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Federal Ministry of Finance

Federal Ministry of Finance
Ahmadu Bello Way, Central Area, PMB 14, Garki  
Abuja, Nigeria
Telephone: +234 9 234 6290
Website: www.fmf.gov.ng

 

 

 

 

 

PROFILE:
Ngozi Okonjo-Iweala (born June 13, 1954) was appointed in July 2011 as the new Minister of Finance for the Federal Republic of Nigeria.She is also referred to as the co-ordinating Minister of the Economy. Prior to this appointment, she was the Managing Director of World Bank (October 2007 - July 2011) and has also held the position of Finance and Foreign Affairs Minister of Nigeria, between 2003 and 2006. She is notable for being the first woman to hold either of these positions. She served as finance minister from July 2003 until her appointment as foreign affairs minister in June 2006. She resigned her appointment as Foreign Affairs minister in August 2006.

CAREER
Prior to her ministerial career in Nigeria, Okonjo-Iweala was vice-president and corporate secretary of the World Bank Group. She left it in 2003 after she was appointed to President Obasanjo's cabinet as Finance Minister on 15 July.
In October 2005, she led the Nigerian team that struck a deal with the Paris Club, a group of bilateral creditors, to pay a portion of Nigeria's external debt (US $12 billion) in return for an $18 billion debt write-off. Prior to the partial debt payment and write-off, Nigeria spent roughly US $1 billion every year on debt servicing, without making a dent in the principal owed.
Okonjo-Iweala also introduced the practice of publishing each state's monthly financial allocation from the federal government in the newspapers. She was instrumental in helping Nigeria obtain its first ever sovereign credit rating (of BB minus) from Fitch and Standard & Poor's. Nigeria is considered to have defaulted on its sovereign debt in 1983 (debt rescheduling is considered a type of default by rating agencies)

 

THE MINISTRY:
The Federal Ministry of Finance was first established in 1958 to replace the Finance Department. The Ministry has responsibility for the management and control of Nigeria's public finance, with the specific functions of:
•    Preparing annual estimates of revenue and expenditure for the Federal Government
•    Formulating policies on fiscal and monetary matters
•    Mobilizing domestic and external financial resources through both internal and external financial institutions, for development purposes
•    Maintaining adequate foreign exchange reserves aimed at ensuring a healthy balance of payment position
•    Maintaining the internal and external value and stability of the Nigerian currency; monitoring government revenue from oil and non-oil resources
•    Supervising the insurance industry
•    Managing revenue allocation matters

VISION:
To be the most prominent Ministry in Service Delivery.

MISION:
To manage the nation’s finance in an open, transparent accountable and efficient manner that delivers on the country’s development priorities.

Agencies/Parastatals

Central Bank of Nigeria
Debt Management Office
Budget Office
Federal Inland Revenue Service (FIRS)
Fiscal Policy in Nigeria
Investment and Security Tribunal
National Insurance Commission
Nigeria Custom Service
Office of the Accountant General of the Federation
Security & Exchange Commission (SEC)

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