OUR VISION
- A best in class Finance Ministry where prudent management of public resources guarantees citizens’ provision of government services and programs, whilst assuring a sustainably healthy financial position.
- Provide a robust strategy for the effective and efficient management of government revenue and expenditure through monitoring and evaluation so as to assist MDAs to achieve government objectives.
OUR MISSION
- Provide: Sound financial policies, advice and systems of internal controls.
- Manage: The governments financial assets and liabilities prudently and professionally in accordance with IPSAS and other relevant financial policies in line with best practices.
- Lead: The development of fiscal and financial strategies in order to secure sufficient funding for government programmes and capital expenditure, advise Government on multi/bilateral matters involving loans and debt management;
- Plan: Providing world class policy framework that responds to the socio-economic challenges of the state, prepare annual estimates to embody projects and programmes and the broad objectives of the Government for each year;
- Develop: The accounting and budgetary policies, design, implement and maintain global financial and budgetary management systems.
- Facilitate: Sound fiscal and government wide budgetary planning, decision and monitoring via prudent and timely financial analysis and advice to MDAs and the Executive Governor.
OUR OBJECTIVES
- Advise government on financial policies designed to facilitate effective management of the resources of the State;
- Institute measures that will boost the internally generated revenue of the State as well as ensure timely collection of all revenues accruing to the state;
- Give intelligent and timely reports about the finances of the State Government and to prepare monthly financial report;
- Advise Government on all matters involving loans and debt management;
- Control the expenditure of all ministries and departments and ensure compliance with the procedures in all public finance/expenditure;
- Carry out studies, analysis and diagnosis of fiscal research and financial operations of the State and disseminate its results to Government, its institutions and General public for use.
CONTACTS
Twitter Handle: @oyominfinance
Contributory Pension Scheme:
- Update on Implementation of Contributory Pension Scheme
- The Inter-Ministerial Technical Committee set up to midwife the implementation process is rounding up its assignment. A report has been prepared and is about to be sent to the government;
- Government has appointed the Lead Pension fund Administrator (LPFA) and commenced deduction of fund for accrued rights beginning with January, 2017 salary ahead of the full commencement of the scheme to show its commitment;
- A day sensitization workshop has been approved to take place as a public show of Government’s Enlightment programme for the eventual take off of the scheme;
- The draft review of the State’s Pensions Reform Law, 2010 has been forwarded to the Ministry of Justice for vetting.
The Ministry operates through five departments:
- Administration and Supplies: for general administration of the Ministry including personnel management.
- Fiscal Research: Undertaking studies, diagnosis, analysis and framework for fiscal and financial operatives of the State with a view to promoting greater efficiency in sourcing, allocation and management of resources;
- Budget Department: for preparation and processing of annual estimates of Government’s Ministries, Departments and Agencies and Monitoring of its implementation;
- Debt Management: to track the State Government’s debt profile both external and domestic and maintain reliable database of all the loans taken or guaranteed by Government or any of its agencies.
- Finance and Account Department: for the Ministry’s finance management.
- The annual budget process is the main tool of the Ministry’s fiscal policy formulation and implementation:
- Issuance of circulars to MDAs
- Pre-treasury and treasury board meetings
- Budget presentation to the State House of Assembly
- Budget analysis by the Honourable Commissioner for Finance and
- Budget considering and approval by the State House of Assembly assent to the Budget by the Governor.
- Budget implementation
- Biometrics and payroll automation.
- Payment of pension arrears
- Payment of arrears of 142% increase
- Increment of Car Loan to a minimum of N150,000 and maximum of N500,000 per person
| YEAR | APPROVED ESTIMATE (RECURRENT PLUS CAPITAL) | APPROVED RECURRENT | ACTUAL | % of Recurrent Budget over Approved Budget | % of Actual Performance over Approved Recurrent Budget |
| 2011 | 148,706,562,535.00 | 69,034,631,035.00 | 46,354,719,299.97 | 46.4 | 67.1 |
| 2012 | 172,533,937,225.00 | 77,504,497,225.00 | 64,908,375,690.10 | 45 | 84 |
| 2013 | 159,625,261,000.00 | 85,018,383,347.00 | 78,198,936,868.83 | 53.3 | 92 |
| 2014 | 208,376,635,152.00 | 97,960,164,300.00 | 65,519,939,429.57 | 47 | 67 |
| 2015 | 143,108,660,700.00 | 88,054,250,700.00 | 84,269,402,053.13 | 61.5 | 96 |
| 2016 | 117,965,409,984.00 | 44,847,604,723.00 | 40,354,313,040.30 | 38 | 90 |
| 2017 (JAN.-MARCH | 208,654,111,854.05 | 127,574,719,832.86 | 19,964,023,697.40 | 61.1 | 15.6 |
| YEAR | APPROVED ESTIMATE (RECURRENT PLUS CAPITAL | APPROVED CAPITAL | ACTUAL | % of Capital Budget over Approved Budget | % of Actual Performance over Approved Capital Budget |
| 2011 | 148,706,562,535.00 | 79,671,931,500.00 | 13,970,152,923.60 | 53.6 | 17.5 |
| 2012 | 172,533,937,225.00 | 95,029,440,000.00 | 22,331,820,982.95 | 55 | 23.5 |
| 2013 | 159,625,261,000.00 | 74,606,877,653.00 | 26,411,285,171.47 | 46.7 | 35.4 |
| 2014 | 208,376,635,152.00 | 110,416,470,852.00 | 6,202,648,979.25 | 53 | 5.6 |
| 2015 | 143,108,660,700.00 | 55,054,410,000.00 | 7,472,070,347.70 | 38.5 | 13.6 |
| 2016 | 117,965,409,984.00 | 73,117,805,261.00 | 8,353,645,476.06 | 62 | 11.4 |
| 2017 (JAN.-MARCH | 208,654,111,854.05 | 81,079,392,021.19 | 3,394,893,629.81 | 38.9 | 4.2 |
SECTOR
|
ECONOMIC |
2011 | % | 2012 | % | 2013 | % |
| AGRIC | 2,146,483,000.00 | 2.61 | 6,706,536,555.00 | 7.06 | 2,972,500,000.00 | 4.0 |
| URBAN RURAL ELECTRIFICATION | 2,306,850,000.00 | 2.9 | 2,815,546,007.00 | 2.96 | 2,217,852,783.00 | 2.97 |
| INDUSTRIES, COMMERCE, FINANCE & COOPERATIVES | 1,781,000,000.00 | 2.24 | 10,913,000,000.00 | 11.48 | 10,215,000,000.00 | 13.69 |
| TRANSPORTATION | 19,597,000,000.00 | 24.6 | 24,577,920,000.00 | 25.86 | 10,476,064,306.00 | 14.04 |
| SUB TOTAL | 25,831,333,000.00 | 32.42 | 45,013,002,562.00 | 47.37 | 2,972,500,000.00 | 34.69 |
| SOCIAL SERVICE | 2011 | % | 2012 | % | 2013 | % |
| EDUCATION | 7,770,500,000.00 | 9.75 | 7,784,670,000.00 | 8.19 | 12,949,656,000.00 | 17.36 |
| HEALTH | 15,100,000,000.00 | 18.95 | 4,126,000,000.00 | 4.34 | 3,984,000,000.00 | 5.34 |
| INFORMATION & CULTURE | 1,286,000,000.00 | 1.61 | 2,305,150,000.00 | 2.43 | 3,016,170,000.00 | 4.04 |
| SOCIAL DEV. YOUTH AND SPORTS | 2,985,000,000.00 | 3.75 | 2,550,500,000.00 | 2.68 | 1,809,057,500.00 | 2.42 |
| SUB TOTAL | 27,141,500,000.00 | 34.07 | 16,766,320,000.00 | 17.64 | 21,758,883,500.00 | 29.16 |
| REGIONAL PLANNING & ENVIRON DEV. | 2011 | % | 2012 | % | 2013 | % |
| WATER RESOURCES | 2,618,650,000.00 | 3.29 | 3,706,000,000.00 | 3.90 | 2,615,000,000.00 | 3.51 |
| ENVIRONMENTAL SANITATION SEWERAGE & DRAINAGE | 2,522,000,000.00 | 3.17 | 2,313,000,000.00 | 2.43 | 3,275,000,000.00 | 4.39 |
| HOUSING | 2,520,000,000.00 | 3.29 | 3,875,000,000.00 | 3.9 | 1,986,000,000.00 | 2.66 |
| TOWN & COUNTRY PLANNING | 37,250,000.00 | 0.47 | 2,722,500,000.00 | 2.86 | 1,787,500,000.00 | 2.40 |
| SUB TOTAL | 8,033,150,000.00 | 10.08 | 12,616,500,000.00 | 13.28 | 9,663,500,000.00 | 12.96 |
| GENERAL ADM. SECTOR | 18,665,948,500.00 | 23.43 | 20,633,617,438.00 | 21.71 | 17,303,077,064.00 | 23.19 |
| GRAND TOTAL | 79,671,931,500.00 | 95,029,440,000.00 | 74,606,877,653.00 |
|
SECTOR |
||||||||
| ECONOMIC | 2014 | % | 2015 | % | 2016 | % | ||
| AGRIC | 2,135,000,000.00 | 1.94 | 1,390,070,000.00 | 2.53 | 11,910,649,000.00 | 16.29 | ||
| URBAN RURAL ELECTRIFICATION | 2,185,752,783.00 | 1.98 | 2,130,406,007.00 | 3.87 |
600,000,000.00 |
0.82 | ||
| INDUSTRIES, COMMERCE, FINANCE & COOPERATIVES | 5,034,200,000.00 | 4.56 | 622,200,000.00 | 1.13 | 1,830,000,000.00 | 2.50 | ||
| TRANSPORTATION | 30,916,364,306.00 | 28.05 | 20,631,711,582.00 | 37.48 | 25,280,800,000.00 | 34.58 | ||
| SUB TOTAL | 40,331,417,089.00 | 36.53 | 24,774,387,589.00 | 45.00 | 39,621,449,000.00 | 54.19 | ||
|
SOCIAL SERVICE |
||||||||
| EDUCATION | 11,931,920,000.00 | 10.81 | 6,697,204,000.00 | 12.16 | 8,045,000,000.00 | 11.00 | ||
| HEALTH | 9,388,000,000.00 | 8.5 | 3,597,700,000.00 | 6.53 | 4,325,000,000.00 | 5.92 | ||
| INFORMATION & CULTURE | 2,908,500,000.00 | 2.63 | 2,390,000,000.00 | 4.34 |
580,000,000.00 |
0.79 | ||
| SOCIAL DEV. YOUTH AND SPORTS | 1,756,657,500.00 | 1.59 | 1,556,657,000.00 | 2.83 |
600,000,000.00 |
0.82 | ||
| SUB TOTAL | 25,985,077,500.00 | 23.53 | 14,241,561,000.00 | 25.87 | 13,550,000,000.00 | 18.53 | ||
|
REGIONAL PLANNING & ENVIRON DEV. |
||||||||
| WATER RESOURCES | 12,889,000,000.00 | 11.67 | 2,237,000,000.00 | 4.06 | 1,600,000,000.00 | 2.19 | ||
| ENVIRONMENTAL SANITATION SEWERAGE & DRAINAGE | 2,368,000,000.00 | 2.14 | 1,498,000,000.00 | 2.72 | 2,004,000,000.00 | 2.74 | ||
| HOUSING | 2,277,960,852.00 | 11.67 | 1,435,600,000.00 | 2.61 | 3,291,260,000.00 | 4.5 | ||
| TOWN & COUNTRY PLANNING | 1,337,500,000.00 | 1.21 | 1,385,000,000.00 | 2.52 | 1,230,000,000.00 | 1.68 | ||
| SUB TOTAL | 18,872,460,852.00 | 17.09 | 6,555,600,000.00 | 11.91 | 8,125,260,000.00 | 11.11 | ||
| GENERAL ADM. SECTOR | 25,227,515,411.00 | 22.85 | 9,482,861,411.00 | 17.22 | 11,821,096,261.00 | 16.17 | ||
| GRAND TOTAL | 110,416,470,852.00 | 56,054,410,000.00 | 73,117,805,261.00 | 100 | ||||
| SECTOR | % | ||
| ECONOMIC | 46,618,951,021.19 | 58 | |
| SOCIAL SERVICE | 25,507,000,000.00 | 31 | |
| LAW & JUSTICE | 880,000,000.00 | 1.1 | |
| GENERAL ADMIN. | 8,073,440,000.00 | 10 | |
| TOTAL CAPEX | 81,079,392,021.19 | 100 | |
| S/N | YEAR | IGR
N |
STATUTORY ALLOCATION
N |
VAT & OTHERS
N |
CAPITAL RECEIPT
N |
| 1. | 2011 | 13,528,492,716.63 | 38,315,842,503.17 | 8,649,340,820.82 | 43,678,285,145.33 |
| 2. | 2012 | 15,292,587,917.72 | 39,912,527,488.35 | 9,321,540,610.38 | 38,793,676,899.44 |
| 3. | 2013 | 15,203,312,010.73 | 44,646,132,323.75 | 10,389,673,141.52 | 60,561,741,998.79 |
| 4. | 2014 | 16,541,144,724.99 | 43,632,607,241.44 | 10,395,783,915.91 | 23,944,819,561.75 |
| 5. | 2015 | 15,462,772,992.33 | 31,676,577,609.40 | 11,052,564,439.10 | 31,590,231,353.64 |
If you notice any omission please feel free to report it here for necessary actions
| NAME | POST |
| MR. AKINOLA OJO | COMMISSIONER |
| MRS. FASINA ADENIKE AYOBAMI | PERMANENT SECRETARY |
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