Connect with us

THE NATION

FG warns state govts on spendings

Published

on

The Federal Government has called on state governments to reduce unnecessary overhead costs, increase Internally Generated Revenue and embrace fiscal discipline for proper management of available resources.

The Minister of Finance, Mrs Zainab Ahmed, made the call on Monday in Kaduna at the 2018 Conference of the National Council on Finance and Economic Development (NACOFED).

According to Paul Abechi, media aide to the minister, the conference has as its theme: ”Unlocking the Potentials of Non-Oil Sector as a Sustainable Source of Government Revenue.”

Ahmed urged states to look inwards to harness various avenues to improve on their financial resources to enable them meet demands in their states.”It is on record that due to persistent domestic fall in oil revenue over the past years, it became extremely difficult, if not impossible, for us to meet duly budgeted obligations.

”This happened because of the age-long over reliance on oil, even though Nigeria is abundantly endowed with multiple resources, which provide varied sources of revenue.”There are stupendous potentials for diversification of source of revenue we can reflect soberly on our national endowments and make conscious efforts to exploit and manage them effectively,” she said.

Ahmed said there was need to develop cost effective strategies to increase the nation’s IGR, reduce unnecessary overhead costs, enthrone fiscal discipline and transparency.

This, she said, was to optimise available limited resources, while efforts are sustained to broaden the nation’s revenue base.
“On the Federal Government part, we will continue to strive to ensure that all federation revenues are accounted for in the most transparent manner and managed efficiently to deliver on the dividends of democracy to the citizenry.

”Let me acknowledge and commend the wisdom behind the development of the new revenue reporting template that was engineered by the Commissioners of Finance.”It is imperative to mention that its implementation will be one of the key reforms in revenue remittances into the Federation Account,” she said.

The minister said that the present administration had demonstrated the necessary political will and had been very supportive in its drive to explore other relevant revenue sources to turn the tide in favour of the federation account and the nation in general.

Ahmed emphasised the need for state governments to leverage on sectors lying fallow in their states to consolidate on the financial allocation they receive from the federation account.

”We must get back to agriculture, develop our solid minerals sector, further streamline and reinforce our tax collection systems, block all avenues for revenue leakages, continue to strengthen our borders to stem smuggling and abhor all forms of corruption.

”We have to cultivate a new culture of efficient resource management and genuine paradigm shifts to enable us utilise the untapped resources in a more efficient manner.

”These I believe we can do, notwithstanding the mistakes of our past, I am confident that this conference will rekindle our hope and embolden us to take practical steps towards unlocking the potentials in the non-oil sector in our respective states,” she said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

THE NATION

NITDA DG, Isa Pantami, wins outstanding promoter of local content for national development award

Published

on

The efforts of the National Information Technology Development Agency (NITDA) in the development and promotion of local content in ICT sector has been further affirmed by an array of industry players and stakeholders at the Oriental Hotel, Victoria Island, Lagos on 19th July, 2019. The Director General/CEO of NITDA, Dr. Isa Pantami, was awarded the prestigious Titans of Tech Award in recognition of his outstanding leadership in the promotion of local content for national development.

In a statement by Mrs, Hadiza Umar, NITDA’s head of Corporate Affairs & External Relations, the IT agency’s unwavering commitment to local content under Dr Pantami, has enhanced the purchase of indigenous brand of ICT devices by over 60% within the last three years. Local hosting of data doubled in value and local software consumption has significantly increased as attested to by the diversity of IT experts and business people at the Award ceremony.  The cumulative effect of these efforts, is that ICT contribution to GDP reached an unprecedented mark of 13.63% in Q4 of 2018.

Organisers of the Award further recognised the purposeful approach of Dr Pantami to ICT regulation in Nigeria. Organisers and stakeholders opined that the leadership of Dr Pantami is restoring confidence in indigenous technology development which has led to more foreign direct investment in the IT sector than any other sectors since 2018.

The Award was received on behalf of Dr Pantami by Dr Vincent Olatunji, the Director of e-Government Development and Regulations department of NITDA.

Continue Reading

THE NATION

TCN suspends KEDCO from electricity market

Published

on

The management of Transmission Company of Nigeria (TCN), says it has issued suspension and disconnection orders to Kano Electricity Distribution Company (KEDCO) from the electricity market.

The suspension order was posted on TCN’s twitter handle @TCN_Nigeria on Sunday.

According to the twitter handle, the suspension order was as result of KEDCO’s default in the Market Conditions/Market Participation Agreements.

Continue Reading

THE NATION

How we spent $1bn security fund – Presidency

Published

on

The Presidency has dismissed Peoples Democratic Party’s (PDP) allegation that the one billion dollars drawn from the Excess Crude Account (ECA) was spent by the Muhammadu Buhari administration on the 2019 general elections.

The Peoples Democratic Party in a statement on Sunday asked Buhari to explain to Nigerians what his administration had done with one billion dollars drawn from the ECA in 2017 and meant to address the nation’s security challenges.

The amount was approved by the National Economic Council in December, 2017, to be used to purchase weapons to fight insurgency across the country.

However, Malam Garba Shehu, the President’s Senior Special Assistant on Media and Publicity, in a statement in Abuja on Sunday, said “this unverifiable allegation’’ clearly indicated that the PDP was suffering from socio emotional distress.

He said PDP ”thinks that all governments in the world run on the basis of freewheeling looting as they did their own.

”Here is what happened to that 1 billion dollars. It’s on record that the Buhari administration paid about 490 million dollars for a dozen Super Tucano fighter aircraft in a direct, government-to-government (no Contractors or Commission Agents) transaction with government of the United States.

”Various other military procurement have been made. Balance of expenditure stands at about 880 million dollars or so. The PDP spent Defence procurement funds on their failed 2015 political campaigns as proven in court. That is not to say every succeeding government, more so one led by a Buhari will do the same.”

The presidential aide added that, barring considerations of national security, the details of the stage of implementation, the procurement made and the suppliers would be obtained and made available on Monday.

Continue Reading
Advertisement

Facebook

Advertisement
Advertisement

Trending