Key Achievements of Ministry of Finance in the Last One Year

 1. Strengthening Public Financial Management (PFM) Reforms

• Continued Implementation: The PFM reforms, which began in May 2019, have been further strengthened, leading to better business transactions and informed decision-making in project implementation.

• Impact: Enhanced transparency, accountability, and prompt payments have been observed, significantly improving government operations.

2. Deployment of Treasury Single Account (TSA) Solution

• Automation of Payment Processes: The TSA solution has automated payment processes, significantly reducing the time required to release funds to Ministries, Departments, and Agencies (MDAs).

• Efficiency Gains: This deployment has eliminated administrative bottlenecks, ensuring more efficient fund management.

3. Implementation of International Public Sector Accounting Standards (IPSAS)

• Transition to Accrual-Basis Accounting: The shift from cash-basis to accrual-basis accounting has been completed.

• Benefits: This transition has enhanced transparency, accountability, and the ease of doing business in Kwara State.

4. Revitalization of Harmony Holdings Limited

• Operational Efficiency and Profitability: Significant improvements have been achieved in the operational efficiency and profitability of Harmony Holdings Limited and its subsidiaries.

5. Timely Financial Reporting 

• Accountant General's Report and Financial Statement: The timely preparation and publication of these documents up to December 31, 2023, reflect the state's commitment to transparency and accountability.

6. Expenditure and Revenue Monitoring

• Preventing Overspending: Continuous monitoring of expenditure and revenue trends has helped in preventing overspending and maintaining fiscal discipline.

7. Prompt Monthly Allocation Releases to MDAs

• Efficient Fund Distribution: Ensuring the timely release of monthly allocations has improved the operational efficiency of various MDAs.

8. Budget Adherence

• Compilation and Analysis of Monthly Returns: Regular compilation and analysis of MDAs' monthly returns ensure adherence to the annual budget.

9. Securing Sector Interventions

• Donor and Development Partner Engagement: Successful engagement with donors and development partners has secured interventions in key sectors such as health, agriculture, environmental protection, infrastructure, and education.

10. Investment Portfolio Management

• Ministry of Finance Incorporated (MOFI): Effective management of the state's investment portfolio through MOFI has been a key focus, enhancing the state's f inancial stability.

11. Civil Service Promotions

• Enhancing Workforce Efficiency: Implementing promotions in the civil service and other state parastatals has boosted morale and productivity.

12. Integrated Financial Accounting System

• Decentralization and Integration: Development and implementation of a decentralized, integrated financial accounting system have streamlined financial operations.

13. Timely Fund Releases for Capital Projects 

• Supporting MDAs: Ensuring prompt fund releases for capital projects has facilitated the timely execution of various development initiatives.

14. Regular Payment of Salaries and Pensions

• Employee Welfare: Consistent payment of salaries and pensions has contributed to workforce stability and morale.

15. Palliative Payments to Workers

• Mitigating Fuel Subsidy Removal Impact: Providing palliative payments has helped mitigate the impact of fuel subsidy removal on workers.

16. Counterpart Fund Releases

• World Bank and Donor-Assisted Projects: Timely release of counterpart funds has ensured the smooth implementation of World Bank and donor-assisted projects.

17. Facilitating Grants and Federal Interventions

• State Development Projects: Active facilitation of grants and federal interventions has supported various state development projects.

Dr. Hauwa Nuru 
Hon. Commissioner of Finance


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