about

ITF Headquaters, Jos, Administrative Building.

Finance & Accounts Department

The Industrial Training Fund is a self-accounting parastatal under the supervision of Federal Ministry of Industry, Trade & Investment. It is self–accounting in the sense that it generates and expends all its revenue, i.e (50%) Fifty reimbursed to contributing employers and (50%) Fifty for self sustenance However, being self-accounting does not preclude it from being audited by Auditor-General of the Federation or other regulatory agencies of government. Also being self-accounting does not preclude ITF from applying basic government accounting principles such as Cash and Accrual Basis of Accounting. Also preparation of financial statements that conform with International Accounting Standards. That being the case, ITF has some characteristics in its accounting system that belong to private sector accounting in its nature. These include the preparation of Cash Book which combines receipts and payments instead of separate cash books for each as is obtainable in public sector accounting. Another is the treatment of Assets and their depreciation, which in applied government accounting is regarded as “stores”. It is in view of these that ITF, over the years, has developed its own accounting system that satisfies its operations, as well as conforms to universal practices and principles.

VISION OF THE DEPARTMENT

  • Production of the Fund’s Financial Statement within three months after the end of the financial year.
  • Reduction in payment lead time through adoption of e-payment End-to-End option by reduction in manual payment processes.
  • Full computerization and integration of the Fund’s accounting system.
  • Ensuring effective safeguard of the Fund’s Assets.
  • Training and re-training of Finance and Accounts Staff for improved performance.

  • FUNCTIONS OF FINANCE & ACCOUNTS DEPARTMENT

  • Prepare Fund’s Annual Budget and maintain Budgetary Control
  • Execute all Financial and Monetary Policies of the Fund
  • Prepare Fund’s Annual Accounts
  • Advise Management and Governing Council on financial matters
  • Settle all approved financial commitments of the Fund, including staff emoluments and pensions
  • Prepare periodic Financial Reports to Management
  • Ensure proper Record-Keeping and Maintenance of Books of Accounts of Assets acquired for effective corporate performance.
  • Manage Fund’s Investment Portfolio
  • Facilitate the generation of data on the Department’s activities to feed the Management Information System.
  • Ensure effective management of SIWES Funds
  • Undertake any other function as may be assigned by the Director-General.

  • The Finance & Account Department has Four Divisions under it.
  • Budget & Investment Division
  • Final Accounts Division
  • Accounts Division
  • SIWES Division
  • News Flash:

    Featured testimonial

     Top of the Day to you! We observed today that a new website for the ITF has recently been uploaded.We Commend the efforts of the ICT Dept for this amd hope that it can only keep getting better. 

    Kunle Sadare

    Puzzles Technologist Limited

     Your website is informative and attractive now. Kudos to the ICT Department. 

    Abdul Qadir Lawal.

    MD Triune Built-Tech Solutions

     The Package were well prepared,the Facilitators performed Excellently and i recommend that the training should be regular and more often for new Innovation. 

    Elizabeth O. Egu

    PCS Corporate Planning Department

    Back to Top