PROFILE OF THE MINISTRY
The Ministry of Finance is an integral Agency of the State Government responsible for Financial and Fiscal Policies of the State Government. It serves as the nucleus around which other agencies of Government revolve in financial matters.
The responsibility of the Ministry is to formulate policies, which revolve around the three policy instruments of Fiscal, Income and Debt Management for effective actualization of the financial goals and policies of the State. The Ministry of Finance operates basically, through four Directorates namely
Fiscal Policy Matters
Administration and Supplies
Finance and Accounts
Planning, Research and Statistics
To be the most efficient and formidable vehicle through which the State Government would achieve self-reliance and fiscal sustainability.
To improve the financial status of the State by maximizing the State’s revenue potentials and ensuring transparency, accountability and sustainability through effective and efficient use of the State’s financial resources.
Objectives of the Ministry
- to advise the State Government on financial policy issues, designed to facilitate effective management of the resources of the State;
- to institute policy measures that will boost the Internally Generated Revenue (IGR) of the State;
- to control the expenditure of all Government Ministries, Departments and to ensure compliance with the Financial Regulations and prudency in all public expenditure by all MDA’s of the Government;
- to monitor, control and manage all the external finances and international financial obligations of Government;
- to ensure strict adherence to financial Policies and Regulations, Public Finance Management, effective public debt management, regulation of internal and external borrowings of government;
- to manage and regulate fiscal policies of Government vis-a-vis the financial institutions, insurance companies and Government companies including equity participation and;
- to act as the Chief Financial Adviser to Government on all financial matters.