18 Agencies of the Ministry of Finance in Nigeria and Their Mandates

Last updated on August 17th, 2023 at 03:26 pm

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Who is Nigeria’s Minister of Finance?

The former Commissioner of Finance in Lagos, Mr. Wale Edun is the present Minister of Finance. Also, he will also be the Coordinating Minister of the Economy.

Understanding the Federal Ministry of Finance

Between 2015 to 2019, there was a Ministry of Budget and Planning, but the second term of President Muhammadu Buhari merged it with the Ministry of Finance. Until May 29, 2023, it was known as the Federal Ministry of Finance, Budget, and National Planning.

On assumption of office, President Bola Tinubu made Finance an independent ministry, now known as the Federal Ministry of Finance.

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Table of Contents

The ministry prepares an annual budget for the federal government and oversees the implementation of the budget and fiscal policies among other core functions of Finance Minister in Nigeria.

The ministry also releases economic statistics as it relates to inflation and purchasing power and maintains the debt profile of the government and the modality of repayment

It carries most of its budget roles through the Budget Office of the federation and keeps a tap on the amount allocated to debt financing through another agency, Debt Management Office (DMO).

The ministry of finance, budget, and national planning also ensure manages the monies generated through importation duties by Nigeria Customs Service (NCS).

The decision to transfer NCS to the ministry of finance in 1992 was because of the revenue the para-military organisation generates monthly and yearly.

Parastatal:

The Ministry of Finance, Budget, and National Planning has 18 agencies which can be subdivided into three major categories:

  • Finance
  • National Planning
  • Government-owned enterprises

At the time of this report, all the agencies under the finance ministry are:

Finance ParastatalYear of Establishment
Federal Inland Revenue Service (FIRS)1943
National Bureau of Statistics (NBS)1947
Nigeria Customs Service (NCS)1891
Debt Management Office (DMO)October 4, 2000
Office of the Accountant-General of the Federation1988
Nigerian Export-Import Bank [NEXIM]July 1, 1991
Investments and Securities TribunalDecember 19, 2002
Centre for Management Development1973
Budget Office of the Federation1992
Securities and Exchange Commission (SEC)1979
Nigerian Sovereign Investment AuthorityMay 27, 2011
Nigerian Institute of Social and Economic Research1960
Pension Transitional Arrangement DirectorateAugust 2013
Family Homes FundSeptember 2016
Development Bank of Nigeria (DBN)September 2014
Nigeria Deposit Insurance Corporation (NDIC)June 15, 1988
National Economic Reconstruction Fund (NERF)1988
National Insurance Commission (NIC)1997

Key roles of the agencies of Nigeria’s Ministry of Finance, Budget, and National Planning

Federal Inland Revenue Service (FIRS)

To increase and collect tax on behalf of the federal government. To issue tax Identification Numbers (TIN) to companies and individuals.

Also Read:  What is Social Investment Programme (SIP) in Nigeria?

To collect stamp duties in Nigeria on behalf of the government

National Bureau of Statistics (NBS)

To generate and release economic statistics in Nigeria

Nigeria Customs Service (NCS)

To collect import duties, check inward and outward of goods and movement of people out and in the country

Debt Management Office (DMO)

To coordinate the management of Nigeria’s foreign and internal debt

Office of the Accountant-General of the Federation

To initiate and formulate the implementation of policies regarding the management of public funds

Nigerian Export-Import Bank [NEXIM]

To develop and expand the non-oil sectors of the economy in order to reduce Nigeria’s reliance on oil revenue

Investments and Securities Tribunal

To settle all matters arising out of investments and securities transactions.

Centre for Management Development

To drive the vision of the developmental policies of the Federal Government

Budget Office of the Federation

To monitor budget implementation and fiscal policies of the Federal Government

Securities and Exchange Commission (SEC)

To regulate the Nigerian capital market

Nigerian Sovereign Investment Authority

To manage Nigeria’s income from oil exports (sovereign wealth fund) for the rainy days

Nigerian Institute of Social and Economic Research

To provide information on economic and social ideas for Nigeria’s economy

Pension Transitional Arrangement Directorate

To address the numerous pensioners’ complaints

Family Homes Fund

To use housing to improve the living standards of Nigerians on low income by building quality homes

Development Bank of Nigeria (DBN)

To be a go-to for MSMEs and small Corporates in Nigeria through the provision of financing and credit facility

Nigeria Deposit Insurance Corporation (NDIC)

To protect depositors in financial institutions in Nigeria. When a bank is insolvent and heading towards collapse, NDIC steps in to make sure that depositors and shareholders do not lose their monies and shares

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National Economic Reconstruction Fund (NERF)

To serve as a funding mechanism to bridge the gap in the provision of local and foreign funds to small and medium-scale enterprises in Nigeria.

National Insurance Commission (NIC)

To ensure effective administration, supervision, regulation and control of the insurance business in Nigeria

The head office of the ministry of finance is located at the Central Business District, Abuja, Nigeria

Social handles:

  • Twitter: @FinMinNigeria
  • Facebook.com: @Finminnigeria
  • Official website: finance.gov.ng

Performance

The most effective of all the agencies are Budget Office and the Nigeria Deposit Insurance Corporation (NDIC) which has diligently stepped in to protect depositors and shareholders in the financial sectors.

Most times, it issues guidelines on how depositors can retrieve their money when a bank closes shops.

Like every other ministry in Nigeria, some of the agencies under the Federal Ministry of Finance, Budget, and National Planning look like they were established to create jobs for family members and political allies.

For instance, the Pension Transitional Arrangement Directorate which was established to address the numerous pensioners’ complaints in Nigeria is still one of the ineffective agencies as retired civil servants are still finding it difficult to get pensions and other benefits.

NEXIM and DBN need to do more. The ministry needs to thoroughly supervise the activities of Nigeria Customs for better performance.

Author

  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

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