The Federal Government made N1 trillion from various financial reforms, initiatives like Treasury Single Account (TSA), whistle blowing and operations of anti-graft agencies. This was disclosed by Permanent Secretary, (Special Duties), Ministry of Finance, Mohammed Dikwa.
Dikwa explained that President Muhammadu Buhari’s administration had been able to prevent the leakage of N700 billion and recovered N300 billion at a period the government was in need of liquidity. This amount was saved through various financial reforms and initiatives that prevented wastage and leakages of funds.
Dikwa, said the N300 billion had been saved by anti-graft agencies of government in collaboration with the Ministry of Finance, Budget and National Planning. He made this known while speaking at his send-off dinner. He has reached the mandatory retirement age of 60 years.
According to him, some of the reforms that aided the government’s financial management of public funds included Government Integrated Financial Management Information System aimed at improving public expenditure management processes, and the Integrated Personnel and Payroll Information System to improve the effectiveness and efficiency of payroll administration for government workers.
[READ MORE: FG makes U-turn, to sell stake in oil assets)
He also mentioned the adoption of International Public Sector Accounting Standards for greater transparency and accountability in government financial statements; the Treasury Single Account for consolidating and managing government’s cash resources and the Presidential Initiative on Continuous Audit.
Other financial reforms include the Efficiency Unit aimed at reducing the cost of governance; whistleblowing policy aimed at exposing corrupt practices; Asset Tracing Project for identification and recovery of government assets that are redundant and the Strategic Revenue Growth Initiative for boosting of government revenue.
Why this matters: The policies have contributed to economic growth, curbing waste of public funds and blocked leakages. Apart from helping the government in managing its finances, the reforms also ensured proper utilisation of the funds.
Dikwa advised that the civil service should ensure the financial reforms continue.
“In order to save more funds for developmental purposes, I urge all members of staff of the Ministry of Finance to give maximum support to my successor.
“As I bow out from the service today, I want to challenge those coming after me to pick up the baton from where I stopped and stand together to ensure commitment to the responsibilities and mandates of the ministry.
“Reform initiatives have saved the country over N700bn from being wasted and recovered over N300bn through security agencies working in collaboration with the Federal Ministry of Finance, Budget and National Planning.”
FG to extend fuel subsidy for 6 months
Reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.
The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.
This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.
“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.
What you should know
- NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
- Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
- “NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”
FG to name new train station after Mobolaji Johnson
FG to name flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.
The Federal Government is set to name its flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.
This was disclosed by the Ministry of Transportation via its Twitter handle on Sunday.
It tweeted, “New indoor photos of our flagship station located at Ebute Metta. It is to be named Mobolaji Johnson Station after the former Governor of Lagos State. Please share your thoughts.”
New indoor photos of our flagship station located at Ebute Metta. It is to be named Mobolaji Johnson Station after the former Governor of Lagos State. Please share your thoughts. Thanks 🙏 pic.twitter.com/BgqGhrT4s4
— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
What you should know
The Federal Government has also stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea, according to Nairametrics.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.