The Federal Government in an effort to streamline and boost the revenue generation in the country has set to take over custody of revenues from its key revenue-generating agencies. Accordingly, most of the federal revenue generating agencies over time were accused of spending the funds they generate at will or under-declaration of the revenue for corruption reason. It was revealed that specialized accountants from the office of the Accountant-General of the Federation would henceforth be posted to these 10 revenue-Generating offices of the federal government to take charge of the revenue office.
The agencies penciled for these exercises are; the Nigerian National Petroleum Corporation NNPC), Nigerian Port Authority (NPA), Department of Petroleum Resources (DPR), Corporate Affairs Commission(CAC), Federal Airport Authority(FAAN), Nigerian Maritime Administration and Safety Agency(NIMASA), Federal Inland Revenue Service (FIRS) and the Nigerian Shippers Council (NSC).
This was disclosed by the Minister of Finance and National Planning, Mrs. Zainab Ahmed during a three-day orientation program for 50 directors of revenue who are set to be posted to the specified Government Owned Enterprise (GOE).
According to the Minister, the initiative was in compliance with president Buhari's approval conveyed through a circular reference SGF.50/S.3/C.9/24 dated 16 October 2018, on the approved revenue Performance Management Framework for Government-owned Enterprises (FGOEs).
She said the government is concerned about the fall in revenue generation and decided to intervene quickly so that the situation can be saved.
In her statement which partly reads, “Analysis of budgets of some of the FGOEs show that they have the capacities if properly managed, to significantly improve the revenue base of the federal government.
She revealed that this necessitated the deployment of these revenue directors by her office.
She added 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,”
“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 the approved budget and due process mechanism in procurement and payments.
“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.
“In addition, they are expected to seek opportunities and avenues for revenue improvements, which are the ultimate aim of the government,” she said. Also, the Secretary to the Government of the Federation (SGF), Boss Mustafa who was represented at the event, said only through professional treasury officers that the government would get a better understanding of the business processes and operations of its revenue-generating agencies. According to him, “Government has noted that a number of GOEs remit less operating surpluses to the Consolidated Revenue Fund than is required by law and/or financial regulations.
“All the GOEs concerned should cooperate with the treasury officers posted to them so as to achieve this noble objective of the government. They are to be regarded as partners in progress that they are and be allowed unfettered access to relevant information and records.
According to her, the policy is a reform initiative targeted at generating more revenue and its subsequent remittance into the government coffers so that maximum performance would be experienced from the said GOEs. Before now it was glaring to the government that those agencies were under remitting the monies, but the new approach would enhance transparency.