The Federal Ministry of Finance is responsible for the management and control of all finances of the Federal Government as prescribed by the constitution of the country.

---

Detail News

Muhtar to head World Bank, IMF Board of Governors
Press Release Release Date - 08-10-2009 Muhtar to head W/Bank, IMF Board of Governors Signed Deborah Chinwe Okafor Special Assistant (Communication) to Hon. Minister of Finance Nigeria’ s finance Minister Mansur Muhtar was yesterday selected by the Board of Governors of the World Bank and the International Monetary Fund (IMF) to chair its 2010 meetings holding in Washington. This is the first time an African country is giving the position in the history of the Bretton Wood institutions. Mansur Muhtar takes over from Dr Nguyen Van Giau Governor of Central Bank of Vietnam. Accepting the position of the Chairmanship of the Board of Governors of the institutions, the Minister said there is the need for continued modernization of the institutions in order to enhance their effectiveness and meet emerging challenges. The World Bank and the IMF have 186 member countries and the countries are represented by their Finance Ministers and Central Bank Governors. He said: “The unprecedented global challenges facing the world, must be matched by unprecedented global solutions. We recalled that, as the financial crisis led to the worst global recession in three quarters of a century, affecting people in every country, the Bretton woods institutions were called upon to lead a strong collaborative response. “We commended the Funds leadership of the coordinated policy actions and the provision of rapid, large scale and flexible financing to countries to countries in all regions, including by overhauling its lending and conditionality framework. “We also recognized the Banks leadership in addressing the human crisis that has resulted from the financial and economic crisis through continued measures to tackle poverty via projects focused on social protection, long term infrastructure investment and private sector led economic growth. “The bank must press forward with actions to revive global trade and address climate change effects. We called on both these institutions to work closely with member governments to better understand the causes of the crisis, and apply lessons drawn from these experiences, to support financial and economic stability and broad based prosperity.” This news was created on 10/8/2009