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AIMS
& FUNCTIONS OF THE MINISTRY OF FINANCE & NATIONAL ECONOMY:
The Ministry of Finance and National
Economy is the principal competent agency assigned the functions and responsibilities
for managing and directing the national economy to
achieve its goals and objectives within the federal system of rule and
market-oriented economy enshrined in the country’s philosophy,
strategy and programs.
MAIN FUNCTIONS
& RESPONSIBILITIES OF THE MINISTRY:
Overall Functions:
Play a major
role in the economic front to spawn socio-economic resilience and
economic health through:
·
Upgrading the economic capacities of the country through
designing intellectual policies and instruments
capable of stimulating resource mobilization.
·
Liberalizing the national economy from various forms of
restrictions and distortions inhibiting economic activities and
competitiveness,
·
Realizing a balanced national socio-economic
development,
·
Allocating economic resources in a way that raises
standards of living, generates prosperity and engenders gracious
livelihood,
·
Building and maintaining a strategic food grains stock
and achieve food security, and.
·
Serving as a custodian of the public funds.
Management of the National Economy:
·
Formulating development strategies, programs and
policies in order to achieve economic growth and development.
·
Introducing modern scientific techniques and
methodologies of macro-economic modelling, analysis, review and
monitoring mechanisms necessary for improving economic management and
performance and rational use of resources.
·
Spearheading the national development process.
·
Monitoring economic progress and performance in view of
the rapidly changing international environment and remove impediments
to impeccable strategic path to growth and development with
transformation.
Financial & Economic Planning:
·
Ensuring coordination and integration between financial
and economic management and development planning and improvising
coherent policies and procedures required to achieve the desired
objectives and targets thereof.
·
Maintaining effective institutional mechanisms and
modalities to ensure coordination and consolidation between
development plans and programs at the Federal, State, Local and scrotal
levels in order to realize national objectives.
·
Developing and maintaining effective monitoring and
evaluation systems to analyze Federal and State plans and programs in
a comparative fashion.
Financial Management:
·
Drawing and executing financial, monetary and
developmental policies, plans and strategies.
·
Introducing modern techniques and systems for budget
preparation and management.
·
Developing standards and regulations to ensure optimum
utilization of national resources.
·
Developing sound policies and appropriate instruments
and measures to restore financial balance through increased revenues
and rational use of public expenditure and ensuring that such
expenditure is fairly distributed and in accordance with priorities.
Financial & Accounting Control:
·
Developing appropriate policies that sharpen the
institutional structure of the financial and accounting systems and
introducing requisite rules and regulations to ensure and realize
effective custody of public funds.
·
Strengthening the accounting system and applying modern
techniques to ensure accurate recording of public assets and financial
resources in systematic registers.
·
Developing and upgrading human and administrative
capacities of accounting and internal audit.
External Finance & Economic Cooperation :
·
Drawing strategies, policies, modalities and procedures
for external financial cooperation and granting final approval of
external credit agreements.
·
Upgrading capacities and skills in the fields of
management, implementation and loan negotiation and efficiently deal
with external economic agencies.
·
Effectively represent the country in the annual meetings
of international and regional financial and economic institutions.
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