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The Federal Ministry of Finance is responsible for the management and control of
all finances of the Federal Government as prescribed by the constitution of the
country.
About Federal Ministry of Finance
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.
Functions of the Ministry
The following are the functions of the Federal Ministry of Finance:
1, Preparing annual estimates of revenue and expenditure for the Federal Government:
2, Formulating policies on fiscal and monetary matters;
3, Mobilizing domestic and external financial resources through both internal and
external financial institutions, for development purposes.
4, Maintaining adequate foreign exchange reserves aimed at Ensuring a healthy balance
of payment position;
5, Maintaining the internal and external value and stability of the Nigerian currency;
Monitoring government revenue from oil and non-oil resources;
6, Supervising the insurance industry;
7, Managing revenue allocation matters;
8, 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.
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