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. At the time of this report, it’s known as the Federal Ministry of Finance, Budget, and National Planning.
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 debit financing through another agency, Debt Management Office (DMO).
The ministry of finance, budget, and national planning also ensures 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.
The Ministry of Finance, Budget, and National Planning has 18 agencies which can be subdivided into three major categories:
- National Planning
- Government-owned enterprises
At the time of this report, all the agencies under the finance ministry are:
|Finance Parastatal||Year of Establishment||Core mandate|
|Federal Inland Revenue Service (FIRS)||1943||To increase and collect tax on behalf of the federal government. To issue tax Identification Numbers (TIN) to companies and individuals.
To collect stamp duties in Nigeria on behalf of the government
|National Bureau of Statistics (NBS)||1947||To generate and release economic statistics in Nigeria|
|Nigeria Customs Service (NCS)||1891||To collect import duties, check inward and outward of goods and movement of people out and in the country|
|Debt Management Office (DMO)||October 4, 2000||To coordinate the management of Nigeria’s foreign and internal debt|
|Office of the Accountant-General of the Federation||1988||To initiate and formulate implementation of policies regarding the management of public funds|
|Nigerian Export-Import Bank [NEXIM]||July 1, 1991||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||December 19, 2002||To settle all matters arising out of investments and securities transactions.|
|Centre for Management Development||1973||To drive the vision of the developmental policies of the Federal Government|
|Budget Office of the Federation||1992||To monitor budget implementation and fiscal policies of the Federal Government|
|Securities and Exchange Commission (SEC)||1979||To regulate the Nigerian capital market|
|Nigerian Sovereign Investment Authority||May 27, 2011||To manage Nigeria’s income from oil exports (sovereign wealth fund) for the raining days|
|Nigerian Institute of Social and Economic Research||1960||To provide information on economic and social ideas for Nigeria economy|
|Pension Transitional Arrangement Directorate||August 2013||To address the numerous pensioners’ complaints|
|Family Homes Fund||September 2016||To use housing to improve the living standards of Nigerians on low income by building quality homes|
|Development Bank of Nigeria (DBN)||September 2014||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)||June 15, 1988||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|
|National Economic Reconstruction Fund (NERF)||1988||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)||1997||To ensure effective administration, supervision, regulation and control of insurance business in Nigeria|
The head office of the ministry of finance is located at the Central Business District, Abuja, Nigeria
- Twitter: @FinMinNigeria
- Facebook.com: @Finminnigeria
- Official website: finance.gov.ng
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 pension and other benefits.
NEXIM and DBN need to do more. The ministry needs to thoroughly supervise the activities of the Nigeria Customs for better performance.