Finance is very important in the life of every business endeavor. Accounting for it could even make or mar the effective deployment of any available funds in an organization. Based on this fact, a well structured Finance and Accounts Department exists in Nigerian Railway Corporation.
The main objective being to source and deploy effectively all the financial resources accruable to Nigerian Railway Corporation and to account for the same in the prescribed manner, to all interest holders.
As a Corporation established under an act of parliament, wholly owned by the Federal Government of Nigeria and carrying out its operations across states, local governments towns and villages in Nigeria, interest holders are wide and varied. The Finance and Accounts Department is therefore so organized as to be responsive and also accommodate the interests of the Stake holders – including the Federal Government, Regional and International Railway Organizations, State and Local Governments, Employees – both serving and retired, suppliers, customers – (passengers and freight traffics) and the totality of all Nigerians who sustain the Corporation through tax payments.
The task for the Finance and Accounts Department is therefore quite enormous especially when it has to meet the expectations of the various interest holders with little or lean budgets.
FUNCTIONS OF FINANCE DEPARTMENT
- Training Accounting & Budgeting Staff.
- Accounting for Revenue.
- Creating Payment Approval.
- Approving staff Allowances and preparation of final account for the Corporation.
- Overseeing all financial activities.
- Reporting on revenue.
- Disbursing funds to departments.
- Managing risk for the Corporation and Implementing policies related to finances.
- Improving financial processes.
- Supervising accounting staff.
- Setting financial target.
- Engaging with investors (both Local and foreign).
- Conducting feasibility studies.
- Monitoring & Overseeing annual insurance.
- Monitoring cash flow such as IGR (Internally Generated Revenue).
There are eight sections in the department as listed below:
Budget & planning.