Functions of the Department:             

The Revenue and Investment Department is one of the Twenty-two (22) Departments in the Office of the Accountant-General of the Federation.  The Department was created due to the Treasury reforms carried out in 2007; it presently has four (4) Divisions: Oil and Solid Minerals Revenue (OSMR). Investment, Nigeria Customs Service (NCS), and Federal Inland Revenue Services (FIRS).  The Department is headed by a Director; and four Deputy Directors, who are heads of the four Divisions of the Department.  They are in turn assisted by Assistant Directors; Sectional Heads, Unit Heads and other Support Staff.

1. Ensuring that all crude oil and non0ol revenue accruing to the Federation are promptly collected and remitted to the appropriate accounts in the CBN;
2. Receiving and reconciling monthly revenue returns from NNPC, DPR, CBN and all other companies operating in the upstream sector;

iii.     Compiling data on crude oil revenue for performance analysis;

1. Issuing Treasury Receipts for payments made in respect of Royalties, Gas Flare, PPT and Rentals;
2. Hosting, chairing and manning the Secretariat of the Federation Revenue Reconciliation Committee consisting of all revenue collecting agencies of Government on monthly basis;
3. Receiving monthly and quarterly returns from designated banks on all customs duties and levies remitted to CBN and carrying out monthly reconciliations of the collection as submitted by CBN and FIRS;

vii.    Investigating and processing tax and customs duty refunds;

viii.   Handling issues relating to Special Levies Accounts such as 7% Port Levy, Sugar Levy, Rice Levy, etc;

1. Serving as a member of both the Sub-technical and Plenary sessions of the monthly Presidential Revenue Monitoring and Reconciliation Committee (PRMRC);
2. Receiving and compiling independent revenue returns from MDAs and FPOs;
3. Carrying out revenue monitoring visits to MDAs, FPOs, Government companies and parastatals;

xii.    Collecting revenue for the Government in the form of interest, repayment loans of principals, dividends and operating surplus from non-profit oriented organizations like CBN, CAC, etc;

xiii.   Obtaining and keeping custody of share certificates in the name of MOFI on behalf of the Federal Government’s equity investment;

xiv.   Representing the Government on the Boards of Companies either as members or in observer capacity;

1. Monitoring the utilization of loans/grants by the Federal Government to Government owned companies to ensure that such funds are applied to their intended purposes;

xvi.   Advising Government on matters relating to restructuring of the capital bases and funding of Government-owned companies and parastatals;

xvii.  Making equity investments either through direct fund releases or by conversion of loans into equity upon approval of the Federal Executive Council;

xviii.  Keeping and reconciling records of Government investments in equities, loans and special funds with those of the companies/parastatals;

xix.   Making representations at panels of investigations, liquidations or management audit committees whenever Government directs for such exercises;

1. Liaising with the Bureau of Public Enterprises (BPE) on matters relating to the privatization and commercialization of Government owned companies and parastatals;

xxi.   Maintaining and managing the CRF Cash Book; and

xxii.   Keeping and distributing treasury security documents and forms to all MDAs to ensure compliance with standard accounting procedures.