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FG to Manage Revenue of NNPC, FIRS, Others as COVID-19 Plunges Revenue

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Zainab Ahmed

FG Takes Control of NNPC, Customs, FIRS, Others Revenue Management

Federal Government on Tuesday said it will henceforth take charge of 10 Government-Owned Enterprises (GOE) to better manage and boost its resources amid dwindling revenues.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this at the opening of a three-day orientation programme for 50 directors of revenue that are to be posted to various GOEs in Abuja.

She listed the 10 GOE as the 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).

This, she said was in line 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.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.