As a federal power and authority with a very wide large scope of roles and functions to develop the nation, there are many government institutions in Nigeria and their functions that shall be made mention of in this article for your pleasurable read and attention.
Government institutions are created for a government to function effectively. These agencies have been handed the responsibility to monitor and regulate individuals, businesses, and other activities that fall under their jurisdiction. When these agencies fail in their functions, then the government has failed.
Government institutions are bodies that have been delegated authority by the Federal Government of Nigeria to issue rules or regulations, issue licenses, take rates, and other actions to help the government serve the people more effectively.
Government Institutions in Nigeria and Their Functions
It is not a lie that, in Nigeria, government institutions run into hundreds. So it’s hard to keep track of all of them. That is why we will be outlining some of the government institutions in Nigeria and their functions. Some of these agencies are more active than others, or maybe they are more directly relevant to the people. Therefore, this piece shall only focus on agencies that are more directly relevant to Nigerians.
Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) was established by the 1958 Act of Parliament. The CBN was mandated with the overall control and administration of the Federal Government’s monetary and financial sector policies. CBN monitors the activities of commercial banks to ensure they comply with the agency’s guidelines.
It also creates, distributes, and regulates the nation’s currencies, as well as ensures all businesses comply with the guidelines.
Economic and Financial Crimes Commission (EFCC)
EFCC is the nightmare of every Nigerian fraudster. The agency was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), which had named Nigeria one of 23 countries non-cooperative in the international community’s efforts to fight money laundering.
The federal government has mandated EFCC to investigate cases of financial fraud, such as embezzlement and money laundering, using digital technology. In addition, the agency has been charged with prosecuting offenders and recovering stolen assets.
Federal Road Safety Corps (FRSC)
The Federal Road Safety Corps (FRSC) was established in 1988 under the Federal Ministry of Transportation. FRSC was mandated to control and maintain safety on Nigerian roads. The functions include enforcing traffic rules and regulations, providing emergency services to motorists involved in accidents, prosecuting offenders, and raising awareness campaigns on road safety guidelines throughout the country.
Federal Inland Revenue Service (FIRS)
The Federal Inland Revenue Service (FIRS) was created in 1943 when it was carved out of the Inland Revenue Department that covered the then constituted Anglo-phone West Africa (Ghana, Gambia, Sierra Leone, and Nigeria) during the colonial era. FIRS is responsible for collecting taxes in Nigeria.
Apart from collecting taxes, the agency has been mandated to update the Nigerian Tax Directory system every year, conduct tax audits at least once a year, make annual tax reviews and recommendations; and monitor the compliance of individuals and corporations with tax obligations.
Federal Airports Authority of Nigeria (FAAN)
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The Nigerian Airports Authority, NAA, which later became the Federal Airports Authority of Nigeria, FAAN, was established by the Nigerian federal government by Decree 45 of 1976. FAAN is in charge of monitoring and controlling the activities at Nigerian airports.
National Identification Management Commission(NIMC)
The National Identification Management Commission was formed in 2007. NIMC has the responsibility of issuing National identity cards. In addition, NIMC is in charge of other responsibilities such as managing information of Nigerians on the government database and issuing proof of Nigerian citizenship like birth certificates, name changes, etc.
Corporate Affairs Commission (CAC)
The Corporate Affairs Commission was introduced in 1990 with the passing of the Companies and Allied Matters Act. The agency is responsible for the regulation and management of companies in Nigeria.
The functions include issuing certificates to prove that the business has been duly registered, maintaining an official registry where information on companies in Nigeria is filed, prosecuting offenders, and conducting a mandatory audit of companies on the Nigerian Stock Exchange.
Federal Civil Service Commission
The Federal Civil Service Commission was established in 1963 by the then Premier of the Mid-Western Region, Chief D.C Osadebey.
The agency is responsible for performing appointments, promotion, and discipline in the Public Service; particularly as government business was organized under the departmental establishments.
National Drug Law Enforcement Agency (NDLEA)
NDLEA is an anti-drug law enforcement agency established by the federal government in 1993. The agency was formed to enforce drug laws and combat drug trafficking.
The functions include investigating suspected cases of illegal drug trafficking, prosecuting offenders under Nigerian law, and rehabilitating drug addicts through treatment programs.
National Agency for Food and Drug Administration and Control (NAFDAC)
NAFDAC was established by Decree 15 of 1993 as amended by Decree 19 of 1999. The agency is responsible for regulating and controlling the manufacture, importation, exportation, distribution, advertisement, sale, and use of food, drugs, cosmetics, chemicals, detergents, medical devices, and packaged water (known as regulated products).
National Agency for the Prohibition of Trafficking in Persons (NAPTIP)
NAPTIP was created on July 14, 2003, by the Trafficking in Persons (Prohibition) Enforcement and Administration Act 2003. The agency was established as the federal government’s response to addressing the scourge of trafficking in persons.
The functions include rescuing and rehabilitating victims of trafficking through counselling, accommodation, job training, etc. NAPTIP also has the responsibility to prosecute human traffickers under Nigerian law.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) is the Apex Regulator of the Nigeria Capital Market. SEC is responsible for developing and regulating the capital market. The functions include promoting efficiency and transparency in Nigerian capital markets by providing licenses to market operators.
Other functions include protecting retain investors from fraudulent practices like Ponzi schemes; monitory companies listed in the Nigerian Stock Exchange to ensure they abide by the rules; and fostering a conducive environment for investing in the Nigerian economy by making people aware that their money is safe under relevant legislation.
Debt Management Office (DMO)
DMO was established on October 4, 2000, to centrally coordinate the management of Nigeria’s debt. The functions include promoting practices that will make a positive impact on the Nigerian economy, raising funds for the government and avoiding a debt crisis in the national economy.
Other functions include improving Nigeria’s borrowing capacity and projecting and promoting a good image of Nigeria as a disciplined and organized nation, capable of managing its assets and liabilities.
Nigeria Customs Service (NCS)
The Nigeria Customs Services (NCS) was founded in 1891, and T. A. Wall was the first Director-General of Customs. In 1922, it was named as Department of Customs and Excise. The NCS regulates imports and exports of goods into and out of Nigeria.
The function includes collecting federal import tax levied on certain items, recommending minor punishment for offenders like fines instead of full prosecution, and conducting an annual review of tax laws according to current circumstances in Nigeria’s import and export business.
Asset Management Corporation of Nigeria (AMCON)
The Asset Management Corporation of Nigeria (AMCON) was established by the Act of the National Assembly of Nigeria in July 2010. The agency was originally intended to function for ten years.
The function includes assisting eligible financial houses to carry out some of their duties, managing eligible assets from Nigerian banks, and investing in any of the eligible financial houses of its choice on terms.
Other functions include disposing of eligible bank assets and collecting the interest on principal, as well as the capital due, while the transactions last.