The Federal Ministry of Finance is the government body that manages the finances of the Federal Government of

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 o ...

, including managing, controlling and monitoring federal

revenues In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive revenu ...

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 A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers t ...

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 President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

'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.

Shamsuddeen Usman Shamsuddeen Usman, , (born 18 September 1949) is a Nigerian economist, banker and public servant. He is currently the CEO oSUSMAN & Associates an economic, financial and management consulting firm headquartered in Nigeria. He was the Finance Mi ...

was Minister of Finance from July 2007 to January 2009, when he was replaced by Mansur Muhtar.

Ngozi Okonjo-Iweala Ngozi Okonjo-Iweala (; born 13 June 1954) is a Nigerian economist, who has been serving as the Director-General of the World Trade Organization since March 2021. Notably, she is the first woman and first African to lead the World Trade Organiza ...

, assumed office as the Minister of Finance on 11 July 2011 through 29 May 2015. Kemi Adeosun was appointed by

Muhammadu Buhari Muhammadu Buhari (born 17 December 1942) is a Nigerian politician and current president of Nigeria since 2015. Buhari is a retired Nigerian Army major general who served as the country's military head of state from 31 December 1983 to 27 Au ...

and assumed the office of Finance Minister in 2015. Kemi Adeosun resigned from the cabinet as a result of complications with her discharged certificate from the National Youth Service Corp. Mrs

Zainab Ahmed Zainab Shamsuna Ahmed (born 16 June 1960) is a Nigerian accountant who has been serving as Minister of Finance, Budget and National Planning since 2019. At the time, President Muhammadu Buhari brought the two ministries under her as one, making ...

was recently appointed as the Minister of Finance.

Parastatals and agencies

The Ministry of Finance is responsible for a number of

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 ...

s and agencies: * Office of the Accountant General of the Federation Of Nigeria * Central Bank of Nigeria * Federal Inland Revenue Service * Investment and Security

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 ...

* National Insurance Commission * Nigerian Export Import Bank *

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 ...

Nigerian 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 a ...

Security and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

References

External links

Official homepage

Federal Ministries of Nigeria {{Nigeria-gov-stub

Leadership

Parastatals and agencies

See also

References

External links