FEDERAL Government says it has so far recovered N1.44 billion out of the N450 billion operating surpluses being illegally withheld or diverted by agencies between 2005 and 2015.
Also, it has enhanced and restructured the Youth Enterprise with Innovation in Nigeria (YouWin) programme into a multimedia-based programme and relaunched it as YouWinConnect!, with a sharper focus on supporting young entrepreneurs with fresh business management ideas for sustainability.
According to a statement from Ministry of Finance, an additional sum of N793 million was been recovered from three agencies by the Recovery Committee set up two weeks ago by the Minister of Finance, Mrs. Kemi Adeosun.
The Committee issued demand notices to 17 of the initial 33 affected Agencies, out of which it met with 10, namely National Shippers Council, Nigeria Export Promotion Council, National Health Insurance Scheme, Nigeria Civil Aviation Authority and the Nigeria Communication Commission. The rest were Nigeria Postal Service, National Pension Commission, Nigeria Bulk Electricity Trading Company, Raw Materials Research and Development Council and the Federal Radio Corporation of Nigeria.
The recoveries totaling N793 million were made from the Raw Materials Research and Development Council (RMRDC), N278 million; Nigeria Shippers Council, N407 million and Nigeria Export Promotion Council, N108 million.
“So far, the cumulative total amount recovered is N1.44 billion given the earlier recovery of N650 million from the Nigeria Shippers Council even as several other Agencies were in the process of submitting repayment plan for approval.”
Meanwhile, four Agencies that were unable to make it to the meeting due to short notice have been rescheduled to appear before the Recovery Committee. They are the Central Bank of Nigeria (CBN), National Pensions Commission (PENCOM), Nigeria Television Authority (NTA) and the National Information Technology Development Agency (NITDA).
The Agencies are required to pay the operating surpluses to the Consolidated Revenue Fund of the Federal Government not later than one month following the statutory deadline for publishing each corporation’s account as provided at Section 22 (2) of the Fiscal Responsibility Commission Act 2007.
The Minister of Finance said: “We expect greater compliance in the weeks ahead.”
On the YouWinConnect!, Adeosun said the programme was designed “to support young entrepreneurs as they PLAN, START and GROW their businesses by delivering to them enterprise management education and skills as well as Franchise Development Online, through Radio and Television.”
The YouWinConnect! Programme, which replaces the YouWin programme which took-off in 2011, aims to promote entrepreneurship as well as viable career options for young Nigerians thereby creating jobs, wealth and contributing to the concerted efforts of pulling Nigeria out of the ebbing current economic recession.
Under YouWinConnect! the Federal Ministry of Finance, which runs the scheme, would organize and focus training programmes for young entrepreneurs to boost their capacity in business management skills including book keeping, reinvesting profits, avoiding unnecessary debts and the ability to identify and key into new business opportunities.
It could be recalled that Mrs. Adeosun has assured beneficiaries and other stakeholders of the old YouWin programme during the consultations in July 2016, that it would be restructured and refocused for greater efficiency and impact by supporting young Nigerians to start and manage their own enterprises in sustainable manner, and contribute to economic growth and boost the country’s Gross Domestic Product (GDP).
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