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The government and regulatory agencies oversee a variety of services in Nigeria across different sectors. Below is a description of these agencies.

1. Budget Office, Federal Ministry of Finance: The Budget Office of the Federation is a government regulatory agency in Nigeria that was established to manage the budget and implement the fiscal policies of the Federal Government. The Budget Office is organized into six operational departments and three units:

 

1. Revenue/Fiscal Policy
2. Expenditure Social
3. Expenditure Economics
4. Budget Monitoring and Evaluation
5. Administration
6. Finance and Accounts

 

The units within the Budget Office are: the Federal Ministry of Finance, ICT, ACTu, and Internal Audit

Each department is further subdivided into divisions for functional purposes. The primary functions of the Budget Office include three essential tasks:

1. Maintaining aggregate fiscal discipline

2. Allocating resources according to government priorities

3. Promoting the efficient delivery of services

 

2. The Bureau Of Public Enterprises (BPE):The Bureau of Public Enterprises (BPE) is a government and regulatory agency in Nigeria that serves as the secretariat for the National Council on Privatisation (NCP). The BPE is responsible for implementing the council’s policies on privatisation and commercialisation.

The functions of the Bureau of Public Enterprises include:

1. Implementing NCP policies related to privatisation and commercialisation.

2. Preparing public enterprises approved by the NCP for privatisation and commercialisation.

3. Advising the NCP on additional public enterprises that could be privatised or commercialised.

4. Providing guidance to the NCP on the capital restructuring needs of Nigerian public enterprises slated for privatisation.

5. Managing the accounts of all commercialised enterprises to ensure financial discipline.

 

3. Central Bank of Nigeria (CBN): The Central Bank of Nigeria (CBN) derives its mandate from the CBN Act of 1958, which has been amended several times—in 1991, 1993, 1997, 1998, 1999, and 2007.

The CBN Act of 2007, under the Federal Republic of Nigeria, assigns the Bank the responsibility for the overall control and administration of monetary and financial sector policies for the Federal Government.

The objectives of the CBN are as follows:

1. Ensure monetary and price stability.

2. Issue legal tender currency in Nigeria.

3. Maintain external reserves to safeguard the international value of the legal tender currency.

4. Promote a sound financial system in Nigeria.

5. Act as banker and provide economic and financial advice to the Federal Government.

Additionally, the CBN is tasked with administering the Banks and Other Financial Institutions (BOFI) Act of 1991, as amended, to ensure high standards of banking practices and financial stability through surveillance activities, as well as to promote an efficient payment system.

Beyond its core functions, the CBN has also engaged in various developmental roles over the years, focusing on key sectors of the Nigerian economy, including finance, agriculture, and industry. These mandates are carried out through the Bank’s various departments.

 

4. Corporate Affairs Commission (CAC): The Corporate Affairs Commission (CAC) was established by the Companies and Allied Matters Act, which was enacted in 1990 to oversee the formation and management of companies in Nigeria. The creation of the CAC as an autonomous body arose from concerns about the inefficiency and ineffectiveness of the previous Company Registry. This registry was a department within the Federal Ministry of Commerce and Tourism and was responsible for the registration and administration of the repealed Companies Act of 1968.

 

The vision of the Corporate Affairs Commission is to be a world-class company registry that provides excellent registration and regulatory services. Its mission is to be dedicated to delivering registration and regulatory services that meet stakeholder expectations, thereby benefiting the economy.

 

5. Debt Management Office Nigeria: 

The Debt Management Office (DMO) of Nigeria was established on October 4, 2000, to centrally coordinate the management of the country’s debt. Previously, this task was handled by various agencies in an uncoordinated manner, leading to inefficiencies.

For example, within the Federal Ministry of Finance (FMF) alone, four different departments were responsible for managing external debt, each with specific roles:

1. External Finance Department: This department is responsible for managing all Paris Club debts and maintaining public debt statistics.

2. Multilateral Institutions Department: This department handles relationships with all multilateral institutions, except for the African Development Bank and its subsidiaries (such as the African Development Fund and the Nigeria Trust Fund), which are managed by the Africa and Bilateral Economic Relations (ABER) Department. The Multilateral Institutions Department is also responsible for managing and servicing multilateral debt.

3. Africa and Bilateral Economic Relations (ABER) Department: This department liaises with the African Development Bank (ADB) and its subsidiaries, ECOWAS, and all non-Paris Club bilateral creditors.

4. Treasury Department (Office of the Accountant General of the Federation – OAGF): This department issues mandates to the Central Bank of Nigeria (CBN) for the payment of all external debts.

5. Foreign Exchange and Trade Relations Department: This department issues reconfirmations for external payments to the CBN and documents the repayment and servicing of external debts.

By establishing the DMO, Nigeria seeks to create a more efficient and coordinated approach to debt management.

 

6. Department of Petroleum Resources (DPR): The Department of Petroleum Resources (DPR) is tasked with ensuring compliance with petroleum laws, regulations, and guidelines within the oil and gas industry. Its responsibilities encompass monitoring operations at various sites, including drilling locations, production wells, production platforms, flow stations, crude oil export terminals, refineries, storage depots, pump stations, retail outlets, and all pipelines that transport crude oil, natural gas, and petroleum products.

 

The key functions of the Department of Petroleum Resources include:

• Supervising all petroleum industry operations conducted under licenses and leases in the country.
• Monitoring petroleum industry activities to ensure they align with national goals and aspirations, particularly regarding flare reduction and domestic gas supply obligations.
• Ensuring adherence to health, safety, and environmental regulations that meet national standards and international best practices in oil field operations.
• Maintaining records of petroleum industry operations, especially concerning petroleum reserves, production, exports, licenses, and leases.
• Advising the government and relevant agencies on technical matters and public policies affecting the administration of petroleum activities.
• Processing applications for industry leases, licenses, and permits.
• Ensuring the timely and accurate payment of rents, royalties, and other revenues owed to the government.
• Managing and administering the National Data Repository (NDR).

 

7. Economic and Financial Crimes Commission The Economic and Financial Crimes Commission (EFCC) is a government agency in Nigeria responsible for addressing various economic and financial crimes, such as Advance Fee Fraud (419) and money laundering. These crimes have had serious negative effects on Nigeria, including a decline in foreign direct investment and damage to the country’s national image.

 

Recognizing the severity and extent of this situation prompted the establishment of the EFCC. The Commission operates under the legal framework provided by the EFCC (Establishment) Act of 2002 and enjoys high-level support from the Presidency, the Legislature, as well as key security and law enforcement agencies in Nigeria.

 

 

8. Federal Aviation Authority of Nigeria (FAAN):     The Federal Airports Authority of Nigeria (FAAN) carries out its statutory duties in accordance with the policy guidelines established by the Federal Government of Nigeria through the Federal Ministry of Transportation. FAAN adheres to these guidelines in all its business dealings and agreements with contractors and various third parties.

 

In August 1995, the aviation agency was renamed the Federal Airports Authority of Nigeria (FAAN) following a significant restructuring and reform of the Nigerian aviation sector initiated by the Federal Government.

 

In 2013, the Federal Ministry of Aviation launched the most ambitious rehabilitation program the aviation industry has experienced since its inception. This upgrade and rehabilitation initiative involves the remodelling and renovation of 22 federally owned airports across the country. Many airport terminals, which had not been refurbished for an extended period, were upgraded to increase their capacity. This program is currently 90% complete.

 

9. Federal Housing Authority (FHA)

The Federal Housing Authority (FHA) is a government agency in Nigeria, established by Decree 40 of 1973, which is now referred to as Act CAP F-14 in the Laws of the Federation of Nigeria 2004. The Authority operates under the supervision of the Federal Ministry of Power, Works, and Housing.

 

Partially commercialised in accordance with Decree No. 25 of 1988, the FHA has several key responsibilities:

 

1. Preparing and periodically submitting proposals for National Housing Programs to the Government.

2. Making recommendations to the Government on various aspects of urban and regional planning, including transportation, communication, electric power, sewage, and water supply development, which are relevant to the successful execution of approved housing programs.

3. Executing housing programs that have been approved by the Government.

 

10. Federal Inland Revenue Service (FIRS):

The Federal Inland Revenue Service (FIRS) was established in 1943, emerging from the former Inland Revenue Department that served the Anglophone West African countries, including Ghana, Gambia, Sierra Leone, and Nigeria, during the colonial era.

 

In 1958, the Board of Inland Revenue was created under the Income Tax Ordinance of that year. Following various reform programs, the FIRS became the operational arm of the Federal Board of Inland Revenue (FBIR) and transformed into its current status, which includes autonomy and additional powers, through the enactment of the FIRS (Establishment) Act 13 of 2007.

 

The Act came into effect on April 16, 2007, and serves as a comprehensive framework guiding the effective administration of taxation in Nigeria by the FIRS. According to the mandate outlined in the Act, the FIRS is primarily responsible for assessing, collecting, and accounting for various Federal taxes specified in the First Schedule of the Act.

 

11. Independent Corrupt Practices & Other Related Offences: Corruption and related offences in Nigeria undermine democratic institutions, hinder economic development, and contribute to government instability. It erodes the foundation of democracy by distorting electoral processes, undermining the rule of law, and creating bureaucratic challenges that exist solely for the purpose of soliciting bribes.

 

The Establishment Act has granted the Independent Corrupt Practices and Other Related Offences Commission the authority to investigate and prosecute offenders of these crimes.

 

12. Independent National Electoral Commission (INEC): The Independent National Electoral Commission (INEC) was established by the 1999 Constitution of the Federal Republic of Nigeria to organize elections for various political offices within the country.

 

According to Section 15, Part 1 of the Third Schedule of the 1999 Constitution (as amended) and Section 2 of the Electoral Act 2010 (as amended), the functions of INEC include the following:

• Organizing, conducting, and supervising all elections for the offices of the President and Vice-President, the Governor and Deputy Governor of each state, as well as for membership in the Senate, the House of Representatives, and the House of Assembly of each state in the federation.
• Registering political parties in compliance with the provisions of the Constitution and the Act of the National Assembly.
• Monitoring the organization and operation of political parties, including their finances, conventions, congresses, and party primaries.
• Arranging for the annual examination and auditing of the funds and accounts of political parties, and publishing a report on such examinations and audits for public information.
• Conducting the registration of individuals qualified to vote and preparing, maintaining, and revising the register of voters for any election under the Constitution.
• Monitoring political campaigns and providing rules and regulations that govern political parties.
• Conducting voter and civic education.
• Promoting knowledge of sound democratic election processes.
• Conducting any referendum required by the provisions of the 1999 Constitution or any other law or Act of the National Assembly.

 

13. Industrial Training Fund: Established in 1971, the Industrial Training Fund (ITF) has consistently operated within the framework of its enabling laws, specifically Decree 47 of 1971, which was amended by the ITF Act in 2011. The Fund’s primary objective has been pursued vigorously and effectively over the decades. Throughout its forty-plus years of existence, the ITF has not only raised awareness about the importance of training within the economy but has also contributed significantly to the development of a skilled indigenous workforce, which has been instrumental in managing various sectors of the national economy.

 

Over the years, in line with its statutory responsibilities, the ITF has expanded its structure, developed training programs, and reviewed its strategies, operations, and services to meet the evolving demands for skilled labor in the economy.

 

Initially classified as a Parastatal “B” in 1971 and led by a Director, the ITF was upgraded to a Parastatal “A” in 1981, at which point a Director-General became the Chief Executive under the Ministry of Industry. The Fund is governed by a 13-member Council and operates with 10 departments and 4 units at its headquarters. Additionally, it has 38 area offices, 4 skills training centers, and a Centre for Industrial Training Excellence.

14. National Agency for Food and Drug Administration and Control (NAFDAC): Established by Decree No. 15 of 1993, as amended by Decree No. 19 of 1999. It is now governed by the National Agency for Food and Drug Administration and Control Act, Cap N1 of the Laws of the Federation of Nigeria (LFN) 2004. NAFDAC is responsible for regulating and controlling the manufacture, importation, exportation, distribution, advertisement, sale, and use of food, drugs, cosmetics, medical devices, packaged water, chemicals, and detergents (collectively referred to as regulated products). The agency was officially established in October 1992.

15. National Bureau of Statistics (NBS): The National Bureau of Statistics (NBS) was established through the merger of the Federal Office of Statistics (FOS) and the National Data Bank (NDB). This merger was part of the implementation of the Statistical Master Plan (SMP), a project initiated by the Federal Government of Nigeria (FGN).

 

The goal of this merger was to position the NBS as the leading statistical agency for all three tiers of government. The NBS is responsible for coordinating the statistical operations of the National Statistical System, ensuring the production of official statistics across all Federal Ministries, Departments, and Agencies (MDAs), State Statistical Agencies (SSAs), and Local Government Councils (LGCs).

 

Nigeria has a Federal System of government, consisting of 36 states and the Federal Capital Territory, along with 774 Local Government Areas (LGAs). At the federal level, each Ministry, Department, and Agency has a Director of Statistics. Similarly, each state has a Director of Statistics, along with a Head of the Statistics Unit at the Local Government Areas. Together with various statistical institutes, these entities make up the Nigerian National Statistical System (NSS). The internal organization of the NBS is governed by the Statistics Act of 2007, which serves as the legal framework established by Acts of Parliament.

16. The National Council on Privatization (NCP): The National Council on Privatization (NCP) is a think tank established by the Nigerian government to define the political, economic, and social objectives related to the privatization and commercialization of the country’s public enterprises. Billboards along major roads in Nigeria, sponsored by the NCP, promote the message that “the people benefit as the nation privatizes.”

 

The functions of the National Council on Privatization (NCP) include the following:

• Approving policies on privatization and commercialization.
• Setting guidelines and criteria for valuing public enterprises for privatization and selecting strategic investors.
• Approving which public enterprises will be privatized or commercialized.
• Determining the prices of shares or assets of public enterprises that are offered for sale.
• Appointing privatization advisors and consultants.
• Approving the budget of the Council.
• The Bureau of Public Enterprises serves as the secretariat for the National Council on Privatization.

 

17. National Economic Empowerment & Development Strategy (NEEDS): The National Economic Empowerment and Development Strategy (NEEDS) was introduced in response to alarming poverty levels in Nigeria. The Central Bank of Nigeria’s poverty assessment in 1997 estimated that the poverty incidence was 69.2%, while the World Bank estimated that 66% of the population lived in poverty in 1996. These concerning assessments reflect the reality faced by the majority of the populace, highlighting the urgency for this study. Despite various resources and efforts directed toward poverty-related programs and initiatives, the increasing incidence of poverty both within and among different regions suggests that these programs have been largely ineffective.

 

In light of this ongoing poverty crisis, the Obasanjo-led civilian government introduced NEEDS in 2003. The strategy focuses on poverty reduction, employment generation, wealth creation, and value reorientation. However, after nearly nine years of implementing NEEDS, the poverty rate in the country appears to be rising, which prompts this study to examine NEEDS and the challenges of poverty alleviation in Nigeria between 1999 and 2011.

 

In March 2004, the federal government launched this new economic reform program with some fanfare. It was presented by Professor Charles Soludo, the Chief Economic Adviser to the President, who described it as the brainchild of the Presidential Economic Team, which included prominent figures such as Dr. Ngozi Okonjo-Iweala, the Finance Minister; Oby Ezekwesili, the Special Assistant on Budget and Due Process; and Mallam El-Rufai, the Minister of the Federal Capital Territory, among other technocrats. NEEDS aims to stimulate economic growth, reduce poverty, and promote value reorientation in Nigeria.

 

Nigeria’s efforts to eradicate poverty date back to the National Development Plan in the 1960s. This was followed by General Yakubu Gowon’s National Acceleration Program, the Food Production initiative, and the establishment of the Nigerian Agricultural and Cooperative Bank. In 1976, General Olusegun Obasanjo launched Operation Feed the Nation (OFN). The Shagari administration introduced the Green Revolution in 1980, and in 1986, General Babangida established the Directorate for Food, Road, and Rural Infrastructure (DFRRI). He also initiated the Peoples Bank and Community Banking System (CBS) and the Betterlife for Rural Women (BLW) program. In 1993, Maryam Abacha introduced the Family Economic Advancement Program (FEAP) and the Family Support Program (FSP). These numerous initiatives reflect ongoing attempts to reduce poverty in Nigeria.

 

18. National Examination Council – NECO: Established amid a backdrop of controversy and a lengthy call for a national examination body that had begun over two decades prior. While some Nigerians embraced NECO as an opportunity to choose an examination body, others expressed doubts about its ability to conduct reliable examinations that would be respected both nationally and internationally. Additionally, while some welcomed NECO’s potential as a Federal Government parastatal to offer subsidized registration for candidates, others questioned its legal status.

NECO was mandated to take over the responsibilities of the National Board for Educational Measurement (NBEM), which was created by the Ibrahim Babangida administration in 1992, although its enabling decree was issued in 1993. In addition, NECO was given the responsibility of conducting the Senior School Certificate Examinations (SSCE), which had previously been the exclusive domain of the West African Examinations Council (WAEC). NECO was designated to oversee the SSCE for school-based candidates, while WAEC would continue to manage the examination for private candidates. NECO conducted its inaugural SSCE in mid-2000.

 

19. National Health Insurance Scheme (NHIS): The National Health Insurance Scheme (NHIS) is a corporate entity established under Act 35 of the 1999 Constitution by the Federal Government of Nigeria. Its primary aim is to enhance the health of all Nigerians through affordable healthcare options provided via various prepayment systems.

 

The NHIS is dedicated to achieving universal coverage, ensuring that all Nigerians have access to adequate and affordable healthcare, particularly those enrolled in the Scheme’s various programs and products.

 

It functions as a social health insurance system, where healthcare services for contributors are funded from a common pool of contributions made by participants. In this pre-payment model, participants pay a fixed, regular amount, which is pooled together. This allows Health Maintenance Organizations (HMOs) to cover medical expenses for those in need of care. The NHIS represents a risk-sharing arrangement that enhances resource mobilization and promotes equity in healthcare access. It is recognized as the most commonly used form of healthcare financing globally.

 

Additionally, the NHIS regulates private health insurance operated by HMOs. Health insurance serves as a social security system that guarantees the provision of essential health services to individuals in exchange for small, regular contributions.

 

20. National Orientation Agency (NOA): NOA is essential to raise awareness consistently, provide timely and credible feedback, positively change attitudes, values, and behaviors, inform accurately and adequately, and mobilize citizens to act in ways that promote peace, harmony, and national development.

Vision: To develop a Nigerian society that is orderly, responsible, and disciplined, where citizens demonstrate core values of honesty, hard work, and patriotism; where democratic principles and ideals are upheld; and where peace and social harmony prevail.

Objectives: The main objectives of the Agency, as stated in Decree 100 of 1993, are to ensure that government programs and policies are better understood by the general public and to:

• Mobilise favourable public opinion for these programs and policies.
• Encourage informal education through public enlightenment activities and publications.
• Establish feedback channels to the government regarding all aspects of Nigerian national life.
• Create a national framework for educating, orienting, and instilling in Nigerians attitudes, values, and culture that reflect national pride and promote a positive image of Nigeria.
• Raise awareness among Nigerians about their responsibilities in promoting national unity and their commitment to human rights to help build a free, just, and progressive society.
• Develop social and cultural values and awareness among Nigerians of all ages and genders, fostering patriotism, nationalism, self-discipline, and self-reliance.
• Encourage active and free participation by the people in discussions and decisions related to their well-being.
• Promote new attitudes and cultural practices that align with the goals and objectives of a united Nigeria.
• Ensure and uphold leadership by example.
• Foster respect for constituted authority.
• Instil a sense of loyalty to the fatherland in citizens.

The Agency carries out the following functions:

• Educate the public about government policies, programs, and activities.
• Mobilize support and favorable public opinion for government initiatives.
• Gather, analyze, and provide feedback from the public to the government regarding its policies, programs, and activities.
• Establish social institutions and frameworks that expose Nigerians to democratic norms and values, fostering a peaceful, united, progressive, and disciplined society.
• Raise awareness among all Nigerians about their rights, privileges, responsibilities, and obligations as citizens.
• Promote the values of hard work, honesty, and commitment to the quality production, promotion, and consumption of domestically produced goods and services.
• Reorient the public’s understanding of power, the proper use of authority, and the role of government in serving the collective interests of Nigerians.
• Advocate for the rejection of vices in public life, including corruption, dishonesty, electoral fraud, census malpractice, ethnic parochialism, and religious intolerance.
• Encourage Nigerians to actively participate in and engage with national affairs and issues in a patriotic manner.
• Sensitize, educate, and equip all Nigerians to combat internal and external domination of resources by a few individuals or groups.

 

21. The National Broadcasting Commission (NBC)

The National Broadcasting Commission (NBC) is the regulatory body for all broadcasting in the Federal Republic of Nigeria. Established on August 24, 1992, by Decree 38 of 1992 and later amended as an Act by the National Assembly (Act 55 of 1999), the NBC operates under the laws known as the National Broadcasting Commission Laws of the Federation 2004, CAP N11. Its primary responsibilities include the regulation and control of the broadcasting industry in Nigeria.

 

In its advisory role to the Federal Government, the NBC employs various scientific research methods to gather data and analyze trends in the broadcasting sector, ensuring that it remains responsive to the industry’s evolving dynamics. The Commission is also responsible for receiving, processing, and assessing applications for the establishment, ownership, and operation of radio and television stations. This includes cable television services, direct satellite broadcasts, and any other broadcasting mediums, whether owned by federal, state, or local governments or by private entities.

 

After careful consideration of these applications, the Commission recommends them through the Minister of Information to the President, Commander-in-Chief of the Armed Forces, for the issuance of radio and television licenses in Nigeria.

 

22. Nigerian Communications Commission (NCC): The Nigerian Communications Commission (NCC) is the independent regulatory authority for the telecommunications industry in Nigeria. Established under Decree No. 75 by the Federal Military Government on November 24, 1992, the NCC is responsible for regulating the provision of telecommunications services and facilities, promoting competition, and setting performance standards for telephone services in the country. This Decree has since been abrogated and replaced by the Nigerian Communications Act (NCA) of 2003.

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Tags: List of Government & Regulatory Agencies