chairman Football scouting programme begins in Ilorin NGF felicitates ex-Head of State Abubakar @79 Osinbajo urges counter narratives to superstitious beliefs about albinism A’Ibom Assembly passes 19 bills in 2 years Nigeria needs unifying, proactive leaders–Osinbajo Lagos Govt unveils emergency, security dispatch centre in Epe How church saved widow from harmful traditional practice – Catholic priest Insecurity: Edwin Clark calls for National Dialogue First lady meets wives of Service Chiefs, urges support for spouses Police arrest 7 suspected cult members in Lagos JUSUN commends Ngige for support during strike World Blood Donor Day: FG recognises voluntary donors for consistency Repositioning Nigerian MSMEs for AfCFTA Kano partners private firm on $162m first agro-industrial park –official G7 devt. finance institutions, others to invest $80bn into African businesses