June 2, 2023

Nigeria Transport Hub

…the epicentre for all transport modes

FG to takeover revenue mgt. of FAAN, NPA, NIMASA, NSC, NNPC, others

3 min read

Murtala Muhammed International Airport’s Apron

The federal government has concluded plans to directly take over the control of revenue of its ten most lucrative enterprises in the initial, before its extension to others.

Pressured by dwindling revenues and heavy debt burden, the Federal Government on Tuesday moved to boost its resources by directly taking over control of revenue management of these enterprises.

The ten Government-Owned Enterprises (GOE) named in the first phase of the initiative are, Nigerian National Petroleum Corporation (NNPC), Nigerian Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NSS).

Others include Corporate Affairs Commission (CAC), Department of Petroleum Resources (DPR), Nigerian Communications Commission (NCC) Federal Airports Authority of Nigeria (FAAN) and Nigeria Shippers’ Council (NSC).

At the opening of a three-day orientation program for 50 directors of revenue who are to be posted to various GOEs, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said the initiative was in compliance with Presidential approval conveyed via SGF’s circular reference SGF.50/S.3/C.9/24 dated 16th October 2018 on the approved Revenue Performance Management Framework for Government Owned Enterprises (FGOEs).

She said, “government is increasingly concerned with the dwindling profile of revenue and this trend has to be quickly arrested particularly with Key revenue generating agencies of the Government”.

Zainab Ahmed enthused, “It is my considered opinion that the presence of Directors of Revenue at the FGOEs 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”.

Highlighting their terms of reference she said, “the Directors of Revenue, in the course of the discharge of their functions, shall be involved in the revenue operations of the FGOEs, have a better understanding of business processes and operations of the FGOEs and cause improved transparency and accountability in revenue reporting by the FGOEs”.

She noted that,“In addition, they are expected to seek opportunities and avenues for revenue improvements which are the ultimate aim of the Government. I am pleased to inform you that the discharge of these duties will be aided with the deployment of Information Technology”.

The Finance Minister further explained, “the Integrated Revenue Monitoring System is being put in place to help the monitoring of the revenues of the FGOEs online real-time and to ensure its improved transparency and accountability”.

While she emphasized that, “this program is designed as an orientation to the officers that will be posted as Directors of Revenues and is hoped that this will help them to discharge their duties effectively and efficiently and most importantly in utmost good faith”, Ahmed said

Earlier, Accountant General of the Federation, Mr Ahmed Idris said the vision of this initiative is to achieve transparency and accountability of Government revenue with special focus on FGOEs, improved revenThe Finance Minister ue performance and ultimately to provide a sustainable source of funding for Government budget execution.

He, therefore, urged the participants to be active during the orientation programme.

In a remark by the representative of the Secretary to Government of the Federation, Mr. Boss Mustafa, he said the decision taken to boost the revenue base of Government was to post Professional Treasury Officers to select FGOEs will among others enable the Treasury to have a better understanding of the business processes and operations of the FGOEs.

He explained that the new strategy “will help in the review of the current systems, policies and procedures in revenue administration and management”.

Total Page Visits: 773 - Today Page Visits: 2

Leave a Reply

Your email address will not be published.