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Tag: Shamseldeen Ogunjimi

  • FG warns MDAs: No accounts, no funds in 2026

    FG warns MDAs: No accounts, no funds in 2026

    The federal government has issued a strong warning to ministries, departments, and agencies (MDAs), stating that any institution that fails to prepare and render its statement of accounts to the treasury on or before December 31, 2025 will face sanctions. 

    The directive was contained in a circular signed by the Accountant-General of the Federation, Dr. Shamseldeen Ogunjimi, dated December 22, 2025.

    According to the circular, any MDA that fails to prepare and submit its separate annual financial statements will have its release of funds suspended indefinitely. 

    Dr. Ogunjimi added that such defaulting institutions will also face administrative consequences at the leadership level.

    According to Ogunjimi, “Any MDA that fails to prepare and render its separate (stand-alone) annual financial statements will have its release of funds suspended indefinitely, while a query shall be issued to the director/head of accounts and administration.”

    The circular, titled Guidelines of Financial Activities for End of the Year 2025, directs all MDAs to ensure that all revenues due to both the Federation Account and the Consolidated Revenue Fund/TSA Sub-Recurrent Account are fully collected and properly accounted for before the close of the financial year.

    Read Also: Ministry of Works shines as federal MDAs begin Public Service games in Yola

    It further directed MDAs authorised to retain 50 per cent of their gross internally generated revenue (IGR) and remit the remaining 50 per cent to the TSA Sub-Recurrent Account to adhere strictly to the provisions of the applicable finance circular issued on December 28, 2023. 

    The Accountant-General stated that MDAs must “ensure due diligence in the collection, utilisation, and remittance of their revenue,” in line with the circular referenced FMF/CME/OTHERS/IGR/CFR/21/2023.

    The circular also stated that reports on the collection, utilisation, and remittance of IGR must be uploaded into the Government Integrated Financial Management Information System (GIFMIS) platform to ensure the completeness of accounting records.

    On the remittance of operating surplus, Dr. Ogunjimi directed all corporations, departments, and agencies listed under the Fiscal Responsibility Act 2007 — as revised by the same finance circular of December 28, 2023 — to restrict their total budgetary expenditure to 50 per cent of their gross revenue. 

    They are further required to remit 80 per cent of the remaining 50 per cent into the TSA Sub-Recurrent Account as interim or advance payment of operating surplus.

    Over the years, the Federal Government has maintained that unspent funds must be returned to the treasury at the end of every accounting year. However, compliance levels among MDAs have remained inconsistent. 

    The Fiscal Responsibility Commission (FRC) had earlier disclosed that more than N5 trillion in operating surpluses has been remitted between 2007 and 2024, but also lamented that the government has lost over N1.5 trillion owing to failure by some agencies to remit 80 per cent of their operating surpluses to the Consolidated Revenue Fund.

    In addition, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, had warned MDAs that failure to comply with the revised cash planning policy could result in the blocking of their capital funds. He cautioned that strict adherence was necessary to improve discipline in public financial management.

    In July, the Office of the Accountant-General of the Federation issued additional financial control measures after observing what it described as a “surge in unretired advances and idle cash balances across several ministries and agencies.” 

    MDAs were instructed to submit comprehensive annual reports on unretired advances, with the warning that breaches could lead to the withdrawal of imprest privileges or further sanctions.

    The latest circular signals a renewed push for stricter accountability across federal institutions as the 2025 financial year draws to a close, with the treasury insisting that full compliance with reporting, remittance, and expenditure rules remains a critical condition for continued access to government funds.

  • ‘Public funds must translate to prosperity’ says AGF

    ‘Public funds must translate to prosperity’ says AGF

    The Accountant-General of the Federation (AGF) and Chairman of the Association of Accountant-Generals of Africa, Dr. Shamseldeen Ogunjimi, has said that every public resource entrusted to financial managers across the continent must translate into real improvements in the lives of citizens. 

    He noted that the responsibility carried by accountants is enormous because “every Cedi, Franc, Naira, or Dollar entrusted to public officers must ultimately translate into the prosperity of the people,” adding that the decisions made by accountants “directly affect millions of lives.”

    Speaking at the Africa Accountant-Generals Conference held at the Accra International Conference Centre in Ghana, Ogunjimi said the long-held perception of accountants as simple record keepers no longer reflects the demands of modern public finance. 

    His address was contained in a statement issued by the Office of the Accountant-General of the Federation (OAGF) and signed by its Director of Press, Bawa Mokwa.

    According to him, today’s financial landscape—shaped by rapid digital innovation, data-driven policymaking, and sweeping global economic shifts—requires accountants to take on expanded responsibilities. He noted that modern accountants “serve as strategic advisors, champions of transparency, and custodians of integrity.”

    Ogunjimi stressed that the profession is now central to shaping economic outcomes for both institutions and nations. “Accountants are leaders. Our work is not simply to balance books; it is to balance the needs of today with the dreams of tomorrow,” he said.

    He urged accountant-generals and senior financial managers across Africa to remain active participants in strategic decision-making by deploying data to navigate economic shocks, identify growth opportunities, and strengthen accountability systems. He said accountants must see themselves as catalysts for economic growth and national transformation, not administrative figures confined to back-office functions.

    The conference brought together senior government officials and leading accounting professionals from across the continent to discuss the evolving role of accountants in a rapidly changing economic environment. Ogunjimi noted that practitioners now play critical roles in risk management, financial forecasting, strategic planning, and managing complex regulatory obligations that guide public finance.

    Earlier, economist and entrepreneur, Mr. Tony Elumelu, said he attended not only as a business leader but as someone who strongly believes in Africa’s potential for economic renewal.

    He told participants that the continent’s biggest challenge is not a shortage of resources but shortcomings in trust and credibility. “Africa’s greatest obstacle is not the lack of resources but a deficit of trust, integrity, and credibility,” he said.

    Elumelu added that the foundation for attracting sustainable capital lies in consistent, transparent, and trustworthy public finance management. “Trust is built through predictability, transparency, and partnership. Trust is the currency of capital. Excellence in public finance is not a luxury—it is a necessity,” he stated.

    He called on accountants across Africa to remain vanguards of transformation by advancing digitalization, deepening accountability frameworks, and ensuring that public financial systems support economic progress.

  • Fed Govt pegs quarterly imprests for ministers at N700,000, PS/DGs at N500,000

    Fed Govt pegs quarterly imprests for ministers at N700,000, PS/DGs at N500,000

    Through one of the two circulars from the Accountant-General of the Federation, Mr. Shamseldeen Ogunjimi, the Federal Government has pegged the quarterly imprest at N700, 000 and N500, 000 for ministers and permanent secretaries/directors-general.

    The two major circulars introduced new thresholds for imprest and advances across Ministries, Departments and Agencies (MDAs) as part of efforts to shore up transparency, accountability and efficiency in the use of public funds.

    In the first circular titled: “Approval and Implementation of Year 2025 Revised Annual General Imprest Warrant,” the Federal Government approved revised imprest limits for public officials, empowering them to access and manage cash advances within clearly defined boundaries.

    The second circular titled: “Implementation of Revised Limits of Advances Thresholds in Line with Current Economic Realities,” reviewed and raised the thresholds for advances granted for administrative purposes, aligning them with the present cost structure of governance.

    According to the first circular, the 2025 General Imprest Warrant signed by the Minister of Finance in line with Financial Regulation No. 1003 authorises accounting officers across all arms of government and agencies to approve disbursements to designated imprest holders within the approved ceilings.

    Copies the imprest warrant were sent to top government officials, including ministers, heads of agencies, service chiefs and senior government advisers.

    It stipulates the imprests as follws: ministers (N700, 000); Permanent Secretaries/Directors-General (N500,000); directors/heads of departments (N300,000) and heads of formations in each state and other authorised officials (N100,000).

    According to the circular, reimbursements for standing imprest are to be processed once per quarter and not more than twice within the same quarter in exceptional cases.

    Besides, all purchases or services costing above N1,000,000 must be procured through a formal contract award process as stipulated in the Public Procurement Act, 2007.

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    Accounting officers have also been directed to submit details of imprest expenditures from 2024, along with the list and location of entitled imprest holders for 2025, within 30 days of the issuance of the circular.

    The circular reads: “To facilitate efficient record-keeping and accountability, imprest holders must open operational bank accounts for managing these funds. Monthly returns showing disbursements and retirements must be submitted to the Office of the Accountant-General of the Federation (OAGF).

    “The circular further warns that the Treasury Inspectorate Department will conduct regular inspections throughout the financial year.

    “Any violation of financial regulations may result in the withdrawal of imprest rights from the responsible officer, along with appropriate disciplinary action.”

    In the second circular, the accountant-general announced upward revisions to the limits of advances that MDAs can grant to officials for administrative functions and special programmes.

    It reads: “With effect from August 1, 2025, the revised advance thresholds are as follows: Personal Advance – Not permitted; Normal/Regular Cash Advance N1, 000,000 and Special Projects and Programmes Advance N10,000,000.

    “Under the revised rules, special advances are to be disbursed directly to eligible officers without requiring MDAs to open separate project accounts with the Central Bank. Only officers on Grade Level 10 or above are qualified to receive or manage such advances.

     Officials are barred from holding multiple concurrent advances, and advances must be retired within the same year in which they were granted, either after the intended purpose has been fulfilled or upon completion of the approved project or programme. Also, no advance is to be drawn from capital votes, special funds or other non-recurrent expenditure budgets.

    “All unretired advances must be disclosed in the annual trial balance of each MDA, including an age analysis showing the duration of the outstanding advances.”

    The circular warned that failure to comply with the new guidelines will attract sanctions as provided under the existing financial regulations.

    Mr. Ogunjimi explained that the revised thresholds were designed to promote fiscal discipline and allow MDAs to operate more efficiently by eliminating bottlenecks in accessing and managing official funds.

    He noted that aligning disbursements with economic realities would ensure that public funds better reflect the actual cost of governance while enabling quicker service delivery.

    Both circulars stressed the importance of compliance and have been dispatched to all top officials in the executive, legislative and judicial arms of government, including Nigeria’s diplomatic missions.

    The measures are part of ongoing reforms within the Treasury aimed at strengthening financial management, increasing transparency, and ensuring public funds are used strictly for intended purposes.

  • FG issues new cash advance thresholds

    FG issues new cash advance thresholds

    The Accountant General of the Federation, Shamseldeen Ogunjimi, has issued two major circulars introducing new thresholds for imprest and advances across Ministries, Departments and Agencies (MDAs) as part of efforts to improve transparency, accountability, and efficiency in the use of public funds in 2025.

    In the first circular titled “Approval and Implementation of Year 2025 revised annual general imprest warrant,” the Federal Government approved revised imprest limits for public officials, empowering them to access and manage cash advances within clearly defined boundaries.

    The second circular titled: “Implementation of revised limits of advances thresholds in line with current economic realities,” reviewed and raised the thresholds for advances granted for administrative purposes, aligning them with the present cost structure of governance.

    According to the first circular, which has been sent to top government officials including ministers, heads of agencies, service chiefs, and senior government advisers, the 2025 General Imprest Warrant signed by the Minister of Finance in line with Financial Regulation No. 1003 authorizes accounting officers across all arms of government and agencies to approve disbursements to designated imprest holders but within the following ceilings:

    Ministers, N700,000; Permanent Secretaries/Director-Generals N500,000; Directors and Heads of Departments N300,000; and Heads of Formations in each State and other authorized officials N100,000. Reimbursements for standing imprest are to be processed once per quarter, and not more than twice within the same quarter in exceptional cases.

    In addition, all purchases or services costing above N1,000,000 must be procured through a formal contract award process as stipulated in the Public Procurement Act, 2007.

    Accounting officers have also been directed to submit details of imprest expenditures from 2024, along with the list and location of entitled imprest holders for 2025, within 30 days of the issuance of the circular.

    To facilitate efficient record-keeping and accountability, imprest holders must open operational bank accounts for managing these funds. Monthly returns showing disbursements and retirements must be submitted to the Office of the Accountant-General of the Federation.

    The circular further warns that the Treasury Inspectorate Department will conduct regular inspections throughout the financial year. “Any violation of financial regulations may result in the withdrawal of imprest rights from the responsible officer, along with appropriate disciplinary action” the circular warned.

    In the second circular, the Accountant-General announced upward revisions to the limits of advances that MDAs can grant to officials for administrative functions and special programmes.

    With effect from August 1, 2025, the revised advance thresholds are as follows: Personal Advance – Not permitted; Normal/Regular Cash Advance N1,000,000; and Special Projects and Programmes Advance N10,000,000.

    Under the revised rules, special advances are to be disbursed directly to eligible officers without requiring MDAs to open separate project accounts with the Central Bank. Only officers on Grade Level 10 or above are qualified to receive or manage such advances.

    Officials are barred from holding multiple concurrent advances, and advances must be retired within the same year in which they were granted, either after the intended purpose has been fulfilled or upon completion of the approved project or programme. Also, no advance is to be drawn from capital votes, special funds or other non-recurrent expenditure budgets.

    All unretired advances must be disclosed in the annual trial balance of each MDA, including an age analysis showing the duration of the outstanding advances.

    Read Also: FG unveils data protection training for one million youths

    The circular warned that failure to comply with the new guidelines will attract sanctions as provided under the existing financial regulations.

    Mr. Ogunjimi explained that the revised thresholds were designed to promote fiscal discipline and allow MDAs to operate more efficiently by eliminating bottlenecks in accessing and managing official funds.

    He noted that aligning disbursements with economic realities would ensure that public funds better reflect the actual cost of governance while enabling quicker service delivery.

    Both circulars stressed the importance of compliance and have been dispatched to all top officials in the executive, legislative and judicial arms of government, including Nigeria’s diplomatic missions.

    The measures are part of ongoing reforms within the Treasury aimed at strengthening financial management, increasing transparency, and ensuring public funds are used strictly for intended purposes.

  • Govt. appoints treasury officers

    Govt. appoints treasury officers

    The Federal Government has deployed selected Treasury Officers from across the country to serve as custodians of funds for over 40 donor-funded projects, with a call for strict financial discipline and innovative management practices.

    Addressing the officers in Abuja at the retreat of the Federal Projects Financial Management Department (FPFMD), the Acting Accountant-General of the Federation (AGoF), Shamseldeen Ogunjimi, said the officers have been entrusted with the responsibility of safeguarding both public and borrowed funds, which must be managed with utmost accountability.

    Ogunjimi, who was represented by the Director Finance and Administration in the Office of the Accountant General (OAGF), Akuagwu Chucks, reminded the participants that the funds in their custody include borrowed resources that must eventually be repaid, either by the present generation or by the next.

    “You have been entrusted with not just public funds, but borrowed funds which must be repaid in time, either in ours or that of our children,” he said.

    He described their selection as a privilege, noting that they were chosen from among many Treasury Officers nationwide to act as first-level gatekeepers of critical public funds. According to him, their role in donor-funded projects is vital to national development and requires unwavering commitment to transparency and value delivery.

    “It is a privilege that you have been chosen among the many Treasury Officers in the country to safeguard the future of this great nation as the first gatekeepers of critical public funds as represented by the over 40 donor-funded projects,” he said.

    The Accountant-General urged the officers to consider the retreat as an opportunity for collective introspection, knowledge sharing, and strategic thinking on how to improve financial management across federal projects.

    He called on them to embrace innovation and adopt global best practices in order to enhance transparency, accountability, and efficiency in the use of donor and public funds. “Explore innovative solutions and share best practices aimed at ensuring transparency, accountability and efficiency in the financial management of Federal Projects,” Ogunjimi said.

    Read ALso: The story of Abacha’s treasury plundering

    He stressed the need for a united vision focused on improving the financial oversight of public resources, particularly in a time of increasing scrutiny and complexity in public finance. He said the era demands a higher level of responsibility from public finance managers.

    “We have the responsibility to uphold the highest standards of integrity as we manage public funds and to ensure that our projects deliver value to the citizens we serve,” he told the gathering.

    Ogunjimi encouraged the Treasury Officers to fully engage in the retreat, contribute ideas, and learn from one another’s experiences, adding that the Office of the Accountant-General of the Federation (OAGF) will continue to provide support as they discharge their duties.

    He also urged them to build professional relationships that will enable collaboration and effective implementation of their respective Project Development Objectives (PDOs).

    “As you navigate the challenges and opportunities in our various projects, let us remain steadfast in our commitment to excellence, knowing the OAGF is solidly behind you. Together we will pave the way for innovative financial management practices that will positively impact our nation’s development,” Ogunjimi stated.

    The retreat is expected to provide the officers with an avenue to strengthen their skills, improve compliance with financial guidelines, and reinforce the government’s goal of ensuring that donor-funded and federally-managed projects yield tangible benefits for the Nigerian people.

  • FG appoints treasury officers to safeguard over 40 donor-funded projects

    FG appoints treasury officers to safeguard over 40 donor-funded projects

    The federal government has deployed selected Treasury Officers from across the country to serve as custodians of funds for over 40 donor-funded projects, with a call for strict financial discipline and innovative management practices.

    Addressing the officers in Abuja at the retreat of the Federal Projects Financial Management Department (FPFMD), the Accountant-General of the Federation (AGoF), Shamseldeen Ogunjimi, said the officers have been entrusted with the responsibility of safeguarding both public and borrowed funds, which must be managed with utmost accountability.

    Represented by Mr. Akuagwu Raphael Chucks, Director Finance and Administration in the Office of the Accountant General (OAGF), Ogunjimi reminded the participants that the funds in their custody include borrowed resources that must eventually be repaid, either by the present generation or by the next. 

    “You have been entrusted with not just public funds, but borrowed funds which must be repaid in time, either in ours or that of our children,” he said.

    He described their selection as a privilege, noting that they were chosen from among many Treasury Officers nationwide to act as first-level gatekeepers of critical public funds. According to him, their role in donor-funded projects is vital to national development and requires unwavering commitment to transparency and value delivery.

    “It is a privilege that you have been chosen among the many Treasury Officers in the country to safeguard the future of this great nation as the first gatekeepers of critical public funds as represented by the over 40 donor-funded projects,” he said.

    The Accountant-General urged the officers to consider the retreat as an opportunity for collective introspection, knowledge sharing, and strategic thinking on how to improve financial management across federal projects.

    He called on them to embrace innovation and adopt global best practices in order to enhance transparency, accountability, and efficiency in the use of donor and public funds. “Explore innovative solutions and share best practices aimed at ensuring transparency, accountability and efficiency in the financial management of Federal Projects,” Ogunjimi said.

    He stressed the need for a united vision focused on improving the financial oversight of public resources, particularly in a time of increasing scrutiny and complexity in public finance. He said the era demands a higher level of responsibility from public finance managers.

    “We have the responsibility to uphold the highest standards of integrity as we manage public funds and to ensure that our projects deliver value to the citizens we serve,” he told the gathering.

    Read Also: FG moves to fast-track civil servants’ health insurance, compensation claims

    Ogunjimi encouraged the Treasury Officers to fully engage in the retreat, contribute ideas, and learn from one another’s experiences, adding that the Office of the Accountant-General of the Federation (OAGF) will continue to provide support as they discharge their duties.

    He also urged them to build professional relationships that will enable collaboration and effective implementation of their respective Project Development Objectives (PDOs).

    “As you navigate the challenges and opportunities in our various projects, let us remain steadfast in our commitment to excellence, knowing the OAGF is solidly behind you. Together we will pave the way for innovative financial management practices that will positively impact our nation’s development,” Ogunjimi stated.

    The retreat is expected to provide the officers with an avenue to strengthen their skills, improve compliance with financial guidelines, and reinforce the government’s goal of ensuring that donor-funded and federally-managed projects yield tangible benefits for the Nigerian people.