The Ministry

The Federal Ministry of Finance is the government body that manages the finances of the Federal Government of Nigeria, including managing, controlling and monitoring federal revenues and expenditures.

Overview and Mandate of the Ministry

Introduction

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

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).

Mandate of the Ministry

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.

Our Vision

To be the First in Service Delivery.

Our Mission

To manage the Nation’s finances in an open, transparent, accountable and efficient manner that delivers on the country’s development priorities.

Our Goals

The Ministry’s principal goals and operational targets are:

A stable economy and a good standard of living;

Long-term treasury equilibrium;

An economical and efficient tax environment;

Responsible and performance oriented management of state finances;

Transparent government operations and an effective organizational structure;

State employment of staff of the highest quality, who operate in a conducive work environment;

Delivery by the Ministry of a reliable service with the emphasis on professional work./span>

Our Values

The Ministry’s staff shows initiative and professionalism in their daily work and are performance-oriented.