The State’s Ministry Of Finance And Budget Vision statements, Mission statements and objectives.

Our Vision

i. 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.
ii. To 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 Government funds, accurate and timely reporting to stakeholders, safeguard OYSG financial systems in line with best practices.
• Manage: the governments financial assets and liabilities prudent and professionally in accordance with IPSAS and other relevant financial policies. Timely and reliable reporting.
• Lead: the development of fiscal and financial strategies in order to secure sufficient funding for government programmes and capital expenditure.
• 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.
• Plan: providing world class policy framework that responds to the Socio-economic challenges of the state.

Our Objectives

To provide guide for Social/optimum allocation of resources
To advise government on financial policies designed to facilitate effective management of the resources of the state;
To institute measures that will boost the internally generated revenue of the state as well as ensure and monitor timely collection of all revenues accruing to the state;
To give intelligent and timely reports about the finances of the state government and to prepare monthly financial reports;
To advise government on multi-lateral/bilateral matters involving loans and debt management;
To control the expenditure of all ministries and departments and ensure compliance with the procedures in all public finance/ expenditure;
To implement MGDs conditional grants scheme;
To conduct research into financial and general economic issues, prepare and examine financial report, memoranda, position papers etc.
To prepare annual estimates of government which will embody projects and programmes and the broad objectives of the government during the year;
To advise government on socio-economic issues.
To provide guide for Social/optimum allocation of resources
To advise government on financial policies designed to facilitate effective management of the resources of the state;
To institute measures that will boost the internally generated revenue of the state as well as ensure and monitor timely collection of all revenues accruing to the state;
To give intelligent and timely reports about the finances of the state government and to prepare monthly financial reports;
To advise government on multi-lateral/bilateral matters involving loans and debt management;
To control the expenditure of all ministries and departments and ensure compliance with the procedures in all public finance/ expenditure;
To implement MGDs conditional grants scheme;
To conduct research into financial and general economic issues, prepare and examine financial report, memoranda, position papers etc.
To prepare annual estimates of government which will embody projects and programmes and the broad objectives of the government during the year;
To advise government on socio-economic issues.

PREAMBLE:

The Ministry has five broad departments namely:

  • Administration and Supplies
  • Finance and Accounts;
  • Budget;
  • Fiscal Research;
  • Debt Management.

STAFFING

The Ministry as at now has a total number of Ninety-Five (96) members of staff;

DEPARTMENT OF ADMINISTRATION AND SUPPLIES

This department acts as the coordinating department for all the others in the Ministry and is in charge of the general administration and personnel management of the Ministry.

BUDGET DEPARTMENT

The Department has two major units namely:

  1. PUBLIC EXPENDITURE UNIT
  2. REVENUE UNIT

PUBLIC EXPENDITURE UNIT

Schedule of Duties

The Public Expenditure Department main duties are to scrutinize Government expenditure to ensure compliance with extant rules and regulations guiding public spending and ensure proper authorization of all expenditure in accordance with the provision of current budget and to track records of all Government expenditure from Ministries, Departments and Agencies (MDAs) for proper accountability;

REVENUE UNIT

Majorly, the Department handles

(a)    Collection, collation and analyzing revenue returns of various Ministries/Department/Agencies (MDAs) from time to time with a view to monitoring and assessing the performance of the MDAs in the area of revenue generations.    It also facilitate other processes that enhance global revenue generation like processing of Consultants’ fees, etc.

(b)    Processing of gratuities for Parastatals and Tertiary Institutions and Retired Staff;

(c)    Other revenue related matters e.g. Contributory Pension Scheme, Bond issue, etc

COMPUTER/SALARY UNIT

Schedule of Duties

Computer/Salary Unit of the Ministry is saddled with the monthly preparation/processing of global salaries and salary related

request for Civil/Public/Political Officers in the State including    Subventions to Parastatals and Tertiary Institutions in the State;

Information

Staff strength on the Government payroll as at April, 2016 is 44,906 comprising civil service (10,814); Political (125) Post Primary Teaching Service (17,662) and Parastatals (1,647), Tertiary Institutions (6,631); NYSC (6,915); President/Members of Grade C Customary Court (477); Contract Staff Pensioners of Sport Council (607); Council of Obas’ (28).
Monthly wage bill (including pensions) as at April, 2016 is N3,613,599,804.02 including N150,300,562.78 being 25% subvention to six (6) Teaching institutions in the State;
Since September, 2015, Government had conceded 100% of whatever amount received from the monthly Federation Account to take care of salary/salary related and pension.

STATE PENSIONS BOARD

The Ministry supervises the State Pensions Board.  The Board routes through the office of the Honourable Commissioner of Finance for major requests and activities. As at October, 2016, there are sixteen thousand, seven hundred and eighty (16,780) pensioners on the payroll of the State.

FISCAL RESEARCH DEPARTMENT

Schedule of Duties

  • To ensure prudence, transparency and   accountability in the Management of Financial resources of the State.
  • To channel public expenditure towards provision of key public goods, infrastructure, social and economic service.
  • To premise government spending on a credible expenditure management frame work
  • Institutionalization of the principle of sound financial management including policies that will enhance increase in internally Generated Revenue (IGR)
  • To engage in practical investigation on the utilization of   public fund.
  • Advise Government on any query raised by Auditor-General on the mismanagement of public fund
  • Advise on Debt management general.

DEBT MANAGEMENT DEPARTMENT

The Debt management department is a department under the Ministry.  It is saddled with the underlisted schedules:

Schedule of Duties

  • Maintain a reliable database of all the loans taken or guaranteed by the State Government or any of their Agencies;
  • Prepare and submit to State Government a forecast of the loan service obligations for each financial year;
  • Prepare and implement a plan for the efficient management of the State external and domestic debt obligations at sustainable levels compatible  with desired economic activities for grow and development; and participate in negotiations at realizing those objectives;
  • Verify service external debts guaranteed by the Federal Government in collaboration with the Federal Ministry of  Finance and Debt Management Office, Abuja;
  • Set guidelines for managing State Government  financial risks and currency exposure with respect to all  loans;
  • Advise the State Government on the re- structuring and re- financing of all debt obligations;
  • Advise the State Government on the terms and conditions on the monies, whether in local or foreign currency are to be borrowed;

 

MINISTRY’S BOARD/COUNCIL MEMBERSHIP

The Ministry is represented by the Permanent Secretary on the Council of the State Tertiary Institutions namely, LAUTECH, Ogbomoso, The Polytechnic, Ibadan; The Oke Ogun Polytechnic Saki, The Ibarapa Polytechnic, Eruwa, Emmanuel Alayande College of Education, Oyo; Oyo State College of Education, Oyo, Oyo State College of Education, Lanlate, Oyo State College of Agriculture & Technology, Igboora.

The Ministry is also represented on the Boards of the following bodies:

  • UPDC
  • The State Scholarship Board
  • The State Civil Service/Teaching Service Housing Loans Boards;
  • Pacesetter Micro-Finance Company Limited
  • Oyo State College of Nursing and Midwifery
  • Oyo State College of Health Technology

 

MINISTRY’S DIRECT RELATIONSHIP WITH ASSOCIATED AGENCIES

The ministry through the Honourable Commissioner supervises:

  • The office of the Accountant-General which is mainly in charge of the State’s treasury;
  • The state Board of Internal Revenue;
  • The State Pension Board;
  • Bureau of Statistics


		

During the period under review, the Ministry achieved the following:

Successful implementation of fiscal sustainability plan.
Re-engineering of process of salary payment.
Payment of N9billion arrears of 142% increase in pension to Civil Pensioners in the state.
Implementation of 6% and 15% increase in pension to the retirees of State owned parastatals and Tertiary Institutions.
Intervention of Ministry of Finance in the release of 50% monthly pension for the payment of retired Primary School Teachers between 2010 to 2012.
Payment of arrears of 142% increase in pension amounting to N280,831,656,79 to the retirees of State owned Parastatals and Tertiary Institutions.
Radical reduction in overhead costs, leading to savings in several areas to include maintenance costs, cost of procurement etc.
Management of the States Bond Insurance to achieve an A-rating.
Resuscication of the contributory pension scheme.
Enhanced Treasury and cash management via the reduction/ elimination at Dormant Bank account, clearing accounts

Name: ABIMBOLA ADEKANMBI (FCCA)

Designation: HONOURABLE COMMISSIONER

Official Contact Address: Ministry Of Finance & Budget

P.M.B 5341, Secretariat, Ibadan

Oyo state, Nigeria

 

S/N

PRIORITY PROJECTS

1

Payroll automation

2.

Publications of 2015 and 2016 books of estimates

3.

Entrenchment of fiscal management which includes fiscal

responsibility and due process laws in the state

4.

Fiscal sustainability and long term financial planning

 

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