MINISTRY OF FINANCE

...

Hon. Isaac Kamalu

the executive head
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About the 'MINISTRY OF FINANCE'

The Ministry of Finance is a unique Governmental ministry that provides the financial backbone that helps Government translate the NEW vision as promised by His Excellency Chief NyesomEzenwoWike CON, GSSRS, POS (Africa) of providing the dividends of democracy to the teeming population of Rivers State

In May 1967, the Ministry of Finance and Economic Development was created and was initially headed by Mr. Lawrence Ekpebu. In 2011, the Ministry of Budget & Economic Planning was separated from the Ministry of Finance as a full flesh ministry of Rivers State Government. The Finance Ministry was them structured into six Directorates consisting of the three common services: Personnel Management, Planning, Research and Statistics as well as Finance and supplies and three other professional Directorates; Public Finance, Computer services and Central Internal Audit.

At inception, the Ministry of Finance operated through three Agencies: Finance Headquarters, the state Treasury Office, and the Board of Internal Revenue. However, the Board of Internal Revenue, which is saddled with the responsibility of collecting tax-related Internally Generated Revenue (IGR) for the state Government, was upgraded and became semi-autonomous in Year 2006 to enhance revenue generation, transparency and accountability. Also, the Public Finance/Debt Management Office was created as an additional department in the Ministry of Finance. His, Excellency Chief NyesomEzenwoWike CON, GSSRS, POS (Africa), the Executive Governor of Rivers State on assumption of office in his second tenure on the 10th of June, 2019 swore in Isaac O. kamaluEsq as the Honorable Commissioner of Finance, also supervising the Ministry of Budget & Economic planning his former portfolio in the last four years.

The office of the Permanent secretary is one of the arms of the Ministry of Finance headed by a Permanent Secretary. The Headquarters serves as the coordinating arm of the Ministry. Presently, it has a staff strength of 182.

 

Policy Objective of the Ministry

This Ministry will continue to ensure that the Government is able to meet all her financial obligations that have been properly entered into by her and her authorized agents.

Our Commitment to Excellence

We are committed to Effective Financial Risk Management and leveraging on Public Private Partnership, cooperation and support towards Achieving the Needs and Aspirations of Government and the good people of Rivers State.

RESPONSIBILITIES

A.     Policy Formulation and Advisory Functions:

Formulate and evaluate policies relating to Finance

i.                    Develop and Maintain Cash Policy of Rivers State Government.

ii.                   Advising on general financial and monetary matters.

iii.                 Advising on investments, divestments, privatization and capitalization.

iv.                 Oversee the financial transaction on receipts and payments of the Ministry on behalf of the State Government for proper reporting to His Excellency, the Executive Governor of River State.

v.                   Advise on financial instruments due to the Rivers State Government.

vi.                 Advise on prioritization and allocation of State Financial Resources.

 

B.      Internally Generated Revenue:

Generation and Monitoring of all revenue sources including taxes

i.                    Advisory functions on Taxation and Revenue Policies and Programmes.

ii.                   Rivers State Internal Revenue Service (RIRS).

iii.                 Supervision of all Revenue Consultants in conjunction with RIRS.

iv.                 Developing the plans and programmes needed to achieve the designed objectives for all revenue collecting Agencies.

v.                   Drive and monitor the payment of Land Use Charge.

vi.                 Develop and implement polices to widen the tax net and achieve a significant improvement in the level of revenues generated.

vii.               Advise the State Government on Federal allocation of revenues to the State and Local Government Councils.

viii.             Keep the tax laws and revenue structure under constant review in order to create the most modern, functional, efficient and transparent tax system.

ix.                 Support RIRS to modernize and optimize its structure and processes.

x.                   Assist all other Revenue Generating Agencies, Departments and Consultants to improve their Laws, Administrative and Operational practices.

xi.                 Advise on the harmonization and optimization of taxes applicable in the State and advise the State Government on areas and sources of new revenue.

xii.               Advise on the collation and publication of all byelaws by which Local Government Councils of Rivers State charge and collect taxes, rates or levies.

xiii.             Advise on the administration of Local Government taxes and levies and the harmonization and improvement of Local Government revenue sources generally.

xiv.             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.

 

C.      Federal Allocations:

i.                    Attend Monthly FAAC meeting and report to the Governor.

ii.                   Monitor the receipts, keep custody and implement all approved disbursements according to directives.

 

D.     Financial Reporting:

i.                    To keep records of all financial transaction on behalf of the Rivers State Government.

ii.                   Preparation of the State’s Final Account from the office of the Accountant-General.

iii.                 To hold, manage and report on all government investment in equities and other securities for the purpose of generating revenue for River State Government.

iv.                 To render daily, weekly, monthly and annual report to the Executive Governor and the Rivers State Executive Council as may be demanded periodically.

 

E.      Public Private Partnership:

i.                    Management of Public Private Partnership matters/activities in conjunction with the Public Private Partnership (PPP) Board.

ii.                   Advise and propose funding mechanisms for infrastructural projects that may be referred to it.

 

F.      Payroll Management:

i.                    Carry out payroll functions including the preparation of workers’ salaries and pensioners’ entitlement and PAYE.

ii.                   Biometric Verification Monitoring.

iii.                 Payment of Salary and other allowances to staff and adhoc staff.

iv.                 Overseas Passages and Estacodes.

v.                   Payment of Pensions and Gratuities to verified Retirees.

vi.                 Payment of promotion arrears and other allowances to civil servants.

vii.               Payment of Elected and Approved Government Officials.

viii.             Payment to Gazzetted Past Governors and others.

 

G.     Assets Management:

i.                    Assets identification, enumeration, notarization, evaluation, valuation and computerization to meet global assets management standards.

ii.                   Engage legal means of restoring all stolen, encroached assets to ensure government full possession and booking of Rivers State Assets.

iii.                 Review of Rivers State Assets and liabilities with relevant valuers, financial institutions and insurance companies.

H. Debt Management:

                    i.            Advise Government and forecast 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 through the annual budget.

                   ii.            Manage State’s debt obligation at sustainable levels.

                 iii.            Verify and service debts guaranteed or taken directly by the Government including that taken by Local Governments.

                 iv.            Borrow on behalf of the Government, form any private or public financial institutions.

                   v.            Create borrowing relationships with international and local financial institutions, creditors and    institutional investors in Government debts.

                 vi.            Produce and maintain a reliable database of all instruments issued, loans taken or guarantee issued       by the Government or any of its Agencies and all contingent liabilities related to it.

               vii.            Set guidelines for managing Government financial risks and financial exposure with respect to all loans and instruments.

             viii.            Advise the Government on the restructuring and refinancing of all debt obligations.

                 ix.            Prepare a schedule of any other Government obligation such as trade debts and other contingent liabilities and provide advise on policies and procedures for their management.

                   x.            Collect and collate data on debt management and disseminate information with approval.

                 xi.            Responsible for Rivers State Mortgage Scheme.

               xii.            Provision of Micro-credit Scheme for poverty alleviation programmes including loans from banks and other Federal Agencies.

 

        I.   Local & Foreign Direct Investments:

        i.            Interface with and Coordinate all World Bank and other Multilateral Funds and Projects in conjunction with Ministry of Budget & Economic Planning.

      ii.            Coordinating a robust local and African in Diaspora investment desk tied to specific projects in Rivers State.

     iii.            Advising the State Government and advising all funds from International Donor Agencies and Non-Governmental Organizations (NGO).

     iv.            Study and advise State Government on the viability of such proposals.

 

      J.    Supervision of:

§  All departments, Treasury and sub treasury and units of the Ministry of Finance

§  Ministry of Finance Incorporated

§  Rivers State Asset Management Committee

§  Rivers State Internal Revenue Services

 

K. Any other duty as may be assigned by His Excellency Chief NyesomEzenwoWike CON, GSSRS, POS(Africa), the Executive Governor of Rivers State.

The Ministry of Finance has five (5) departments namely:

1.      Administrative Department

2.      Treasury Department

3.      Computer Department

4.      Finance & Accounts Department

5.      Rivers State Internal Revenue Service (RIRS)

 

PRINCIPAL OFFICERS

1. Hon. Commissioner of Finance and

Member Rivers State Executive Council                     - Isaac O. KamaluEsq

2. Permanent Secretary                                              -   Mr. Jim P. Brown (JP)

3. Accountant General                                                – Mr. AbereDagogo

4. Director administration                                          – Mr. Adue Stephen BN (JP)

5. Director Treasury                                        –Sir Cyril Amaewhule

6. Finance Officer (FO)                                                – Mr. Maxwell Lee

7. Chairman Rivers State Internal Revenue Service   – Mr. T. AdoageNorteh

Other Heads of Departments are:

a) Pension                                                                   –Mr. Sunday B. D. Biranen

b) Ministry of Finance Incorporated                           – Madam Abiye Tobin-West

c) Project Finance Management Unit                         – Mrs. Beatrice Fred-Ohuo

d) Computer Department/Auto Payroll                     –    Mr. AlozieAkani

 

Other units in the Main Treasury Headquartersare:

 

1. Remittance                                                             –    Mrs. Sarah Ikegwu

2. General Office (GEN)                                              –    Mr. Loveday Nwogha

3. Central Inspectorate Board (CIB)                            –    Mrs. Gladys Gbarabe

4. Loan Information Management (LIM)                    -

5. Correspondence Office Branch                              –    Mrs. Stella Mawo

6. Banks (Revenue Office)                                          –   Mrs. Stella Obiosa

7. Final Accounts                                                         –    Mr. Sunday Onwuso

8. Head Central Payroll/Internal Audit                       –    Mr. David Tambari Paul

 


Vision

To be a model in cost effective resources allocation, efficient revenue generation that epitomizes the highest global standards of Public Financial Management in line with the NEW vision.

Mission

To run an effective public finance management system which ensures optimal exploitation of revenue/income sources, safe custody and prudent deployment of funds to meet recurrent and capital expenditure needs of the State in a suitable manner.

Departments
Affiliated Agencies