Finance & Account

Finance serves as one of the fundamental pillars of any organization, acting as an essential ingredient for sustainable success. The Finance and Account Department plays a vital role in ensuring the financial health and stability of the Ministry of Trade, Industry, and Investment (MTII). Its responsibilities span a wide range of functions, both within and outside the organization, directly impacting the Ministry’s performance and success.

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Director

Role of the Department of Finance & Account

The Finance and Account Department is responsible for acquiring, managing, and planning the allocation of funds to support the Ministry’s diverse activities. It ensures sound financial management and robust control mechanisms that are indispensable for smooth operations. By fostering financial discipline and transparency, the Department underpins the Ministry’s mission to drive trade, industry, and investment initiatives effectively.

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Vision

The Finance and Account Department envisions being a model of financial excellence, ensuring transparency, accountability, and optimal utilization of resources to foster sustainable growth and development within the Ministry and beyond.

Core Functions of the Department

  • Budget Preparation and Management: Developing and coordinating the annual budget for the Ministry. Monitoring budget performance and ensuring compliance with financial regulations. Providing periodic financial reports to guide decision-making processes.
  • Fund Acquisition and Allocation: Securing necessary funding from government allocations, grants, or external partnerships. Allocating resources effectively to support various projects and departmental needs.
  • Expenditure Planning and Control: Planning and managing expenditures to ensure they align with approved budgets. Implementing financial controls to prevent overspending or mismanagement.
  • Revenue Collection and Management: Collecting and managing revenue generated from Ministry activities. Ensuring accurate record-keeping of all income sources.
  • Auditing and Financial Reporting: Conducting internal and external audits to ensure accountability and transparency. Preparing comprehensive financial statements and statutory reports in line with regulatory requirements.
  • Payroll and Staff Remuneration: Managing the Ministry’s payroll system, ensuring timely and accurate payment of staff salaries and benefits. Administering deductions, tax remittances, and other financial obligations.
  • Compliance and Regulatory Oversight: Ensuring adherence to financial laws, regulations, and government policies. Liaising with regulatory bodies to maintain compliance.
  • Support for Strategic Decision-Making: Providing financial insights and analysis to guide policy formulation and strategic planning. Supporting the Ministry’s leadership in making data-driven financial decisions.
  • Financial Risk Management: Identifying and mitigating financial risks that could affect the Ministry’s operations. Establishing contingency plans for unforeseen financial challenges.

Role in the Ministry’s Success

The Finance and Account Department’s contributions extend beyond numbers; it plays a strategic role in the Ministry’s ability to achieve its objectives. By ensuring prudent financial management, the Department supports trade, industry, and investment initiatives, ultimately contributing to the socio-economic development of the state.