Pressured by dwindling revenues and heavy debt burden, the Federal Government on Tuesday moved to boost its resources by directly taking over control of revenue management of its 10 most lucrative Enterprises. The 10 government-owned enterprises (GOE) named in the first phase of the initiative are Nigerian National Petroleum Corporation (NNPC), Nigerian Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NSS).
Others include Corporate Affairs Commission (CAC), Department of Petroleum Resources (DPR), Nigerian Communications Commission (NCC) Federal Airports Authority of Nigeria (FAAN) and Nigeria Shippers’ Council (NSC).

At the opening of a three-day orientation programme for 50 directors of revenue who are to be posted to various GOEs in Abuja, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said the initiative was in compliance with Presidential approval conveyed via SGF’s circular reference SGF.50/S.3/C.9/24 dated 16th October 2018 on the approved Revenue Performance Management Framework for Government Owned Enterprises (FGOEs).
According to her, “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."

“It is my considered opinion that the presence of Directors of Revenue at the FGOEs will ensure strict adherence to extant rules and regulations in the areas of compliance to approved budget and due process mechanism in procurement and payments."
“The Directors of Revenue, in the course of the discharge of their functions, shall be involved in the revenue operations of the FGOEs, have a better understanding of business processes and operations of the FGOEs and cause improved transparency and accountability in revenue reporting by the FGOEs."

“In addition, they are expected to seek opportunities and avenues for revenue improvements which are the ultimate aim of the Government.
I am pleased to inform you that the discharge of these duties will be aided with the deployment of Information Technology."
“The Integrated Revenue Monitoring System is being put in place to help the monitoring of the revenues of the FGOEs online real-time and to ensure its improved transparency and accountability."

“This programme is designed as an orientation to the officers that will be posted as Directors of Revenues and is hoped that this will help them to discharge their duties effectively and efficiently and most importantly in utmost good faith."

Earlier, Accountant General of the Federation, Mr Ahmed Idris said the vision of this initiative is to achieve transparency and accountability of Government revenue with special focus on FGOEs, improved revenue performance and ultimately to provide a sustainable source of funding for Government budget execution.
He, therefore, urged the participants to be active during the orientation programme. In a remark read on his behalf, Secretary to Government of the Federation, Mr Boss Mustafa said the decision taken to boost the revenue base of Government was to post Professional Treasury Officers to select FGOEs will among others enable the Treasury to have a better understanding of the business processes and operations of the FGOEs.

“This will help in the review of the current systems, policies and procedures in revenue administration and management. The policy is a reform initiative aimed at generating more revenue and associated remittance into the government treasury and to also improve the operational performance of all GOEs. Hitherto, Government has noted that a number of GOEs remit less operating surpluses to the Consolidated Revenue Fund than is required by law and/or Financial Regulations."

JAMO4REAL1:
Don't worry beware of oduduwa republic

Coldie:
It's a nice move this will help the federal government ramp up revenues as it would reduce the excess middle men involved.

The only limit is that this might lead to over centralization

Racoon:
As if the FG have not been in charge of these same agencies before.Nigeria is currently suffering from insecurity with bandits/terrorists/kidnappers holding sway, massive unemployment/hardship, economic construction via taxation/tariffs among many other ills of misgovernance.

All they are concerned with is revenue generation.This is what happens when a government is clueless on sound blueprints to improve the economy, engaging on chronic debt pillage, lack of preparedness to cushion economic downturning situations(COVID19, unpredictable fall in global oil prices) & putting a once flourishing economy on conflicting economy somersault policies.

Coldie:
It's a nice move this will help the federal government ramp up revenues as it would reduce the excess middle men involved.

The only limit is that this might lead to over centralization

Coldie:
It's a nice move this will help the federal government ramp up revenues as it would reduce the excess middle men involved.

The only limit is that this might lead to over centralization

AZeD1:

Excess middle men?

Last I checked those organisations belonged to the FG and the workers work for the FG.

What happened to the Treasury single account? Wasn't that supposed to help the government manage and track revenues efficiently?


The simple fact is revenues are dwindling because the economy is in a bad shape and rather that look at the cause (**hint the cause resides in a rock) they are just throwing mud at the wall and hoping one would stick.

All those agencies mentioned already have directors of finance so what will this new ones be doing differently?
Would each organisation now have two directors or finance?