Federal Ministry of Finance
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The Federal Ministry of Finance was established in 1958 by the Finance (Control and Management) Ordinance, to replace the then Finance Department.
The Ordinance conferred on the Ministry the responsibility for the control and Management of the public finance of the Federation.
In the 1980s, attempts were made to re-organize the Finance Ministry either by excising some of its departments or ceding others to it. For example, in 1980 the Budget Office became an Extra-Ministerial Department under the Executive Office of the President and headed by a Special Adviser to the President on Budget matters. From 1987, the Budget Office functioned once again under the Ministry of Finance and was supervised by its own Permanent Secretary. In 1988, the Office was merged with the Ministry of National Planning to form the Office of Budget and Planning in The Presidency under a Ministry of State. Then in 1991, the Budget Office was excised again from the Ministry of Budget and Planning and returned to the Ministry of Finance where it is to date.
In the case of the Customs, it was a Department in the Ministry of Finance until 1985 when it was transferred to the Ministry of Internal Affairs where it was managed under the Customs, Immigration and Prisons Services Board. However, in 1992, Customs was returned to the jurisdiction of the Ministry of Finance.
With regard to the Development Aid Department, it was transferred in 1988 from the National Planning to Finance to form the Federal Ministry of Finance and Economic Department. The Development Aid Department was eventually returned to National Planning in 1991.
The following are the functions of the Federal Ministry of Finance:
- Preparing annual estimates of revenue and expenditure for the Federal Government:
- Formulating policies on fiscal and monetary matters;
- Mobilizing domestic and external financial resources through both internal and external financial institutions, for development purposes.
- Maintaining adequate foreign exchange reserves aimed at Ensuring a healthy balance of payment position;
- Maintaining the internal and external value and stability of the Nigerian currency; Monitoring government revenue from oil and non-oil resources;
- Supervising the insurance industry;
- Managing revenue allocation matters;
- Relating with relevant international organization and Financial institutions, such as the Economic Commission for Africa, World Bank, International Monetary Fund (IMF). United Nations Development Programmes (UNDP), Commonwealth Economic Committee, European Union/Africa. Caribbean and Pacific, Economic and Social Commission of the OAU, ECOWAS, etc.
Ngozi Okonjo Iweala (Honourable Minister Of Finance Current)