Bursary

The Bursary performs the financial and accounting functions of the Institute. It is headed by the Institute Bursar who is responsible to the Rector for the day-to-day administration and control of the financial matters of the Institute.

The Bursar and His Tools of Control:

The Bursar assists the Rector and the Governing Council to fulfill the mission and objectives of the Institute through strict adherence to standard practices on financial management and accounting principles laid down by the Government and the Governing Council:

The Bursar carries out his duties with the help of the following tools of controls:

Public Procurement Act
NBTE/Polytechnic Accounting Manual
Treasury Circulars issued by the Accountant General of the Federation
Other statutes such as the Fiscal Responsibility Act.
Staff Condition of Service/ Regulations
Financial Regulations

To assist the Bursar, the Bursary is divided into two (2) functional areas:

Finance

(i) Salary and Wages Unit

(ii) Cash Office Unit

(iii) Pensions and Gratuity Unit.

Operation

(i) Final Account Unit

(ii) Expenditure Control Unit

(iii) Student Matters Unit

(iv) Budget, Planning and Project Unit

(v) Loans and Advances Unit.

The unit in this Department includes:

 Treasury:
Here, the Institution’s revenues are received and receipted for.  All payments and banking operations take place in the department.

Budgetary & Expenditure:

In this unit, Budget matters are handled; memorandum of accounts of all contracts/contractors with the tax elements are maintained and updated. Also the vote book is updated and kept here.

 Final Accounts:
In addition to the normal maintenance of accounting books, the unit handles, VAT, WHT & PAYE matters, analysis of PVs and JVs and maintains non-staff debtors’/creditors’ ledgers.

 Payroll
This unit is saddled with the responsibility of preparing salary schedules on a monthly basis. It also handles such other matters as preparation of the schedule of payment for other categories of workers like contract staff and corps

 Advances:
The unit mainly deals with staff ledgers, preparation of schedule of outstanding balances on each staff ledger and that of staff that are in arrears of retirement of advances, etc.

 Students’ Account:
This unit maintains account for each student and undertakes their clearance process.