Functions of Nigerian Ministry of Finance

Functions of Nigerian Ministry of Finance

Here in this post, you are going to read about the 7 functions of the Nigerian ministry of finance and what its role is as an agency of government.

The Nigerian Ministry of finance, whether it is in the federal level or in the state level, saddled with a peculiar responsibility, which has to do with the management of government money.

That is in a layman description of the ministry of finance. But in this article, I will love to describe the Nigerian Ministry of Finance in a broader perspective.

Functions of Nigerian Ministry of FinanceFunctions of Nigerian Ministry of Finance

And that is, the Nigerian Ministry of Finance is a government Ministry, who saddled with the responsibility of managing government financial assets.

The Ministry of Finance is also charged with the responsibility of managing proposed economic, as well as, financial policies of Nigerian.

The Nigerian Ministry of Finance is expected to coordinate these activities and also manage same in accordance with the law.

Besides such responsibilities on the part of the Nigerian Ministry of Finance, there are some other functions performed by the Nigerian Ministry of Finance, which are empowered by law.

In this article, I am going to explain quite a number of these functions. Below are the functions and the duties of the Nigerian Ministry of Finance.

And that is, the Nigerian Ministry of Finance is a government Ministry, who saddled with the responsibility of managing government financial assets.

The Ministry of Finance is also charged with the responsibility of managing proposed economic, as well as, financial policies of Nigerian.

The Nigerian Ministry of Finance is expected to coordinate these activities and also manage same in accordance with the law.

Besides such responsibilities on the part of the Nigerian Ministry of Finance, there are some other functions performed by the Nigerian Ministry of Finance, which are empowered by law.

In this article, I am going to explain quite a number of these functions. Below are the functions and the duties of the Nigerian Ministry of Finance.

7 Functions of Nigerian Ministry of Finance

1. Ministry Of Finance Prepares Annual Fiscal Budgets

This is a major function of the Nigerian Ministry of Finance. Apart from numerous functions of the Nigerian Ministry of Finance, the Ministry is also charged with the responsibility of preparing the either federal government annual budget or the state government annual budget. Without such fiscal budget, as prepared by the Nigerian Ministry of Finance, it would be difficult for the government to execute is functions, by way of providing those necessities of life effectively for its citizenry. In other words, government would be stuck at performing this duty. Therefore, to avoid any financial deficit in the course of carrying out its functions, there is need for the Nigerian Ministry of Finance to prepare the annual fiscal budget. It is also the responsibility of the Ministry of Finance to issue out regulations that are adequate for the execution of the budgets.

2. Ministry Of Finance Manages Government Financial Assets

Another function of the Nigerian Ministry of Finance falls under the management of government financial assets. Every government has an asset. What is an asset?