The Federal Ministry of Finance has allocated N75 million in its proposed 2025 budget to monitor the activities of banks and other financial institutions under its Home Finance Division. This funding aims to enhance oversight and ensure compliance with regulations in the financial sector.
The allocation is specifically earmarked for the monitoring and evaluation of activities of banks and other financial institutions. In addition, the ministry has allocated another N25 million for the annual assessment of agencies under the purview of the Division of Banks and Other Financial Institutions.
This proactive approach reflects the ministry’s commitment to maintaining a robust financial system by closely scrutinizing the operations of banks and financial institutions. Beyond oversight activities, the proposed budget also highlights significant investments for the recapitalization of key entities such as the Ministry of Finance Incorporated (MOFI) and Development Finance Institutions (DFIs).
These efforts are part of a broader strategy to strengthen Nigeria’s financial infrastructure and support economic growth. Strengthened DFIs can improve access to credit for businesses and individuals, aligning with the government’s development objectives.
President Bola Tinubu recently presented the ambitious 2025 budget proposal to the National Assembly, focusing on key areas such as defence, infrastructure, and human capital development. The proposed budget outlines a deficit of N13.39 trillion to be primarily financed through borrowing.
Overall, the Federal Ministry of Finance headquarters has been allocated N271.39 billion in the proposed budget, with a substantial portion dedicated to capital projects aimed at enhancing the ministry’s operations and its impact on the economy.
