MINISTRY OF FINANCE

  • Hon. Commissioner for Finance

    ACTIVITIES OF MINISTRY OF FINANCE AND ECONOMIC DEVELOPMENT AND ALLIED AGENCIES

    The Ministry of Finance and Economic Development is headed by the Honourable Commissioner as the Chief Executive and the Permanent Secretary as the Chief Accounting Officer. The Ministry is essentially a service oriented organ of the government. It is the engine room of funding and monitoring economic activities of the state. It is structured as follows:

    •  Office of the Hon Commissioner Of Finance

    •  Office of the Permanent Secretary

    •  Directorate of Finance & Administration

    •  Debt Management Office

    •  Planning, Research and Statistics

    •  Fiscal & Insurance Matters Department is yet to take off.

    •  Efficiency unit is yet to be in the state gazette.

    POLICY AND APPLICABLE LEGISLATION

    The financial policy of government is controlled by a number of applicable legislation as it affects the ministry. Amongst them are:

    The Constitution Of the Federal Republic Of Nigeria (1999), as amended.-- Public Finance law and Regulations,--  Store Regulations,--  Kogi State Fiscal Responsibility Law, --Public Service Rules,-- Kogi State Fiscal Responsibility law - 2002.-- Kogi State Bond law -2003, --Treasury Circulars, and  Exco Extracts

    The Ministry of Finance Economic and Development, Kogi State is a very prominent arm of the government that has consistently work assiduously to enhance the achievement of the Executive Governor Alhaji Yahaya Bello’s vision. The new direction/ blue print focus on five thematic areas: Health, Education, Youth Empowerment/ Job creation, Provision of Infrastructures with utilities and having a Productive Public service with a proficient Pensions Reforms Scheme.

    The achievement of the ministry as enhanced by the input of the government through provision of equipment, furniture, and payment of impress include the following:

    PROCESSING APPROVAL OF FUND FROM HIS EXCELLENCY

    • Prompt processing of all funds approved by His Excellency for the provision of:

    • Fortified security in and round the state.

    • Infrastructural facilities for the populace.

    • Development of human resource capital expenditure on the government data capturing of all state civil servants and pensioners to ensure higher productivity and eliminate fraud.   E.T.C

    B.  ECONOMIC ACTIVITIES.

    • Monitoring the inflow and outflow of financial resources of the state.

    • Initiating and sustaining financial policies that enhances state internally generated revenue.

    • Recommending proficient consultants on financial issues to the executive governor and discrediting existing and proposing non proficient consultants.

    • Maintaining a sustainable debt management of the state on credit rating monitoring capital projects, accessing funds from capital markets, keeping the debt profile of the state. Organizing and processing of the central bank agricultural loan to boost agriculture for improved livelihood and economy of the state.

    •  Coordinating the preparation and presentation of the white paper on rates, fines, fees and levies for internally generated revenue to update obsolete rates

    C. SUPERVISORY ROLES

    •  Ministry of finance serves a supervisory role to verify the activities of other agencies and parastatals’ financial activities especially on revenue generation e.g.

    (a) (Ministry Of Commerce and Industry, Kogi state Revenue service,) now autonomous

    (b) Kogi State Savings and Loans Investments.

    (c) Kogi state Investment and Property Limited

    (d) Supervisory and partnership role to the Public Sector Governance Reform and Development Project. The PSGRD is a Word Bank Project that has contributed immensely to the upliftment of Public Sector Reform, transforming the system from obsolete archaic operations to modern and digital operations.

    D.  CAPACITY TRAINING

    •         Giving valuable knowledge acquired from external sources on (study tour to other related places; local and international) to improve the state financial system, e.g. a study to plateau state ministry of finance on treasury single account, federal ministry Abuja on efficiency unit.

    •         A sustainable infrastructural platform has been established for a better operational system for International Public Sector Accounting Standard (IPSAS). Desk officers are equally being restrained for a greater capacity build up on acceptable International Accounting Standard and Practices. The creation and function of the efficiency unit as domicile in the ministry of finance. The efficiency unit enhances a scrutinized analytical system on government expenditure on overhead cost to encourage capital project development in the state.

    E. ESTABLISHMENT OF TREASURY SINGLE  ACCOUNT

    TSA  operational system is on in Kogi State .The ministry is working assiduously in conjunction with the System specs Consultant and other stakeholders to ensure the success of the Remita solution for accountability, transparency , greater efficiency and effectiveness that can enhance the desired productivity towards a better economic development in the state.

    F. ESTABLISHMENT OF THE EFFICIENCY UNIT

    The Ministry is waiting for the approval of His Excellency and the EXCO. The E.U is established to review the expenditure pattern of the Government overhead expenses in an efficient manner that translates to VALUE FOR MONEY AND SAVINGS FOR THE GOVERMENT.

    G. ESTABLISHMENT OF BUREAU OF PUBLIC PRIVATE PATNERSHIP

    •         The Bureau of PPP is one of the very versatile organ of economic development in the state. It is grossly involved in the due process engagement of private investors in all economic sectors of the state according to the GYB new direction on the five thematic  areas of development.

    H. OTHER ACTIVITIES

       Administration of ministry of finance members of staff and the affiliates to enhance a better public service reform

    Attending meetings and workshops/ training on financial management and administration

    • The Ministry has recently recommended a coordinating financial consortium for the implementation of the 22- point Fiscal sustainably plan Agenda of the state as approved by the federal ministry of finance.

    I.  RECORD KEEPING

    • Keeping available records of government transactions within and outside the state at local, federal and international levels.

    The Top Management Staff of the Ministry have chaired and participated in many Productive Economic Committees whose recommendations have been adopted and are proving right for the development of the State today. Such Committee includes the super PAC Committee (Political Action Committee)

    I.   The White Paper on IGR rates and fines.

    II.  The Fiscal Responsibility Act Commission, Kogi State Economic Team.

    III. Lead Study Tours to other countries with huge result of investment opportunities which include the solar energy system, agricultural system innovations etc.

    IV. Member of council to all tertiary institutions in the state; actively involved in resolution of labour crisis, disciplinary issue and financial matters etc.

    EXTRA – MINISTERIAL DEPTS:

    •  Office of the Accountant-General: the office is in custody of all the State Government Consolidated Bank Accounts

    •  Board of internal Revenue now autonomous and known as Kogi State Internal Revenue Service[KIRS]

    The Board of internal revenue is empowered statutorily to generate and account for internally generated revenue of the state.

    PARASTATAS:

    •  Kogi Savings & Loans Ltd: Kogi savings and loans is a primary mortgage institution in which the state /local Government injected a certain amount of money as deposit for shares.

    •  Kogi Investment & properties Ltd: the company manages the state Government investments, as well as strategic properties of State Government Nationwide.

    WORLD BANK ASSISTED PROJECT:

    Public Sector Governance Reform & Development Project: Assisting in providing needed infrastructural facilities to Government Ministries, Departments, Agencies and Parastatals the World Bank assisted project.

    OTHER ACTIVITIES

    The Hon Commissioner of Finance and the Accountant – General attend the monthly FAAC meetings on dates scheduled by the federal ministry of finance. This followed by post – mortem FAAC meetings where unresolved issues are duly addressed.

    With the viable and determined efforts of the leadership and the entire staff of ministry of finance, we are optimistic of soaring higher in the development of Kogi state through the ministry economic activities.

     

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