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 its 10 most lucrative enterprises.
The 10 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 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).
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.More in Home