Home / Responsibilities: Ministry of Finance

Responsibilities: Ministry of Finance

  • Formulate and evaluate policies relating to Finance
  • Financial matters:

-Management of Public, Private Partnership matters/activities.

-Financial Review Committee.

-Monitoring of all revenue sources.

  • Relations with relevant financial institutions.
  • General Insurance matters.
  • Supervision of:

-Ibile Holdings.

-Lagos Internal Revenue Services (LIRS).

-Lagos Building Investment Company Limited.

-LAGBUS Asset Management.

  • Coordination of all revenue Consultants.
  • Responsible for Lagos State Mortgage Scheme.
  • Overseas Passages and Estacode.
  • Advising on general financial and monetary matters.
  • Developing the plans and programmes needed to achieve the designed objectives by all revenue collecting Agencies.
  • Ministry of Finance Incorporated.
  • Coordination of all World Bank and other Multilateral Funds and Projects in conjunction with Ministry of Economic Planning & Budget.
  • Land Use Charge.
  • Responsibilities for matters relating to the State Consultancy Board.
  • Borrow on behalf of the Government, from any individual or institutional bodies.
  • Establish and maintain relationships with international and local financial institutions, creditors and institutional investors in Government debts.
  • Maintain a reliable database of all instruments issued, loans taken or guaranteed by the Government or any of its Agencies and all contingent liabilities related to it.
  • Prepare and submit to the Government, for consideration in the annual budget, a forecast of the State’s borrowing capacity, a forecast of loan service obligations for each financial year and also advise the Government on the terms and conditions on which monies are to be borrowed.
  • Prepare and implement a plan for the efficient management of the State’s debt obligation at sustainable levels compatible with desired economic activities for growth and development and participate in negotiations aimed at realizing those objectives.
  • Verify and service debts guaranteed or taken directly by the Government.
  • Reconcile and where applicable, service debts taken by Local Governments where such debts are authorized and guaranteed by the Government.
  • Set guidelines for managing government financial risks and financial exposure with respect to all loans and instruments.
  • Advise the Government on the terms and conditions on which monies are to be borrowed.
  • Advise the Government on the restructuring and refinancing of all debt obligations.
  • Submit to the Government for consideration in the annual budget a forecast of the State’s obligation and borrowing capacity.
  • Prepare a schedule of any other Government obligation such as trade debts and other contingent liabilities and provide advice on policies and procedures for their management.
  • Collect and collate data on debt management and disseminate information with approval.
  • Advise and propose funding mechanisms for infrastructural projects that may be referred to it.
  • Advise on financial instrument on behalf of the State Government
  • Advisory functions on Taxation and Revenue Policies and Programmes.
  • Develop and implement policies to widen the tax net and achieve a significant improvement in the level of revenues generated
  • Advise the State Government on Federal allocation of revenues to the State and Local government Councils
  • Keep the tax laws and revenue structures under constant review in order to create the most modern, functional, efficient and transparent tax system
  • Support the Internal Revenue Service to modernize and optimize its, structure and processes.
  • Assist all other Revenue Generating Agencies, Departments and Consultants to improve their Laws and Administrative and Operational practices
  • Advise on the harmonization and optimization of taxes applicable in the State and advise the State Government on areas and sources of new revenue
  • Advise on the collation and publication of all bye laws by which Local Government Councils of Lagos State charge and collect taxes, rates or levies
  • Advise on the administration of Local Government taxes and levies and the harmonization and improvement of Local Government revenue sources generally.
  • Consult regularly with the relevant Agencies, Local Government Authorities, taxpayers and other stakeholders in the private sector towards finding mutually beneficial ways of achieving the above stated goals
  • Provision of Micro-credit Scheme for poverty alleviation programmes including loans from banks and other Federal Agencies
  • Any other duty as may be assigned by the Governor.

The Office has 6 departments and 4 units namely:-

  1. Administration and Human Resources.
  2. Debt Management Department.
  3. Insurance Department.
  4. Account Department.
  5. Taxation and Revenue.
  6. Research and Statistics.
  7. Estacode and Parastatals monitoring Unit.
  8. Public Affairs Unit.
  9. Audit Unit.
  10. ICT Unit