INTRODUCTIONS:

The Finance and Accounts Department is statutorily empowered by the constitution of the Federal Republic of Nigeria, 1999, and the Financial Regulations as revised 2021 edition to manage the finances of the Ministry and maintain accurate accounting records on the following ways 

1. The Department of Finance and Accounts is one of the core services Department of the Ministry. It is responsible for the receipt, recording, custody and disbursement of the Ministry's funds and for the maintenance of proper books of Accounts as well as preparation of the Ministry's Budget.
2. In a ministry's Finance and Accounts Department, key functions include managing the ministry's finances, preparing and monitoring budgets, ensuring financial compliance, and maintaining accurate accounting records, as well as advising on financial matters. 
3. The Finance and Accounts Department is subdivided into (4) four Divisions and headed by a Director from Office of the Accountant-General of the Federation (OAGF).

• Expenditure
• Revenue
• Financial and Reporting
• Budget

FUNCTIONS OF FINANCE AND ACCOUNTS DEPARTMENT:

1. keeping of adequate books of accounting books and records.
2. maintenance of financial prudence, transparency, and accountability.
3. Provision of financial advisory services to all Department, Units and Agencies.
4. Rendering financial returns to Office of the Accountant-general of the Federation.
5. Financial control and management of funds.
6. Representation of the Ministry in the Public Accounts Committee (PAC).
7. Co-ordination, supervision and responding to Federal Audit queries.
8. Collection and remittance of Revenue into the TSA.
9. Preparation and Execution of the budget.

MINISTER OF STEEL DEVELOPMENT AND MINISTER OF STATE FOR DEFENCE, SIGNING OF THE MOU FOR THE PRODUCTION OF MILITARY HARDWARE IN AJAOKUTA STEEL PLANT IN CONJUNCTION WITH PROFORCE.

Minister of Steel Development and Minister of State for Defence, signing of the MoU for the production of Military hardware in Ajaokuta Steel Plant in conjunction with Proforce.

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2ND INTERNATIONAL RAILWAY CONFERENCE & EXPO 2025 WITH THE THEME: OPPORTUNITIES & CHALLENGES IN RAILWAY DEVELOPMENT IN AFRICA

The Hon. Minister, Steel Development, Prince Shuaib Abubakar Audu attended the 2nd International Railway Conference & Expo 2025 with the Theme: Opportunities & Challenges in Railway Development in Africa being organised by the Ministry of Transportation led by Hon. Minister, Sen. Saidu Ahmed Alkali on 15th and 16th September 2025 at the Abuja Continental Hotel.

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