Frequently Asked Questions (FAQ)

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Which Departments/Agencies of the Ministry are responsible for the following activities?

Monthly release of appropriated funds

Cash Management Department.

Formulating fiscal policies.

Fiscal measures, Research and Statistics Department (BOF) and Home Finance.

Implementing fiscal policies.

Fiscal Measures, Research and Statistics Department (BOF)

Processing of Tariff matters.

Fiscal Measures, Research and Statistics Department.

Distribution of Revenue from the Federation Account

Home Finance Department and Federation Accounts Allocation Committee (FAAC).

Handling matters relating to African capacity Building foundation (ACBF) and the National capacity Building Programme

Nigeria is a founding member of ACBF and it is represented on the BOGs by the HMF, The IER Department handles all matters relating to the ACBF. The ACBF was created in response to the severity of Africa’s capacity needs and the challenges of investing in indigenous human capacity and institutions in the sub-Saharan Africa and to serve as coordinating mechanism for donor support to capacity building on the continent through pooling of resources and common governance and reporting system.

Formulation and review of tax income and VAT rate policies.

Fiscal Measures, Research and Statistics department.

Registration of Contractors

Administrative Department.

Preparation and publication of Annual Report and Quarterly performance Report on the Economy.

The IER Department provides input  into  the Annual and Quarterly Performance  Reports on the Economy for publication.

Production of Green Book (Draft Budget)

Expenditure Department.

Issurance of Annual Budget calls circulars to all Federal Ministries/Extra-Ministerial Departments.

Expenditure Department.

Participation in policy formulation, processing and negotiation of all World Bank, IFAD and other donor loan/credit to Nigeria?

The IER Department and the Debt Management Office participate in policy formulation, processing and negotiation of all World Bank and IFAD as well as other donor loan/credit to Nigeria.

Facilitating and monitoring the effective Implementation of World/IFAD assisted projects as well as the amortization of the facilities.

The IER Department is responsible for facilitating all stages of identification, preparation, negotiation, effectiveness and closure of all donor funded projects; and monitoring the effective implementation of the World Bank/IFAD and other donors assisted projects and with the Debt management Office (DMO) jointly responsible for the amortization of the facilities.

Settlement of income tax and VAT rate disputes.

Fiscal Measures, Research and Statistics department.

Compilation and updating of the list of all companies that pay CIT and monitor such payment

Fiscal Measures, Research and Statistics department.

Budget Formulation, Preparation, Defence and Implementation.

Expenditure Department (BOF).

Budget Monitoring and evaluation

Budget Monitoring and Evaluation Department (BME).

Managing the International Economic Relations of the country

The IER Department is responsible for managing Nigeria’s economic relations with the global community; maintaining vibrant, cordial and mutually beneficial bilateral relationship with other countries as well as strong relations with multilateral financial institutions.

Managing the country’s foreign and domestic debts.

The IER department collaborates with the Debt management Office (DMO) in managing Nigeria’s foreign debt.

Monitoring projects financed by Bilateral and Multilateral Institutions

IER Department is responsible for the monitoring and the evaluation of projects financed by Bilateral and Multilateral Institutions in Nigeria.

Regulating the Capital Market

Securities and Exchange Commission (SEC)/Home Finance Department.

Regulating the activities of the Insurance Industry

National Insurance Commission (NAICOM) and Home Finance Department.

Resolving Capital Market disputes

Investment and Securities Tribunal (IST) and Securities and Exchange Commission (SEC)…

Collection of government revenue and formulation of tax Policy

Federal Inland Revenue Service (FIRS) and Revenue Department (BOF).

Processing and issuance of waivers

Fiscal Policy Department (BOF).

Approval of waivers

Mr. President.

Processing application for appointment of Consultants on revenue matters

Revenue Department.

Issuance of AIEs

Cash Management Department.

Monitoring Customs Revenue Collection and Remittance by designated Banks

Revenue Department.

What is SERVICOM?

SERVICOM is an acronym derived from the word SERVICE COMPACT. It is a social contract between the Federal Government of Nigeria, Federal Ministries, Departments, Parastatals /Agencies and its esteemed stakeholders/customers throughout the country and beyond, geared towards service delivery and excellence. The concept was launched in 2004 to the Nigerian Public Service as part of the Federal Government service delivery initiative.

What is the procedure a dissatisfied customer to our services should undertake to get his problem solved?

A dissatisfied customer is expected to lodge a complaint about a service poorly delivered to the MDA involved through the Honourable Minister/CEO of the parastatal concerned. The complaints will subsequently be forwarded to the Director, Reform Coordination and Service Improvement for speedy response.

How can a customer lodge a complaint?

A customer is expected to lodge a complaint in writing to the MDA involved or to the National SERVICOM Headquarters, Presidency, Federal Secretariat, Abuja.

What happens when a consumer complaint is received by Servicom Unit?

When a customer’s complaint is received the SERIVCOM unit will carry out a thorough investigation on the issues raised by the customer. This is done to ensure that appropriate action is implemented to eliminate the service gaps and develop proposals to address them. The aggrieved customer is also informed of the action taken to address his/her complaints. Furthermore, the SERVICOM unit also ensures that quarterly report on SERVICOM activities is submitted to SERVICOM Headquarters.

Will SERVICOM Unit get back to the customer who lodged a complaint?

SERVICOM unit in the Ministry will communicate actions taken on the complaints reported and also maintain close contact with the customer until the complaints are fully addressed.

What issues can customers complain to SERVICOM Unit?

Customers are required to forward their complaints to SERVICOM unit on issues that revolves around service delivery. We ensure that customers receive speedy response to request from polite, reliable and friendly staff.

Is SERVICOM Unit a government agency?

SERVICOM unit is a government agency.

How can I know the allocation given to the three tiers of Government?

You can find the answer on the Ministry’s website: http://www.finance.gov.ng