The Universal Basic Education Commission (UBEC) and State Universal Basic Education Boards (SUBEBs) are to adopt new accounting manual for executing financial transactions in the delivery of education projects in the country.
Executive Secretary of UBEC, Dr Hamid Bobboyi, made this known while declaring open a 3-day Training Workshop for SUBEBs’ Director of Finance and Accounts (DFAs), Heads of Internal Audit and UBE Accounts desk officers on Tuesday in Abuja.
Bobboyi, who harped on the need to strengthen accountability in financial transactions bordering on basic education projects, said there has been renewed scrutiny in the management and disbursement of basic education intervention funds, hence the need to ensure transparency.
Represented by the Deputy Director, Finance and Account, Mrs Rosemary Ujunwa, the UBEC boss said: “The importance of transparency and accountability in the discharge of our collective duties on basic education service delivery cannot be over emphasised.
“Our day to day operations have recently come under close scrutiny and hence, we must collectively focus on our operations, especially how we manage the FGN-UBE Intervention Funds.
The effect of one side’s underperformance can have adverse consequences for all of us.
“In view of this, the Commission in collaboration with the SUBEBs in 2019 finalised work on the newly developed IPSAS Accounting Manual.
“The manual contains all accounting functions, National charts of Accounts and sample book of accounts and financial records to be used by the Commission as well as SUBEBs.
“The main objective is to strengthen the system by reinvigorating the rules and procedures for executing financial transactions in order to foster greater service delivery and public confidence.
Bobboyi called on the participant, drawn from the 36 states and the Federal Capital Territory, to expose themselves to the accounting and reporting requirements for the Federal Government’s Universal Basic Education Intervention Funds, even as he assured of the Commission’s support to ensure improved education delivery across the states.
In a goodwill message, Deputy Director, Administration and Supply of UBEC, Paul Anyim, called for a robust synergy between the Commission and SUBEBs to adequately tackle challenges in the basic education sector.
“We need to synergise on how to manage the resources as we cannot do it alone….
, at the end of this workshop we loook forward to results that will move the sector forward,” he said.
The workshop, which has its theme as ‘Accounting and Financial Reporting Requirements for the FGN-UBE Intervention Funds’, witnessed several paper presentations on accounts, tax, records, among others.
UBEC adopts new Accounting Manual