The Office of the Accountant General of the Federation issued a stern notice to all Ministries, Departments, and Agencies (MDAs) regarding the closure of 2023 accounts and the commencement of 2024 budget access as the 2023 financial year winds up.
The notice came in the annual Federal Treasury Circular dated December 19, 2023 and signed by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
As the 2023 Appropriation Act implementation draws to a close, both recurrent and capital expenditures for the current year will be closed on December 31st, 2023.
This indicates a crucial timeline for MDAs to complete their financial activities and comply with the OAGF’s directives.
In addition, access to funds for 2024 transactions will only be granted to MDAs after the Treasury confirms the accurate posting of all Sub-TSA transactions into GIFMIS.
In keeping with International Public Sector Accounting Standards (IPSAS) and Financial Regulations, all MDAs have been ordered to submit their Audited Trial Balance and Audited Financial Statements for the year ended December 31st, 2023, to the OAGF on or before February 28th, 2024.
The Government noted that failure to comply with these requirements will have significant consequences.