Project Financial Management Unit (Pfmu)

The Project Financial Management unit (PFMU) was established on the 16th of November, 2005 during an assignment visit to the state by the senior Financial Management Specialist, Mrs Adenike Oyeyiola from the World Bank Country office, Abuja. The unit is domiciled in the office of the Accountant General of the State.

FUNCTIONS

The Financial management functions for all World Bank Assisted projects to be implemented by a state, including the special accounts located in the unit. The PFMU replaces the project accounting unit/Sections that is normally created in each implementing unit. There is robust computerized financial management system in the PFMU, which the state will use to process transactions for all bank assisted projects.

The unit shall ensure that:

  • All important business and financial processes are covered
  • Adequate internal controls are in place
  • Quarterly financial information monitoring reports are prepared on timely basis
  • The financial information required by the PIUs is prepared promptly
  • The Annual financial statements are prepared on a timely basis. And
  • The annual external audit is completed in time and audit findings and recommendations are implemented expeditiously.