The ministry of finance and the parastatals under it is a government agency that plays a major role in the development of a country. However, from the history of the ministry of finance, it is obvious that its major goal has been to enable growth and development by making macroeconomic policy sound and transparent. Mostly, this article will answer all the questions you have or will have about the ministry of finance. In addition, it includes recruitment opportunities under of ministry of finance and addresses to help you apply for them.
Ministry of Finance
The Ministry of Finance is a body in government that monitors, manages, and also controls the finances of the federal government. This results in the fact that they are in charge of revenues and expenditures in a country. In other words, they are involved with the financial management of a country.
Some roles of the Ministry of Finance
- Collecting and allocating government Revenue.
- Making taxation policies.
- Formulating policies for tariffs and fiscal management.
- They prepare and also manage the Annual budget
- They prepare a financial account for ministries and agencies
- Regulate capital and financial market
- Manage the federal debt
The Minister of finance
The minister of finance is the director of the Nigerian Ministry of Finance. The minister of finance is a senior cabinet official in the Nigerian Federal Executive Council. Therefore, he ensures that the ministry operates in an accountable, efficient, and honest manner. This is in order to prioritize the economic development of the country.
The permanent secretary of the ministry of finance who is also a civil servant assists the Minister.
Furthermore, the Ministry of Finance is currently under the direction of Zainab Shamusuna Ahmed. She was appointed on September 14, 2018, in Abuja. She assumed office on October 21, 2019. Since she can’t do all the work alone, she clearly needs some assistance. She is therefore assisted by Stephen Osagiede Oronsaye, the permanent secretary of the ministry of finance. The address of the ministry of finance is stated below.
Roles of the minister of Finance
- Preparing the annual budget estimate of revenue and also expenditure for the government.
- Mobilizing domestic and foreign financial resources for national development.
- Allocating and managing revenues
- Evaluating currencies
- Managing foreign exchange reserves
- Regulating insurance companies
- Managing the country’s revenue
Parastatals under the Ministry of Finance
The ministry of finance is responsible for these parastatals below;
- Office of the Accountant General of the Federation of Nigeria
- Investment and Security Tribunal
- Federal Inland Revenue Service
- Nigerian Export-Import Bank(NEXIM)
- Nigerian Custom Service
- Debt Management Office
- National Insurance Commission
- Security and Exchange Commission
- Nigerian Deposit Insurance Corporation
- Pension Transitional Arrangement Directorate
- National Economic Reconstruction Fund
Under National Planning
- Budget Office of the Federation
- Centre for management development
- National Bureau of statistics
- Nigerian Institute of Social and Economic Research
Government-owned Enterprise
- Nigerian Sovereign Authority
- Family Homes Fund
- Development Bank of Nigeria
Note: All these parastatals work under the ministry of finance and are therefore answerable to them. Above all, their recruitment is still under the ministry of finance.
Read more: List of Federal Government Grants
History of the ministry of finance
The Federal Ministry of Finance was established in 1957 by Sir James Robertson, the then Governor-General of the Federation of Nigeria. On June 28, 1958, they promulgated the Finance Ordinance (Control and Management Act), although it came into force on July 31st, 1958. Afterward, the finance ordinance gave the ministry of finance the responsibility to control and manage the public finances of the Federation. Therefore, the finance ordinance derives the ministry’s core functions.
Presently, the major function of the ministry is to prepare annual estimates of revenue and expenditure for the federal government. However, the Budget Office of the Federation, which is presently under the ministry of budget and National Planning, performs the main functions.
In addition, they formulate policies on fiscal matters and collaborate to reduce inflation in with the Central Bank of Nigeria.
- They Prepare and also publish Quarterly and Annual Reports on the Economy
- Monitor and also manage government revenue from sources like crude oil.
- They equally relate to international organizations or financial institutions. For instance, the World Bank, African Development Bank (ADB), IMF
- Coordinate bilateral economic relations in addition with other countries.
- They help supervise some agencies. For example, OAGF, NDIC, NCS, NSIA, NEXM, etc.
This is a detailed list of the functions of the ministry of finance in those years;
Based on the history of the ministry of finance, below are list of ministers:
Ministers of Finance in Nigeria from 1960- Date
| NAME | TERM IN OFFICE |
| Festus Okotie-Eboh | 1960-1966 |
| Obafemi Awolowo | 1967-1971 |
| Shehu Shagari | 1971-1975 |
| Asumoh Ete Ekukinam | 1976-1977 |
| James Olueye | 1977-1979 |
| Sunday Essang | 1979-1983 |
| Onalopo Soloeye | 1984 1985 |
| Kalu Idika Kalu | 1985-1986 |
| Anthony Ani | 1994-1998 |
| Ismaila Usman | 1998-1999 |
| Adamu Cirom | 1999-2003 |
| Ngozi Okonjo-Iweala | 2003-2006 |
| Nneadi Usman | 2006-2007 |
| Shamsuddeen Usman | 2007-2009 |
| Mansur Mukhtar | 2009-2010 |
| Olusegun Olutoyin Aganga | 2010-2011(June) |
| Ngozi Okonjo-iweala | 2011(July)-2015 |
| Kemi Adeosun | 2015-2018 |
| Zainab Ahmed | 2018-Date |
Ministry of Finance Recruitment
The Ministry of Finance and Recruitment is under the Federal Government of Nigeria. There are about 500 employees across all locations. Meanwhile, the Federal Ministry has about 477 companies in the Corporate family.
However, the question everybody asks is; ”How do they recruit”?
Basically, the ministry does not have any rigid rules on how they recruit their staff. Recruiting process is strongly determined by the Job description.
In addition, if the ministry of finance wants to recruit staff for one of its parastatals, First, it will state the job description and specifications, followed by the qualifications of those who can apply.
For example,
- Background/Project Objectives
- Roles: For instance, He/ She will have the responsibility of making sure that the projects comply with the Bank’s processes.
- Requirements: (At this point, they will state the educational level and experience they need for the job).
- Skills and Abilities: ( Now, they will list out the skills you need to have in order to qualify for the job application. For example, Project management skills).
- Eligibility Criteria: (Here, they might give a date to tell you when the shortlisted applicant eligible for the interview will be out).
- Application closing date
- Finally, how to Apply
Afterward, they will publicize it on some platforms.
Last, they will screen the applicants according to what they need. However, they use recruitment companies when they dim it fit.
Ministry of Finance Address
Below is the Contact Address of the Federal Ministry of Finance Nigeria. Although, it is advisable to call the number below before any visitation to the office.
Address
Plot 745 and 746, Ahmadu Bello Way, Central Area, P.M.B 14 Garki, Abuja, Nigeria.
City
Abuja
Phone
234-9-2346290-5
Fax
234-9-2340512
Web Address
Who Prepares the Budget in Nigeria?
The Federal Government of Nigeria established the Budget Office of the Federation to perform budget functions and carry out fiscal policies. Six operational departments and seven units make up the Budget Office’s organisational structure.
What are the 5 Departments under Ministry of Finance?
- Department of Public Enterprise
- Department of Economic Affairs
- Department of Investment and Public Asset Management
- Department of Revenue
- Department of Financial Services
- Department of Expenditure
What is the Power of Department of Finance?
The Department of Finance (DOF) oversees the administration of public funds. It is responsible for formulating policies, generating revenue, mobilising resources, managing debt, and fostering the growth of financial markets.
Who Regulates MFI Nigeria?
The Central Bank of Nigeria hereafter referred to as CBN or the Bank regulates the MFI.
Which Department is not Under Ministry of Finance?
The banking division. There is no such thing as a “Banking Division” inside the Department of Treasury.
Conclusion
In conclusion, it is certainly obvious that the ministry of finance and also the parastatals under the ministry of finance, according to history, have the overall responsibility to develop the fiscal and economic framework of the government.
In addition, they collect and allocate revenues. As a result, developing the socio-economic sectors of the country and also creating a society that gives the citizens hope for a better future.
FAQ
How many Departments does the Ministry of Finance have
The finance ministry currently has five departments: Economic Affairs, Expenditure, Revenue, Investment and Public Asset Management (DIPAM), and Financial Services.
Which Department is not under Ministry of Finance
Banking Division is not a department in the Ministry of Finance.
Who preparres the annual budget
The budget division of the finance ministry’s department of economic affairs (DEA) is the tangent body in charge of budget production.
