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The Securities and Exchange Commission (SEC) is the main regulatory institution of the Nigerian capital market. It is supervised by the Federal Ministry of Finance. [1] The Nigerian Stock Exchange (NSE) is privately owned and self-regulating, but the SEC maintains surveillance over it with the mandate of ensuring orderly and equitable dealings in securities, and protecting the market against ...
The government financial statements usually include a statement of activities (similar to an income statement in the private sector), a balance sheet and often some type of reconciliation. Cash flow statements are often included to show the sources of the revenue and the destination of the expenses.
The Office of the Secretary to the Government of the Federation (SGF), which is domiciled in the presidency, also has some agencies under it. They are: Nigerian Christian Pilgrim Commission [6] National Lottery Trust Fund [7] Nigeria National Merit Award
A senior civil servant acts as Permanent Secretary of the minister, assisting the politically appointed Minister of Finance, who is a member of the President's cabinet.. The Federal Ministry of Finance is led by the Honourable Minister of Finance and Coordinating Minister of the Economy, who serves as the chief executive officer.
In 2005, the PF/DMO, which had previously been a Ministry Department, was also elevated to the rank of Agency, with a Permanent Secretary as its head. The PF/DMO was combined with the Office of Finance in 2015 as part of the current government's reorganization, and it continues to perform its statutory tasks.
Federal Inland Revenue Service (FIRS) was created in 1943. Prior to that time, its functions had been performed by the Inland Revenue Department of British West Africa. [2] The Board of Inland Revenue was created in 1958, and the service gained autonomy with the passing of the FIRS (Establishment) Act 13 of 2007. [3]
The Auditor-General is empowered to undertake audits of all income and expenditure of the Federal Government of Nigeria. However, the Constitution prohibits the Auditor-General from auditing the accounts of “government statutory corporations, commissions, authorities, agencies, including all persons and bodies established by an Act of the ...
The Financial Reporting Council (FRC) of Nigeria, formerly the Nigerian Accounting Standards Board (NASB), is an organization charged with setting accounting standards in Nigeria. On Thursday, 6 May 2021, Shuaibu Adamu Ahmed was inaugurated by the Minister of Industry, Trade and Investment, Adeniyi Adebayo, as the Executive Secretary/Chief ...