HIGHLIGHTING GOVERNOR ABDULRAHMAN ABDULRAZAQ'S REMARKABLE ACHIEVEMENTS IN THE PAST YEAR: MINISTRY OF FINANCE

By -

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

Comments

Post a Comment

Popular posts from this blog

KWASSIP Releases Applications link for Kwapreneur 5.0

By -
Image
The Kwara State Social Investment Programme (KWASSIP) is excited to announce that the application portal for Kwapreneur 5.0 will be released today. Under the leadership of Governor AbdulRahman AbdulRazaq, this initiative aims to empower young entrepreneurs in Kwara State. From May 20, 2024, to June 19, 2024, young entrepreneurs with innovative business ideas can apply for Kwapreneur 5.0. The previous edition, Kwapreneur 4.0, supported 367 entrepreneurs with ₦229,565,000, highlighting the program's success. "This is a fantastic opportunity for small business owners to benefit from the resources provided by the state government," said Dr. Tejidini Abdulwasiu Olayinka, Acting General Manager of KWASSIP. To apply, visit https://kwasupport.com.ng and submit your business plans. Please note that registration closes on June 19, 2024 , so be sure to submit your applications within this window. Thank you for your interest in Kwapreneur 5.0. We look forward to reviewi
Read more

KWASSIP Opens Application Portal for Kwapreneur 5.0

By -
Image
The Kwara State Social Investment Programme (KWASSIP) is excited to announce the opening of the online application portal for the fifth edition of the Kwapreneur initiative (Kwapreneur 5.0). Under the visionary leadership of His Excellency Mallam AbdulRahman AbdulRazaq, the Kwara State Government launched the Kwapreneur program as a strategic effort to empower industrious and innovative young entrepreneurs across the state. Established in December 2019, KWASSIP is committed to combating extreme poverty and enhancing financial inclusion among underserved populations in Kwara State. Over the years, various components of KWASSIP, such as Owo Isowo, Owo Arugbo, support for skilled and unskilled workers, and household support programs, have positively impacted tens of thousands of Kwarans. The Ag. General Manager of KWASSIP, Dr. Tejidini Abdulwasiu Olayinka, highlighted the remarkable success of Kwapreneur 4.0, where 367 entrepreneurs received financial support totaling ₦229,56
Read more

Common Entrance Materials: KWSG Directs JSS Principals, Headteachers of PPS To Report for Collection

By -
Image
The Kwara State Ministry of Education and Human Capital Development has directed all Principals of Junior Secondary Schools and Head-Teachers of all Public Primary Schools across the state to report at the Quality Assurance Bureau Zonal Offices in their area for the collection of Placement Examination (Common Entrance Examination) registration materials as from Monday 1st July, 2024. In a statement issued by the Ministry today in Ilorin, all Private Primary Schools are to come to the  Quality Assurance Bureau Headquarter's office, Ilorin, for their pupils registration of Placement Examination (Common Entrance Examination) materials with evidence of payment of their taxes. It added that registration for the placement Examination (Common Entrance Examination) is free, and it closes on Thursday 18th July,2024. The statement, therefore, warned all Principals (JSS) and Headteachers to desist from extorting money from any pupil under any guise since the examination is fully s
Read more