![[Revealed] 363,000 Companies Never Paid Any Tax In Nigeria – Adeosun](https://i0.wp.com/nairametrics.com/wp-content/uploads/2016/04/Kemi-Adeosun-Minister.jpg?fit=700%2C330&ssl=1)
Some projects in the 2016 budget are under threat of not being implemented in full, as the Minister of Finance, Mrs. Kemi Adeosun revealed this when addressing members of the House of Representatives at the sectoral debate initiated by the House.
The level of implementation of the budget is largely dependent on how much money Nigeria will realize from crude oil sales, with production levels hovering around 1.1 and 1.4 million barrels per day, far from the 2.2 million barrels per day benchmark set by the Government.
“I cannot promise that every single agency will receive every money appropriated for them. The budget is an estimate and funds will be released based on revenue,” the minister said.
The Minister also said that in spite of the drop in revenue, no ministry or agency was expected to lobby for funds, but added that there would be a need assessment before money would be released in the months ahead. She added that a detailed plan of projects by each ministry or agency will be studied before money is released.
“You have to tell us what you want to do with the money…but for capital projects, we will measure,” Adeosun added.
Adeosun revealed that the government’s plan to cover the revenue gap was to focus more on improved duty and levy collection by the Nigeria Customs Service as well as other non-oil revenue sources like taxes.
According to her, Switzerland was still keeping $320m of the late Gen. Sani Abacha’s loot on the excuse that Nigeria must fulfill certain conditions before the money would be handed over to the Federal Government. She also stated that contrary to the belief that the recovered funds were in cash, the Minister told lawmakers that in some cases, they were wrist watches, landed properties and other jewellery.
This is in sharp contrast to what majority of Nigerians believe, as they are always excited when they hear that countries will return the loot of past leaders totaling hundreds of millions of dollars and naturally assume that everything will be in cash and must be transferred immediately to development purposes.
Parts of this was culled from The Punch
