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.

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Nigeria Affected By Economic Recession -- Babalola
Sunday, February 7, 2010 Nigeria Affected By Economic Recession -- Babalola The attention of the Honourable Minister of State for Finance, Mr. Remi Babalola has been drawn to Sunday Guardian’s front page report titled “Nigeria not affected by recession”, which was attributed to him. The minister wishes to refute the entire report, which is not a reflection of his comments made at the launch of Prof. Pat Utomi's book titled “Business Angel As Missionary”, held last Friday at the Nigeria Institute of International Affairs, Lagos. For the avoidance of doubt, what the minister said, which was reported by other media organisations, is that “All levels of government – Federal, State and Local – actually got much more allocation than what they budgeted for in 2009”. The minister explained that there was no basis to use “Economic Recession” as an excuse for non-performance or non-development of the country He went further to showcase how the administration met over US$20 billion in the excess crude proceeds account, which has now declined to about US$6.2 billion due to its utilisation by all tiers of government as a result of the impact of the economic recession. The minister had written more than a dozen papers on the impact of economic recession on Nigeria and even the knock-on effect on the socioeconomic impacts on Nigerians. We believed the reporter misconstrued some aspects of the minister’s intervention since he did not deliver any paper at the event. However, Babalola’s short remarks are on tape for verification. The minister and his team are open and accessible and all reporters are encouraged to crosscheck or verify if in doubt via email using rbabalola@remibabalola.com. END This news was created on 2/7/2010