The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government has put in place robust policies to maximise its non-oil revenue.
Mrs Ahmed, said this at the orientation programme for Directors of Revenue in Federal Government Owned Enterprises (FGOEs) Tuesday in Abuja.
“We have seen the results on the increase in VAT through the Finance Act 2019 and efforts in diversifying the revenue base of the government by the evenue generating agencies.
An important sector with huge potentials is the revenue generation by the Federal Government Owned Entities. You may all wish to know that analysis of budgets of some of the Federal Government Owned Entities shows that these FGOEs have the capacities, if properly managed, to significantly improve the revenue base of the Federal Government. It is in this light that the deployment of the Treasury Directors is considered expedient to the selected FGOEs as a pilot test,” she said.
To arrest the downward slide in remittances by key FGOEs to the federation account, the minister opined that the presence of Directors of Revenue of the revenue generating agencies will ensure strict adherence to extant rules and regulations in the areas of compliance to approved budget and due process mechanism in procurement and payments.
In his welcome address, Accountant General of the Federation (AGF) Ahmed Idris said the aim of the initiative is to achieve transparency and accountability in government revenue with special focus on FGOEs, improved revenue performance and provide a sustainable source of funding for government budget execution.
While noting the idea is to boost revenue at all levels, the AGF said the Office will also “emphasize to them the need for accountability” as they will be given specific targets, objectives.
“They are expected to go and work on sp cific targets, specific framework and specific line of action. We already know what the FGOEs have been giving to the federal government, and we will build on that and explore better ways of generating more revenue.”
The three day event is for Directors of Revenue posted to key FGOEs which includes: NPA, NCC, NNPC, NIMASA, FIRS, NCS, CAC, DPR, FAAN, and Nigerian Shippers Council.
