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
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.
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.