This thread is a continuation of President Buhari led Federal Government laudable policies , programmes under the Federal Ministry of Finance (FMF) in the last 2 Years and 10 Months....
Check out the earlier post on https://www.nairaland.com/4427610/president-buharis-initiated-on-going-wip

Whistleblowing Policy:

In line with the government’s decision to recover stolen funds and her anti-corruption posture, the federal ministry of finance in December 2016, developed a whistleblowing policy, which empowers citizens to report public corruption the authorities. The primary goal of the policy is to support the fight against financial crimes and corruption by increasing exposure of financial crimes and rewarding whistle blowers. It is hoped that through this policy, there will be increase in accountability and transparency and more funds would be recovered and deployed in financing Nigeria’s infrastructural deficit. To step up the work, the federal ministry of finance through pica opened a portal where information were supplied, and also recruited competent staff to handle the assignment. Series of petitions have been received, some of which are currently undergoing investigation. According to Adeosun, over 2,500 reports have been made through various reporting channels as at July 2017, with 365 being actionable tips. The minister said the tips related to issues of contract inflation, ghost workers, illegal recruitment and misappropriation of funds. Others according to her, include illegal sale of government assets, diversion of revenues and violation of treasury single account (TSA) regulations. She said, “thirty-nine per cent (144) of the actionable tips relate to misappropriation and diversion of funds/revenue, 16 per cent (60) relate to ghost workers, illegal recruitment and embezzlement of funds meant for personnel emolument. “Fifteen per cent (56) relate to violation of TSA regulation, 13 per cent (49) relate to contract inflation/violation of the procurement act. Others include failure to carry out projects for which funds have been released and nine per cent (34) relate to non-remittance of pension and national health insurance scheme (NHIS) deductions.” According to the minister, others include concealed bail-out funds and embezzlement of funds from donor agencies. She added that a commission of between 2.5 per cent and five per cent of the amount recovered as an incentive would be paid to the whistleblowers that provides information that are original and directly lead to the recovery of stolen or concealed funds or assets. She disclosed that the sum of n375.8 million had been paid as reward for 20 whistleblowers in the first batch payment, while payment for the next batch would soon be made. The impact of the whistleblowing policy in terms of recoveries has exceeded the administration’s expectations. The tighter rein on public finances has allowed the government to invest us$500 million in country’s sovereign wealth fund, during the recession.


Budget Reforms:

• First, a Presidential Order was issued directing that all budgets of all Government Agencies be prepared in line with International Public Sector Accounting Standards (IPSAS), using a budget template developed for that purpose.
• Second, the 2017 Budget was collated using a web-based application developed by the Budget Office of the Federation (BOF), for the first time ever. Instead of the traditional method of hard copy submissions of budget proposals, Ministries, Departments and Agencies were asked to upload their proposals to the new budget preparation portal.
• By replacing paper submissions with an audit-able and trackable online system, the 2017 budget preparation process was strengthened against manipulation and unauthorised alteration. All MDA budget proposals were uploaded to the new system, for review and final collation by the Budget Office.
• More than 4,000 staff of the MDAs were specially trained to use the new application, across multiple locations nationwide. Also to support the deployment of the budget portal, the Budget Office set up a Helpdesk, accessible by telephone and email, for authorised users.


Sources:
https://leadership.ng/2018/01/05/adeosuns-historic-milestone-federal-ministry-finance/
https://www.premiumtimesng.com/promoted/232504-factsheet-what-the-buhari-administration-has-achieved-in-two-years-presidency.html

Implementation of Treasury Single Account- TSA :
• The TSA system was launched in 2012, but failed to gain traction until President Buhari’s executive order in August 2015.As at December 2016, 766 MDAs were TSA-compliant. The Ministry of Finance continues to fine-tune the system to improve its efficiency, and has also commenced an audit to ensure that all funds due to the TSA are remitted into it.
• OnAugust 7, 2015, President Buhari issued a directive to all Ministries, Departments and Agencies (MDAs) to close their accounts with Deposit Money Banks (DMBs) and transfer their balances to the Central Bank of Nigeria on or before 15th September 2015.
• This decision to fully operationalise the Treasury Single Account (TSA) system—a public accounting system that enables the Government to manage its finances (revenues and payments) using a single/unified account, or series of linked accounts domiciled at the Central Bank of Nigeria — has resulted in the consolidation of more than 20,000 bank accountspreviously spread across DMBs in the country, and in savings of an average of N4.7 billion monthly in banking charges associated with indiscriminate Government borrowing from the DMBs.
• As at February 10, 2017, a total sum of N5.244 Trillion had flowed into the TSA.The TSA allows the managers of the Government’s finances, including but not limited to the Ministry of Finance and the Office of the Accountant-General of the Federation, to have, at any point in time, a comprehensive overview of cash flows across the entire Government.
• It also ensures increased transparency in public financial management, as well as prevents a scenario in which some MDAs have idle cash while other MDAs are compelled to borrow exorbitantly from DMBs.

Sources:
https://leadership.ng/2018/01/05/adeosuns-historic-milestone-federal-ministry-finance/
https://www.premiumtimesng.com/promoted/232504-factsheet-what-the-buhari-administration-has-achieved-in-two-years-presidency.html

Introduction of VAIDS

VAIDS, is an amnesty programme that provides tax defaulters a nine-month opportunity to voluntarily and truthfully declare previously untaxed assets and incomes. It also ushers in an opportunity to increase the nation’s general tax awareness and compliance. At the last count, VAIDS had generated over $50 million in revenue between June 29, 2017 when it was launched and october 31, 2017. Two foreign companies have also agreed to pay $110 million in regularizing their tax status. about $1 billion additional revenue is being targeted from the scheme. Already, the federal government has recruited and trained 2,190 community tax liaison officers (CTLOS) under the scheme.

Deployment of BVN for Payroll and Social Investment Programmes:

• Considering that personnel costs are the Federal Government’s largest expenditure line, the Federal Government has given priority to the deployment of the BVN for payroll and pension audits. The use of BVN to verify payroll entries on the Integrated Personnel Payroll Information System (IPPIS) platform has so far led to the detection of more than 50,000 erroneous payroll entries.
• The Federal Government has also ensured the deployment of BVN system to serve as the verification basis for payments to beneficiaries and vendors in the N-Power Scheme and the Homegrown School Feeding Programme (HGSFP)

Fiscal Support to States:

• The Fiscal Sustainability Plan (FSP) is a reform programme that specifies conditions under which States can access the Federal Government’s N510 billion Budget Support Facility (BSF). The FSP was introduced to enhance fiscal prudence and transparency in public expenditure, across the states. 35 States signed up.
• Independent verification and auditing of participating States is now ongoing — against the FSP conditions & milestones — by eight ( accounting firms.
• State Governments that fail to implement the FSP action plans, as stated, will be taken off the Budget Support Facility with immediate effect.
• The Fiscal Sustainability Plan is part of our reform of Public Financial Management Systems nationwide.

Sources:
https://leadership.ng/2018/01/05/adeosuns-historic-milestone-federal-ministry-finance/
https://www.premiumtimesng.com/promoted/232504-factsheet-what-the-buhari-administration-has-achieved-in-two-years-presidency.html

Creation of Efficiency Unit (EU)
Creation of Efficiency Unit (EU) to spearhead the efficient use of government resources, and ensure reduction in Recurrent Expenditure:
• The Efficiency Unit reviews all Government overhead expenditure, reduces wastage, provides efficiency and ensures quantifiable savings for the country. Also, the Unit identifies best practices in procurement and financial management for adoption.
• The Efficiency Unit’s efforts have resulted in more than N15 billion in savings on travel, sitting allowances and souvenirs.
• There is also potential savings of N7 billion on other expenditure lines where the unit seeks to control spending through Circulars. In addition, there is on-going work on the deployment of a price-checker, as well as the use of debit cards for payments.

Asset Recovery Reforms:

• The Constitution of a Presidential Committee on Asset Recovery (PCAR), headed by Vice President Yemi Osinbajo, to bring together all law enforcement agencies involved in the recovery of assets; as well as designation of a dedicated Central Bank Account to receive all recovered funds, for coordination and transparency of management and oversight.

Enlistment into Open Government Partnership (OGP):

• In May 2016, President Buhari attended and participated in the International Anti-Corruption Summit organised by the UK Government. At that Summit he pledged that Nigeria would join the OGP, an international transparency, accountability and citizen engagement initiative.
• In July 2016, Nigeria became the 70th country to join the OGP. Following this, Nigeria constituted an OGP National Steering Committee (NSC), which went on to develop a National Action Plan (2017–2019) that aims to deepen and mainstream transparency mechanisms and citizens’ engagement in the management of public resources across all sectors.
• The National Action Plan was submitted at the OGP Global Summit in Paris, France, in December 2016.

Sources:
https://leadership.ng/2018/01/05/adeosuns-historic-milestone-federal-ministry-finance/
https://www.premiumtimesng.com/promoted/232504-factsheet-what-the-buhari-administration-has-achieved-in-two-years-presidency.html

The National Economic Recovery and Growth Plan (NERGP)

The National Economic Recovery and Growth Plan (NERGP), the Federal Government’s medium-term Economic Plan, launched by President Buhari in April 2017, charts a course for the Nigerian economy over the next four years (2017–2020).
The Vision of the NERGP is to restore economic growth, invest in Nigerians, and to build a globally competitive economy, and the Plan aims to achieve these by focusing on five execution priorities:
• Stabilizing the macroeconomic environment;
• Achieving Agriculture and Food Security;
• Ensuring energy efficiency (especially in power and petroleum products);
• Improving transportation infrastructure; and
• Driving industrialization primarily through SMEs.
The ERGP will return Nigeria’s economy to sustainable, inclusive and diversified growth, and to transform Nigeria from an import-dependent to a producing economy; a country that grows what it eats and consumes what it produces.
The almost 8-fold oversubscription of our recent Eurobond (orders in excess of US$7.8 billion compared to a pre-issuance target of US$1bn) demonstrates strong market appetite for Nigeria, and shows confidence by the international investment community in Nigeria’s economic reform agenda.

Replacement of old Cash-Based Accounting System with an Accruals-Based System(IPSAS):

• Cash accounting makes no reference to the liabilities that the Federal Government may be required to meet in the future nor does it recognise the benefits that will be obtained from assets purchased over a period of time.
• The cash accounting system fails to capture information on public sector assets and liabilities which may present the illusion of positive financial results in the short term, at the expense of longer-term fiscal stability and sustainability.
• Accruals-based accounting, on the other hand, presents the true financial position of the Federal Governments assets and liabilities, which would help the Government plan future funding requirements for asset maintenance and replacement, and the repayment of existing and contingent liabilities and, thus, better manage their cash position and financing requirements.
• It provides comprehensive information on Government’s current and projected cash flows, leading to better cash management. For example, the conversion from cash accounting to accrual accounting led to the discovery of unrecorded debts owed contractors, oil marketers, exporters, electricity distribution companies and others.

Sources:
https://leadership.ng/2018/01/05/adeosuns-historic-milestone-federal-ministry-finance/
https://www.premiumtimesng.com/promoted/232504-factsheet-what-the-buhari-administration-has-achieved-in-two-years-presidency.html

Establishment of DBN
The establishment of the Development Bank Of Nigeria (DBN) is another milestone of the federal government through the federal ministry of finance to spur growth of micro, small and medium enterprises (MSMES). The federal government had during the 2016 annual meetings of the IMF/world bank reached agreement with the World Bank group, African development bank and the European investment bank for the release of $1.3 billion for the take-off of the DBN. The DBN became operationalized in the first quarter of 2017 following the issuance of operating license by the central bank of Nigeria (CBN). The bank met the CBN’s minimum capital requirement of n100 billion as well as the reconstitution of the board of the bank. The DBN has created a credit line of n5 billion to be accessed by MSMES through its partner financial institutions.

Clearing Of Pension Arrears

The federal government and the federal ministry of finance have been eulogized by the various workers’ unions for deeming it fit to clear the inherited arrears of pension benefits for 2014, 2015 and 2016. In April 2017, the federal government through the federal ministry of finance released n41.5 billion to the national pension commission for onward payment to retirees being their accrued pension benefits for 2014, 2015 and 2016.

Sources:
https://leadership.ng/2018/01/05/adeosuns-historic-milestone-federal-ministry-finance/
https://www.premiumtimesng.com/promoted/232504-factsheet-what-the-buhari-administration-has-achieved-in-two-years-presidency.html

1.2 Trillion naira has been released for capital expenditure in the 2016 budget, since implementation started in June 2016. This is the largest ever capital spend within a single budget year in the history of Nigeria. This investment has enabled the resumption of work on several stalled projects — road, rail and power projects — across the country.

Savings:
• Even at a time of low oil prices (and by implication low government revenues):
• Nigeria’s External Reserves have grown to over US$42 billion from US$25 Billion
• The Sovereign Wealth Fund has seen inflows of US$500m in 2016 and 2017 (the first inflows since the original US$1bn with which the Fund kicked off in 2012)

Sources:
https://leadership.ng/2018/01/05/adeosuns-historic-milestone-federal-ministry-finance/
https://www.premiumtimesng.com/promoted/232504-factsheet-what-the-buhari-administration-has-achieved-in-two-years-presidency.html

Wow Our President is building foundations to our business finance...

This programs are supposed to be there 10years ago. You have my vote and the votes of all patriots come 2019.

Nice one...space booked

Buhari's Govt is something else. They will never discuss policies, programmes or projects. They literally talk about "corruption & loot" 24/7.
A very useless & corrupt Govt. How will you have Babachir Lawal & co by your side & still have the temerity to preach about corruption?

I laugh at the stupidity of this useless post & claim of the most fraudulent gonment in Nigeria history.

@poster
I pity you oh!
How did you get to be assigned the impossible task of listing Buhari's non-existing achievements

Most of what he even listed were GEJ initiatives,Buhari only implemented.

I looked through the list and saw that 98 percent of the Items were initiated and modelled by the Jonathan govt ....The OP and Buhari clearly have no shame

This is buharis only achievement,

Liars everywhere

Implemented TSA
Clearing pension arrears

Please don't fail to add budget padding
Useful idiots everywhere

y

All I see is Jonathan's signature.Is it the dullard who does not know anything?