Federal Government takes over revenue management of ten of its Lucrative Firms

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In a move to boost its dwindling resources,the Federal Government has directly taken over control of revenue management of its ten most lucrative 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).
the opening of a three-day orientation programme for 50 Directors of Revenue who are to be posted to various GOEs in Abuja. 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).

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According to her, “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.
“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.

“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 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.

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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 revenue performance and ultimately to provide a sustainable source of funding for Government budget execution.
In a remark by the Secretary to the Government of the Federation, Mr Boss Mustafa,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 have a better understanding of the business processes and operations of the FGOEs.
“This will help in the review of the current systems, policies and procedures in Revenue Administration and Management.

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This Post: Federal Government takes over revenue management of ten of its Lucrative Firms was approved and published by Ancity Media Editor and may not be republished elsewhere without prior written permission from the Editor.

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