Internally Generated Revenue (IGR) of the country rose from N532.90 billion in 2020 to N1.250 trillion in 2021 due to the deployment of Treasury Directors of Revenue to Federal Government Owned Enterprises (FGOES).
This was disclosed by the Accountant General of the Federation, Ahmed Idris, at a retreat for chief executives and treasury directors of Revenue of the Federal Government Owned Enterprises (FGOES), held in Abuja.
Idris expressed optimism that there will be a greater improvement in government revenue inflows if the policy is sustained.
He said: “The deployment of Treasury Directors of Revenue to FGOEs impacted positively on IGR as it rose from N532.90 billion in 2020 to N1.250 trillion in 2021.”
Also, the Secretary to the Government of the Federation (SGF), Boss Mustapha, in a keynote address called for the amendment of the Establishment Acts of Federal Government Owned Enterprises (FGOES) to reflect the current economic realities in the country.
He said such an amendment should also reflect the Government’s current policy thrust in optimising revenues accruing from the FGOEs through remittances of operational surpluses.
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Mustapha said: “Equally important is the amendment of the establishment Acts of some FGOEs to reflect current economic realities and policy thrust of the government in optimizing the revenues accruing from FGOEs through remittances of operational surpluses.”
The SGF, whose address was read by the Permanent Secretary, General Services Office (OSGF), Maurice Nnamdi Mbaeri, noted that there was need “for strong corporate governance reform, expenditure controls and strengthening the budgetary and financial reporting requirements of the FGOEs.”
In a statement, Henshaw Ogubike, Director (Information, Press and Public Relations) Office of the Accountant General of the Federation said in her address, the Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna, Ahmed, said domestic revenue mobilisation is strategically pivotal to sustainably finance Nigeria’s development needs.
The Minister, who in 2020 approved the deployment of Treasury Revenue Directors to 10 FGOEs, advised the Treasury Directors of Revenue and the FGOEs to work together to achieve the desired objective.
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