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Federal Ministry Of Finance (Nigeria)
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. Roles of finance ministry: Some of the role of the finance ministry include collecting and disbursing government revenue, formulating policies on taxation, tariffs, fiscal management etc., preparing and managing the annual budget, preparing annual accounts for ministries, departments and agencies, managing federal debt and regulating the capital market. Leadership A senior civil servant acts as Permanent Secretary of the minister, assisting the politically appointed Minister of Finance, who is a member of the President's cabinet. Stephen Osagiede Oronsaye was appointed Permanent Secretary of the Federal Ministry of Finance on August 20, 2008. He was appointed Head of the Nigerian Civil Service in June 2009. The Permanent Secretary as of December 2009 was Dr. Ochi C. Achinivu. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea to the south in the Atlantic Ocean. It covers an area of , and with a population of over 225 million, it is the most populous country in Africa, and the world's sixth-most populous country. Nigeria borders Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Nigeria is a federal republic comprising of 36 states and the Federal Capital Territory, where the capital, Abuja, is located. The largest city in Nigeria is Lagos, one of the largest metropolitan areas in the world and the second-largest in Africa. Nigeria has been home to several indigenous pre-colonial states and kingdoms since the second millennium BC, with the Nok civilization in the 15th century BC, marking the first ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parastatal
A state-owned enterprise (SOE) is a government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn profit for the government, control monopoly of the private sector entities, provide products and services to citizens at a lower price and for the achievement of overall financial goals & developmental objectives in a particular country. The national government or provincial government has majority ownership over these ''state owned enterprises''. These ''state owned enterprises'' are also known as public sector undertakings in some countries. Defining characteristics of SOEs are their distinct legal form and possession of financial goals & developmental objectives (e.g., a state railway company may aim to make transportation more accessible and earn profit for the government), SOEs are government entities established to pursue financial objectives and develo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Ministries Of Nigeria
The Federal Ministries of Nigeria are civil service departments that are responsible for delivering various types of government service. Each ministry is headed by a Permanent Secretary who reports to a Minister in the Federal Cabinet. Some government functions are provided by "commissions" or parastatals (government-owned corporations) that may be independent or associated with a ministry. Ministries At times, ministries are amalgamated and at other times they are split. Thus Halima Tayo Alao was appointed Minister of Environment and Housing on 26 July 2007 by President Umaru Yar'Adua. After a cabinet reshuffle, in December 2008 Nduese Essien was appointed Minister of Environment and Hassan Muhammed Lawal was appointed Minister of Works and Housing. On 6 April 2010, Mohammed Daggash was appointed Minister of Works and Nduese Essien was appointed Minister of Lands, Housing & Urban Development. The table below lists current or past ministries. Commissions See also *Cab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Minister Of Nigeria
The Minister of Finance of Nigeria is a senior cabinet official in the Nigerian Federal Executive Council. The Finance Minister's directs the Nigerian Ministry of Finance and ensures that it operates in a transparent, accountable and efficient manner to bolster the country's economic development priorities. The Minister is assisted by the Permanent Secretary of the Ministry of Finance, a career civil servant. The current Nigerian Minister of Finance is Zainab Shamsuna Ahmed appointed on 14 September 2018 in Abuja. Nigerian President Muhammadu Buhari accepted the resignation of his Finance Minister Kemi Adeosun. Duties of minister * Preparation of annual budgetary estimates of revenue and expenditure for the Federal Government. * Determination of Federal Government fiscal policies. * Mobilization of domestic and external financial resources for national development purposes. * Management of foreign exchange reserves. * Management of Federal Government revenue. * Currency valu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities And Exchange Commission (Nigeria)
The Securities and Exchange Commission (SEC) is the main regulatory institution of the Nigerian capital market. It is supervised by the Federal Ministry of Finance. The Nigerian Stock Exchange (NSE) is privately owned and self-regulating, but the SEC maintains surveillance over it with the mandate of ensuring orderly and equitable dealings in securities, and protecting the market against insider trading abuses. Formation and early years The Commission originates from the ad hoc, non-statutory Capital Issues Committee established in 1962 as an arm of the Central Bank of Nigeria. The committee became the Security Exchange Commission in 1977, and then the Securities and Exchange Commission was chartered with SEC Decree No. 71 of 1979. The commission is now chartered by the Investments and Securities Act No 45 of 1999. A second-tier securities market was established in 1985, and the market grew as the government followed a program of privatization of public sector enterprises. Wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigeria Customs Service
The Nigeria Customs Service (NCS) is an independent customs service under the supervisory oversight of the Nigerian Ministry of Finance, responsible for the collection of customs revenue, Facilitation of both national and international trade and anti-smuggling activities. Structure The NCS is headed by the comptroller general, who oversees the work of six deputy comptrollers general in the following departments: * Finance and Technical Service; * Tariff & Trade; * Enforcement, Investigation, and Inspection; * Modernization, Research and Economic Relations; * Excise, Industrial Incentives and Free Trade Zone; * Human Resource Development. The NCS board is chaired by the minister of finance, while the vice-chairman is Col. Hameed Ali, the service's comptroller general who is not a career Customs staff, but was appointed by President Muhammadu Buhari with the aim of reforming and revamping the institution. In addition, the NCS operates a media division with radio and televi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigeria Deposit Insurance Corporation
The Nigeria Deposit Insurance Corporation (NDIC) is a statutory body established by NDIC Act No. 16 of 2006 with exclusive mandate of administering the Deposit Insurance System (DIS) in Nigeria. As one of the components of the nation’s financial safety-net arrangement, the NDIC has the responsibility of protecting depositors and guaranteeing the payment of insured sums when the license of a deposit-taking financial institution is revoked by the Central Bank of Nigeria (CBN).. Organization The NDIC is a parastatal under the Nigerian Ministry of Finance. The corporation is charged with protecting the banking system from instability occasioned by runs and loss of depositors' confidence. It operates under the Nigeria Deposit Insurance Corporation Act (1990). The NDIC is a member of the Financial Reporting Council of Nigeria. The NDIC complements the regulatory and supervisory role of the Central Bank of Nigeria (CBN), although it reports to the Federal Ministry of Finance. The NDIC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian Export-Import Bank
The Nigerian Export-Import Bank (NEXIM) is an export credit agency in Nigeria, established in 1991. In its function, NEXIM focuses on the development and expansion of the non-oil sectors of the Nigerian economy, with a view to reducing the country's over-reliance on oil exports. Mission The NEXIM mission is to increase the rate of export of non-oil product for both small, medium, and large enterprises in all sectors of the economy by providing funds, risk-bearing programs, and advisory services in line with government trade policy. Location The headquarters of Nexim are located at NEXIM House, Central Business District, Garki, Abuja, Nigeria. Nexim House is bordered by Kur Mohammed Avenue to the north, Ahmadu Bello Way to the east and Constitution Avenue to the south. Its geographical coordinates are: 09°03'44.0"N, 07°29'37.0"E (Latitude: 09.062222; Longitude:07.493611). Overview NEXIM was established in 1991 as a joint venture between the Central Bank of Nigeria (CBN) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tribunal
A tribunal, generally, is any person or institution with authority to judge, adjudicate on, or determine claims or disputes—whether or not it is called a tribunal in its title. For example, an advocate who appears before a court with a single judge could describe that judge as "their tribunal." Many governmental bodies that are titled as "tribunals" are described so in order to emphasize that they are not courts of normal jurisdiction. For example, the International Criminal Tribunal for Rwanda was a body specially constituted under international law; in Great Britain, employment tribunals are bodies set up to hear specific employment disputes. In many (but not all) cases, the word ''tribunal'' implies a judicial (or quasi-judicial) body with a lesser degree of formality than a court, in which the normal rules of evidence and procedure may not apply, and whose presiding officers are frequently neither judges, nor magistrates. Private judicial bodies are also often styled "trib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Inland Revenue Service
The Federal Inland Revenue Service (FIRS) is the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria. History Federal Inland Revenue Service (FIRS) was created in 1943. Prior to that time, its functions had been performed by the Inland Revenue Department of British West Africa. The Board of Inland Revenue was created in 1958, and the service gained autonomy with the passing of the FIRS (Establishment) Act 13 of 2007. In 2003, the Federal Government of Nigeria recognized that poor service delivery in the public sector had become an urgent national issue and undertook a series of steps that lead to the entering into a Service Compact (SERVICOM) with all Nigerians in March 2004. This was followed by the creation of the SERVICOM office within the Presidency to ensure the entrenchment of excellent service delivery in the public sector in policy, programmes and practice. In line with the subsequent Pres ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and act as a banker of last resort and financial adviser to the federal government. The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. After the end of imperial rule the desire of the government to become pro-active in the development of the economy became visible especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any show shortfalls, credit allocations to the real sector. The bank became involved in lending directly to consumers, contravening its original ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accountant General Of The Federation
The Accountant-General of the Federation is the administrative head of the treasury of the Federal Republic of Nigeria. The office holder is often appointed by the President of Nigeria The president of the Federal Republic of Nigeria is the head of state and head of government of the Federal Republic of Nigeria. The president directs the executive branch of the federal government and is the commander-in-chief of the Niger ... to serve a four years term in accordance with the constitution of the federal republic of Nigeria. The office was established in 1988 under the Civil Services reorganization Decree No. 43 of the constitution of Nigeria. Statutory duties The office holder is charged with the responsibility to manage receipts and payments of the Republic of Nigeria and to ensure that a proper system of account exists in every department of the nation's treasury and to exercise general supervision over the receipts of public revenue and over the expenditure of the feder ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
