The Finance Act of 1958 empowers the Federal Ministry of Finance to administer and control the finances of the Federal Government of Nigeria. In line with the Act, the Ministry is responsible for the formulation of fiscal policies, mobilization of resources for development purposes and regulation of Federal Government expenditure. It co-ordinates the sharing of revenue among the three tiers of government.
Other laws from which the Ministry performs its statutory function includes
– The Presidential Assignment of Responsibilities gazette No. 15, Vol.76 of March 3, 1989.
– The Foreign Exchange (Monitoring and Miscellaneous Provision) Act of 1995.
– Pre-shipment Inspection of Export Decree of 1996. (Now, Destination Inspection).
The Ministry is statutorily mandated to carry out the following major assignments:
– Formulating policies and fiscal matters.
– Preparing annual estimates of revenue and expenditure for the Federal Government.
– Formulating policies in collaboration with Central Bank of Nigeria to curb inflationary trends on the economy.
– Preparing and publishing quarterly and annual reports on the economy.
– Monitoring domestic and external financial resources for development purposes.