MINISTRY OF FINANCE MISSION & VISION STATEMENT
Brief about the Ministry
The Ministry's inception is traced back to the establishment of Ogun State, which emerged as a distinct entity following the dissolution of the Western State in February, 1976. Initially, it bore the appellation 'Ministry of Finance and Economic Development' during the period spanning 1976 to 1978. Subsequently, in 1981, its nomenclature underwent modification, assuming the title 'Ministry of Finance and Economic Planning.' Notably, it underwent another transformation in 1999, and it was rechristened as the 'Ministry of Finance,' following the creation of two separate agencies, namely the Bureau of Management and Budget and the Board of Internal Revenue, which were hived off from its purview. The Ministry is imbued with the responsibility of formulating policies and regulations geared towards the advancement of the State Government's revenue objectives.
In light of this overarching mandate, it has remained unwavering in its commitment to consistently formulate policies with the aim of bolstering Ogun State's position as an exemplar among the states in the Federation. Simultaneously, it strives to augment the efficiency of the prevailing processes and systems, providing robust underpin to the initiatives that are integral to the realization of the State Government's objectives. Formulation of Policies and Initiatives to support the finances of the State.
- Evaluation, Review and Enforcement of Government Fiscal Policies
- Management of Government Assets including Insurance
- Financial and Public Debt Management
- Relationships with Financial Institutions
- Improvement of the Accountability Indices in Government Agencies
- Compliance Review within the Government Institutions and Agencies
- Economic Reform Initiatives and expansion of revenue generation mechanism
- Co- ordination of the activities of all Revenue Consultants in the State
- Provision of necessary support to the State Internal Revenue Service by keeping tax laws and revenue structures under constant review with a view to allowing for the most modern, functional, efficient and transparent tax regime
- Formulation and monitoring of plans and programs (like Medium Term Revenue Strategy (MTRS)) for the realization of predetermined target by all agencies involved in revenue collection
- Rendering supervisory roles to all Government Business Enterprises
- Rendering supervisory roles on the collection of Harmonized Haulage Revenue
- Co-ordination of all World Bank and other Multilateral Intervention Funds and Projects in conjunction with the Ministry of Budget and Planning
- Responsible for the collection of Land Use and Amenities Charge from property tax payers.
- Preparation of the State's borrowing capacity forecast for consideration in the annual budget as well as forecast of loan service obligations for consideration of the State Government.
- Set guidelines for managing government financial risks and financial exposure with respect to all loans and other exposures.
- Advise the Government on the terms and conditions on which loans are to be secured.
- Rendering advice to the Government on how to restructure and refinance all its debt obligations.
Any other responsibility that may be assigned to it by the State Government.
Structure of the Ministry
The Ministry has five (5) departments with a Political Head known as the Honourable Commissioner for Finance and Chief Economic Adviser. It is structured to purposely meet the financial policy thrust of government through the following administrative arrangements:
- Office of the Honourable Commissioner for Finance and Chief Economic Adviser
- Office of the Permanent Secretary/Accounting Officer
- Department of Compliance and Initiatives
- Department of Special Duties, Strategies, and Fiscal Policies
- Department of Administration and Supplies
- Department of Finance and Accounts
- Department of Planning, Research, and Statistics.
Programmes/Projects of the Ministry
The programmes/Projects currently under the Ministry include:
- Land Use and Amenities Charge (LUAC)
- Billing and Payment Management System (BPMS)
- Ogun State Land Administration and Revenue Management Systems (OLARMS)
- Property Registration Programme (PRP)
- Compliance Initiatives, Revenue Monitoring and Enforcements
- Ogun State Public Utilities Infrastructure Initiative (PUI)
- Digital Payment System.
To transform Ogun State to the largest State in terms of Internally Generated Revenue with less dependence on Federal Allocation through provision of dynamic and excellent leadership in the process of collection and disbursement of government funds.
- To tangibly boost internally generated revenue for sustainable budget implementation and performance.
- Devise and implement viable financing options for State capital expenditure and Infrastructure development.
- Promote fiscal discipline through efficient budget practices, maintaining prudent debt levels and ensuring value for money.
The Ministry of Finance has continued to formulate policies geared towards repositioning Ogun State as an enviable State in the Federation as well as improving on the existing processes and systems to support the initiatives aimed at achieving the objectives of the State Government.
The Ogun State Land Use and Amenities Charge Law, 2013