The Federal Ministry of Finance in Nigeria was established in 1960. This ministry manages the country’s funds and resources, ensuring that they are collected and spent wisely. The Ministry develops financial policies, oversees budgets, and works to improve economic stability.
It also collaborates with global organizations for financial support and development projects. The Coordinating Minister of Economy works with the Ministry to implement economic strategies that boost growth and create jobs.
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List Of Ministers Of Finance And Coordinating Minister Of Economy In Nigeria
No | Minister | Start Date | End Date |
|---|---|---|---|
1 | Festus Okotie-Eboh | 1960 | 1966 |
2 | Obafemi Awolowo | 1967 | 1971 |
3 | Shehu Shagari | 1971 | 1975 |
4 | Asumoh Ete Ekukinam | 1976 | 1977 |
5 | James Oluleye | 1977 | 1979 |
6 | Sunday Essang | 1979 | 1983 |
7 | Onaolapo Soleye | 1984 | 1985 |
8 | Kalu Idika Kalu | 1985 | 1986, 1993 |
9 | Chu Okongwu | 1986 | 1990 |
10 | Olu Falae | 1990 | 1990 |
11 | Abubakar Alhaji | 1990 | 1993 |
12 | Aminu Saleh | 1993 | 1993 |
13 | Anthony Ani | 1994 | 1998 |
14 | Ismaila Usman | 1998 | 1999 |
15 | Adamu Ciroma | 1999 | 2003 |
16 | Ngozi Okonjo-Iweala | 2003 | 2006, 2011 – 2015 |
17 | Nenadi Usman | 2006 | 2007 |
18 | Shamsuddeen Usman | 2007 | 2008 |
19 | Mansur Mukhtar | 2008 | 2010 |
20 | Olusegun Olutoyin Aganga | 2010 | 2011 |
21 | Kemi Adeosun | 2015 | 2018 |
22 | Zainab Ahmed | 2018 | 2023 |
23 | Wale Edun | 2023 | present |
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Agencies Under The Milittary Of Finance And Ministry Of Economy In Nigeria
- Bank of Industry
- Central Bank of Nigeria
- Debt Management Office
- Ministry of Finance Incorporated
- Nigeria Deposit Insurance Corporation (NDIC)
- Nigerian Export-Import Bank
- Nigerian Institute of Social and Economic Research
- Office of the Accountant-General of the Federation
Departments In The Military Of Finance And Ministry Of Economy In Nigeria
- Anti-Corruption and Transparency Unit (ACTU)
- Cash Management Department
- Economic Research and Policy Management Department
- Finance and Accounts Department
- General Services Department
- Home Finance Department
- Human Resource Management
- Information/Press Unit
- Internal Audit Department
- International Economics Relations Department
- Legal Unit
- Ministry of Finance Incorporated
- Presidential Initiatives on Continuous Audit
- Procurement Department
- Reform Coordination and Service Improvement
- Youth Employment and Social Support Operation
- Information and Communication Technology (ICT) Department
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Who Was The First Minister Of Finance In Nigeria?
Chief Festus Okotie-Eboh was the first Minister of Finance in Nigeria, serving from 1957 until January 15, 1966. He was instrumental in the country’s early financial management during the administration of Prime Minister Abubakar Tafawa Balewa.
Born on July 18, 1912, in Warri, Nigeria, Festus Samuel Edah (later known as Festus Okotie-Eboh) came from a prominent Itsekiri family. After attending school in Sapele, he served in different positions, starting as a clerk and later becoming a manager in the Bata Shoe Company.
In 1951, he joined politics and was elected to the Western Region House of Assembly. By 1955, he became the Minister of Labour and Social Welfare. Just two years later, he became the Minister of Finance. Okotie-Eboh faced criticism and opposition but continued to work towards his vision for Nigeria.
Sadly, his life was cut short during a military coup on January 15, 1966, when he was assassinated alongside Prime Minister Tafawa Balewa. This tragic event was the end of the First Republic in Nigeria.
Who Is The New Minister Of Finance And Minister Of Economy In Nigeria?
The new Minister of Finance and Coordinating Minister of the Economy in Nigeria is Chief Adebayo Olawale Edun, commonly known as Wale Edun. He took office on August 21, 2023, after being appointed by President Bola Tinubu.
Wale Edun succeeded Zainab Ahmed in this role. He was born on April 20 and studied economics and earned both a bachelor’s and a master’s degree in this field from the University of London and the University of Sussex.
From 1980 to 1986, he worked at Chase Merchant Bank in Lagos. Later, he joined the World Bank, where he focused on economic and financial projects for various countries in Latin America and the Caribbean. In 1989, he co-founded Investment Banking & Trust Company Limited, which is now known as Stanbic IBTC.
Wale Edun also has experience in government. He served as the Commissioner of Finance for Lagos State from 1999 to 2004 under Governor Bola Tinubu. In addition to his professional achievements, Edun is involved in philanthropy.
He is married to Amy Adwoa Appiah, and they have three sons, one of whom is British actor Adetomiwa Edun. He is active in different charitable organizations, including the Duke of Edinburgh’s International Award Foundation and the Lagos Boxing Hall of Fame, which promotes youth development through sports.