THE NATIONAL RECONSTRUCTION AND DEVELOPMENT SAVINGS DECREE, 1967
Decree · Finance
Policy date: 1967-01-01
A Decree establishes compulsory savings from government employees to fund Nigeria's post-civil war reconstruction and development. It targets federal government employees and the Ministry of Finance.
THE NATIONAL RECONSTRUCTION AND DEVELOPMENT SAVINGS DECREE, 1967
What Is This Policy?
A 1967 military decree establishing compulsory savings contributions from government employees to fund Nigeria's post-civil war reconstruction and development — now fully spent and no longer operative.
Who Does It Target?
Federal government employees (historical) The Federal Ministry of Finance (historical) Reconstruction projects of the post-civil war era
What Does It Aim to Achieve?
Mobilise domestic savings from public sector workers to fund Nigeria's post-war reconstruction without external borrowing during a period of fiscal constraint.
Key Features
Compulsory Savings: Required government employees to make prescribed salary deductions as savings for reconstruction. Development Fund: Savings channelled into a national reconstruction and development fund. Wartime Measure: Emergency fiscal measure during the civil war and reconstruction period. Time-Limited: Designed as a temporary measure — now fully spent.
Current Status
Rollout Stage: Spent — no longer operative Coverage: Historical federal public service Beneficiaries: Historical reconstruction beneficiaries Funding: Historical — salary deductions
How to Access
Not applicable — decree is spent and no longer operative Application method: Historical reference only.
Important Terms
This Decree has no current legal effect Reconstruction savings have been fully applied or refunded Modern government savings programmes operate under current Acts
Official Resources
Website: https://www.finance.gov.ng Contact: Federal Ministry of Finance (historical reference)
Legal Framework
Promulgated under the decree-making powers of the Supreme Military Council as a wartime financial measure. Now historically retained in the Laws of the Federation of Nigeria but no longer operative. The current savings and debt management framework is governed by the Debt Management Office Act, the Fiscal Responsibility Act 2007, and the CBN Act 2007.