MINISTRY OF FINANCE: History, Parastatals, Recruitment, Addresses

Parastatals in ministry of finance, history of finance ministry

The ministry of finance and also 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 therefore obvious that their major goal has been to enable growth and development by making the 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


Ministry of finance is a body in government that monitors, manages and also controls 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, 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 priories 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 the 14th of September 2018 in Abuja. She assumed office on the 21st of October 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 was 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 countries revenue

Parastatals under Ministry of Finance

The ministry of finance is responsible for these parastatals below;

  1. Office of the Accountant General of the Federation of Nigeria
  2. Investment and Security Tribunal
  3. Federal Inland Revenue Service
  4. Nigerian Export-Import Bank(NEXIM)
  5. Nigerian Custom Service
  6. Debt Management Office
  7. National Insurance Commission
  8. Security and Exchange Commission
  9. Nigerian Deposit Insurance Corporation
  10. Pension Transitional Arrangement Directorate
  11. National Economic Reconstruction Fund

Under National Planning

  1. Budget Office of the Federation
  2. Centre for management development
  3. National Bureau of statistics
  4. Nigerian Institute of Social and Economic Research

Government-owned Enterprise

  1. Nigerian Sovereign Authority
  2. Family Homes Fund
  3. 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

Federal Ministry of Finance was established in 1957 by Sir James Robertson the then Governor-General of the Federation of Nigeria. On June 1958, they promulgated the Finance Ordinance (Control and Management Act) although they came into force on the 31st of July 1958. Afterwards, the finance ordinance gave the ministry of finance a responsibility to control and manage public finances of the Federation. Therefore, 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 perform 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 institution. For instance, the World Bank, African Development Bank (ADB), IMF
  • Coordinate bilateral economic relations in addition to 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

NAMETERM IN OFFICE
Festus Okotie-Eboh1960-1966
Obafemi Awolowo1967-1971
Shehu Shagari1971-1975
Asumoh Ete Ekukinam1976-1977
James Olueye1977-1979
Sunday Essang1979-1983
Onalopo Soloeye1984 1985
Kalu Idika Kalu1985-1986
Anthony Ani1994-1998
Ismaila Usman1998-1999
Adamu Cirom1999-2003
Ngozi Okonjo-Iweala2003-2006
Nneadi Usman2006-2007
Shamsuddeen Usman2007-2009
Mansur Mukhtar2009-2010
Olusegun Olutoyin Aganga2010-2011(June)
Ngozi Okonjo-iweala2011(July)-2015
Kemi Adeosun2015-2018
Zainab Ahmed2018-Date
Wikipedia

Ministry of Finance Recruitment

The Ministry of Finance 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 finance wants to recruit staffs for one of their parastatals. First, they will state out the job description and specifications and then qualifications of 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 Bank’s processes.
  • Requirements: (At this point, they will state out 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 shortlisted applicant eligible for interview will be out).
  • Application closing date
  • Finally, how to Apply

Afterwards, 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 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

http://www.finance.gov.ng/

Conclusion

In conclusion, it is certainly obvious that the ministry of finance and also the parastatals under the ministry of finance has the overall responsibility to develop the fiscal and economic framework of the government.

In addition, they collecting and allocating 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.

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