Forum of State Commissioners of Finance: Enabling Fiscal Discipline, Macroeconomic Stability and Growth across Nigeria’s 36 States.

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Press Release: NNPC Cutover Ceremony ...

NNPC TO HIT 1.8 MILLION BPD PRODUCTION SOON…As Company Finally Transits to NNPC Limited The Nigerian National Petroleum Company (NNPC) Limited has announced that it is three months away from attaining daily crude oil production of 1.8 million barrels, a significant leap from the barely 1 million per day combined crude and condensate production as at July 2022. Group Chief Executive Officer of the company, Mallam Mele Kyari disclosed this during the final cutover ceremony of the company which marked the consummation of the 18-month period for transfer of assets and liabilities to the company, as stipulated by the Petroleum Industry Act (PIA); and its final transition from 45 years’ operation as a government owned entity. “Today, we are operating a company under the Company and Allied Matters Act (CAMA) principles. So you cannot lose money consecutively for more than three years. The implication is you’ll be liquidated,” he said. He said what the cutover ceremony meant was that "all assets & liabilities of the Corporation (NNPC) have been transferred to the new NNPC Limited. The good thing is that the liabilities are far less than the assets. So it's a very comfortable situation." The GCEO, who expressed optimism that this new phase will be a monumental improvement on the preceding years, stressed that as a company, the new NNPC Limited will work, deliver value to its shareholders and partners. “Today, we keep to our commitments with our partners. We keep our promises because that’s the only way the business can survive, ” he affirmed. Narrating how...

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NNPC Limited Contract ...

NNPC Limited Contract TransparencyOML 143 GDA.pdfOML 118 PSC.pdfGSPA for OML 130 PSC.pdfSALE AND PURCHASE AGREEMENT FOR THE ACQUISITION OF 40...

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Overview Of The FCF, Ng

The Forum of Commissioners of Finance in Nigeria serves as a vital platform for collaboration, knowledge exchange, and strategic decision-making among finance commissioners across the country. Its primary purpose is to foster dialogue, share best practices, and address critical financial challenges faced by states and the nation as a whole. Under the leadership of a Chairman, commissioners actively participate, ensuring diverse perspectives and regional considerations. Key focus areas include budget formulation, revenue mobilization, debt management, financial accountability, economic diversification, and investment promotion. The forum collaborates with the Nigerian Governors Forum (NGF) and engages with federal agencies like the Economic and Financial Crimes Commission (EFCC). Achievements include improved financial management practices, but challen…

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Frequently Asked Questions

The Forum of Finance Commissioners in Nigeria (FCFN) is a non-partisan body comprising the Finance Commissioners of all 36 states in Nigeria. The forum serves as a platform for ensuring fiscal discipline, discussion, coordination, and the exchange of ideas on financial matters affecting the states and the nation as a whole. FCFN aims to enhance the fiscal policies of each state, ensuring alignment with national economic goals.

The primary objectives of FCFN include:

  • Facilitating dialogue and collaboration among state Finance Commissioners,
  • Foster collaboration between the 36 states, in a bid to influence the decisions of the Federation Account Allocation Committee (FAAC)
  • Promoting best practices in public financial management across the states.
  • Advising on and contributing to national fiscal policies.
  • Coordinating efforts to address common financial challenges faced by states.
  • Enhancing transparency and accountability in the management of state resources.

The Forum of Finance Commissioners in Nigeria meets monthly. These meetings provide an opportunity for commissioners to discuss current financial issues, share insights, and develop strategies for addressing economic challenges at both the state and national levels. Additional meetings may be convened as needed to address urgent matters.

Membership in FCFN provides several benefits, including:

  • Access to a network of financial experts from all states.
  • Opportunities to share and adopt best practices in public financial management.
  • Collaborative problem-solving on issues that affect multiple states.
  • A collective voice in national financial policy discussions.
  • Training and capacity-building programs for state finance personnel.

FCFN engages with the Federal Government through regular consultations and dialogue on fiscal policies and matters affecting the states. The forum provides input on federal fiscal decisions, ensuring that state interests are considered. Additionally, FCFN works closely with federal agencies to implement and monitor national financial policies at the state level.