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This section is made up of:
This unit is responsible for preparing the University’s financial estimates as well as various reports relating to the funds of the University as required by the University Governing Council, Office of the Accountant General of the Federation, Budget Office of the Federation, National Universities Commission (NUC) and other relevant agencies.
Procedures
The following procedures are involved in the preparation of the budget:
This unit is responsible for monitoring and controlling the expenditure of units in the University.
Once operating budgets are approved, Expenditure Control Officers open Vote Books for every funded code in the budget profile and ensure that all instruments used in expending money are controlled. The instruments are Local Purchase Orders, Job Orders, Letters of Award/Commission, Contract Agreements, Receipts and Payment Vouchers. The control must ensure that budgetary provisions exist for meeting liabilities arising from the issue and release of these instruments.
The following procedures are adopted for processing payments:
Payment Voucher and Internal Control:
The documents used in paying out University funds called Payment Voucher (PV) is produced and authenticated in the Expenditure and Control Unit before the Internal Audit prepayment checks. The essence of centralizing the preparation and authentication of payment voucher in the expenditure control unit is to ensure effective internal control, where various officers are involved in the raising of a payment voucher namely:
Management Reports
In addition to the preparation of draft estimates and draft budgets, the unit also prepares monthly or quarterly reports on the performance of the budget, showing clearly what has been committed and what is left for the remaining part of the financial year. The Unit also furnishes the Bursar and the Vice-Chancellor, a shortlist of Votes that have been fully committed and those on which no commitments have been made.
The Expenditure Unit also maintains a Fixed Asset Register for all fixed assets purchased /acquired. The details of the Fixed Asset Register include;