Revenue management of NNPC, Customs, FIRS, others now under FG

Revenue management of NNPC, Customs, FIRS, others now under FG

- Committed to improving its revenue, the Nigerian government has announced a new initiative

- The initiative will see the FG taking control of revenue management of its 10 most lucrative enterprises

- The enterprises affected include the NNPC, the NPA, NIMASA, FAAN, FIRS and others

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The federal government has announced its decision to take over the control of revenue management of its 10 most lucrative enterprises, including the Nigerian National Petroleum Corporation (NNPC).

Nigerian Tribune reported that the new initiative which was announced on Tuesday, September 22, was as a result of the government's dwindling revenues and heavy debt burden and the need to boost the resources.

Other enterprises affected are the Nigerian Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NSS), Corporate Affairs Commission (CAC), Department of Petroleum Resources (DPR), Nigerian Communications Commission (NCC), Federal Airports Authority of Nigeria (FAAN) and Nigeria Shippers’ Council (NSC).

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FG takes over revenue management of NNPC, Customs, FIRS, others
FG takes over revenue management of NNPC, Customs, FIRS, others. Photo source: Business Day
Source: UGC

Legit.ng gathers that the decision was announced by the minister of finance, budget and national planning, Mrs Zainab Ahmed.

The minister said:

“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."

Meanwhile, the accountant general of the federation, Ahmed Idris, said the vision of this initiative is to achieve transparency and accountability of government revenue with a view to providing a sustainable source of funding for budget execution.

The policy is a reform initiative aimed at generating more revenue and associated remittance into the government treasury.

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Earlier, Legit.ng reported that President Muhammadu Buhari on Tuesday, September 15, finally lifted the lids on why his government resorted to borrowing.

The Nigerian leader, during a virtual meeting with members of the Presidential Economic Advisory Council (PEAC), said the need to build infrastructure and attract investments has made him take loans.

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In another report, the Federal High Court, Abuja, has been asked by the Socio-Economic Rights and Accountability Project (SERAP) to order President Buhari to publish details of loans that have been obtained by the government since May 29, 2015.

The body wants Buhari to tell Nigerians the interest rate, the total amount of debts, and details of the projects on which the loans have been spent.

5 years after, Nigerians speak about Buhari's administration | Legit TV

Source: Legit

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