Fed Govt Extends 2017 Capital Budget Implementation to June 5

budget
  • Fed Govt Extends 2017 Capital Budget Implementation to June 5

The Federal Government has extended the implementation of the 2017 capital budget 2017 to June 5, 2018.

A circular issued by the Accountant-General of the Federation (AGF) to all arms of government and extra-ministerial bodies dated March 28, 2018 however said the 2017 budget implementation may also be terminated before June 5 if the 2018 appropriation bill is passed into law and assented to by Mr President before then.

The circular titled: Extension of Capital Budget of 2017‘ reads: “All Ministrues, Departments and Agencies (MDAs) are hereby informed that the implementation of the capital budget 2017 has now been extended to 5th June, 2018 or the day the 2018 appropriation Act is passed into law and assented to by Mr President, whichever comes first.”

The extension of the 2017 capital budget implementation, AGF Ahmed Idris said, “is to ensure the successful implementation of the Capital Budget for 2017 for a period of 12 months, and also to promote probity, transparency, accountability and good governance in line with the policy thrust of the government.”

Following long laid down practice of closing all account books at the end of the fiscal/financial year, the AGF has ordered the “Closing of Capital Books of Account of MDAs by Treasury Officers.”

According to Idris “all MDAs under the Government Integrated Financial Management Information System (GIFMIS) platform will automatically have their ledger periods and access to their funds closed online real-time by 12 midnight of June 5, 2018 or the day the appropriated Act is passed into law and assented to by Mr. President, whichever comes first.”

With respect to MDAs not on the GIFMIS platform, the AGF ordered that “all necessary books of accounts are to be updated in respect of capital funds distinct from recurrent funds as on June 5, 2018 or the day the 2018 appropriation Act is passed into law and assented to by Mr President, whichever comes first to facilitate Closure of the Accounts.”

Also to be affected by the account books closure, is the Accounts Arrangement under the Remita CBN gateway which relate to Capital Funds under the Appropriation Act. This account, the AGF said “shall similarly have their ledger periods and access to their funds closed online, real-time by 12 midnight of June 5, 2018 or the day the 2018 appropriation Act is passed into law amd asserted to by Mr President, whichever comes first.”

Idris noted that with a view to ensuring a successful exercise in the mopping up of capital funds under the Remita platform, he advised all MDAs to clearly separate their books of account to distinctly show the transferred funds as it relates to Capital or Recurrent on the Remita platform accordingly.”

He said: “Treasury officers would be available to close the books of accounts and extract balances transferred to TSA on June 5, 2018 or the day the 2018 appropriation Act comes into effect in line with extant rules and regulations.”

Accounting officers, Directors/Heads of Finance and Accounts and internal audits of MDAs and other arms of government were enjoined to give this circular the widest circulation and ensure strict compliance.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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