The Nation Newspaper

Tag: Kemi Adeosun

  • PROJECT ACT: PRESIDENCY MUST WARN KEMI ADEOSUN

    I am worried that out of the N3 billion Federal Government grant under the Project Act Nollywood scheme, N150 million may have just been frittered…,” I said on April 26, 2014, aiming to warn managers of the World Bank-assisted intervention fund for Nigerian filmmakers.

    The N150 million was expended on a batch of 23 filmmakers, who were considered to be members of the Directors Guild of Nigeria (DGN), for training at the University of Colorado, United States.

    Several other groups got money for different film courses in Nigeria, India, London etcetera, but my take is that it is difficult to achieve 10 per cent skill upgrade from the army of filmmakers that were supposedly trained in 2014. This has confirmed the fear of critics that the Capacity Building Fund (CBF) segment of the grant merely took the form of the derogatory national cake feast; an unpatriotic feast that every so-called filmmaker must partake.

    Some fine Nollywood films have been released since 2014 when the CBF was implemented; I am yet to come across any filmmaker who has attributed the greatness of any of the works to knowledge acquired from the CBF. I consider that segment of the fund of N300 million as a subtle scam.

    Understandably, the fund was doled out at the dawn of former President Goodluck Jonathan’s re-election bid, thus, it was unnecessary to probe eligibility of beneficiaries, let alone insist on result assessment mechanism.

    While I felt more comfortable with the Film Production Fund (FPF), a N700 million instrument of that scheme that eventually climbed to N800 million, the question of transparency and accountability still bedevil the scheme.

    A total of N642, 500,000 was said to have been committed to 92 applicants, representing 93 percent of total budget. Where are the films? The scanty and stale web portal of the grant did not indicate. Since 2014, we have yet to see 10 of the funded films in cinema, DVD, VOD, or on Pay TV. If the managers are business-minded, we should have a clear picture by now, of at least the 12 films already in post-production as at the time of disbursement. Since this appears difficult, what do we say of the 13 films already in production or the 68 in pre-production at that time?

    To show how inept the current Ministry of Finance is, in handling this project, the Project ACT-Nollywood portal was last updated in 2015, while disbursements have been carried out twice on the third instrument called the Innovative Distribution Fund (IDF).

    My argument has always been that the IDF should have been the first to be implemented, being the segment that is most auditable and able to determine Return on Investment (ROI). As if that error was not enough, the Kemi Adeosun-led Ministry appears to be bungling the process further with serious problem of priority and transparency.

    Why are the managers of this fund not being transparent with how the IDF has been disbursed so far?  This is the most sensitive and driving force of the other segments and the public needs to know who the beneficiaries are.

    The industry may do with some ‘expired’ filmmakers who scavenged for training abroad but will never make any film of it – same for some beneficiaries of the FPF who are yet to forward update on performance of production as stipulated, because they might have spent the money on other interests. But as far as the IDF is concerned, the effort of the few serious filmmakers will be jeopardised if it is not properly implemented. Hence, we shall continue to hold Adeosun accountable.

    This is a World Bank project, and the Federal Government has a duty to discharge it with all sense of responsibility if it must be sustained.

    What really is the problem here? Has the Ministry ‘dashed’ the money to those who have no business with distribution of films? Has Adeosun been arm-twisted by star power, and has given money to non-deserving stakeholders of the film industry? How much research was carried out on the national, regional or community spread of the distributors who got the grant? In the absence of the much-canvassed Motion Picture Practitioners Council of Nigeria (MOPICON), was the leadership of the Nigerian Film Corporation (NFC) that should be able to determine the true membership of the guilds and associations involved? What about the National Film and Video Censors Board (NFVCB) which granted licenses to the distributors?

    It is not enough to feed the public lies through some lousy press releases that speak big sums and try to impress us about the worth of Nollywood to the country’s economy. The essence of this project lies in its scientific calculations and projected values that are believable.

    Today, the only practical bail-out for Nollywood as an investment is in exhibition/distribution. We want to know how many community cinemas, at the least, will emerge from the IDF, and within how many years. This is what the potential investors need. This is what the next filmmaker planning to loan money from Bank of Industry would want to know.

    Who were the people given money for online distribution? What is their pedigree? What is innovative about what they want to do?

    How are the managers of this fund working in hand with the Nigerian Copyright Commission and relevant agencies on the need to minimise piracy? Of what need is N1.9 or N2billion distribution fund if the means of protecting right owners are not put in place before disbursing the fund?

    Who is fooling who? The Presidency must warn Kemi Adeosun, because her first strides on this project appear wobbled. From what is left of the fund, the Minister must present a blue print that will increase the sectors attractiveness from an investment standpoint and encourage future capital flows towards the sector, as the scheme has professed.

    For goodness sake this is Muhammadu Buhari’s administration and the ‘Change’ mantra must reflect in every dealings of the Federal Government.

    In this entire travesty, the sensitivity of the fund managers must be sanitized to ensure the actual development of Nollywood, not for showmanship, but for showbiz.

  • Fed Govt eyes $1b from new tax reform

    Fed Govt eyes $1b from new tax reform

    Finance Minister Mrs Kemi Adeosun yesterday said the Federal Government planned to raise over $1billion from the executive order signed by Acting President Yemi Osinbajo.

    Last week, Osinbajo signed an executive order to give room for Nigerians to regularise their taxes.

    Adeosun spoke yesterday on Sunrise Daily, a Channels television programme.

    She said after 15 months of hard work, it was discovered that there was massive tax evasion in the country.

    The minister said many of those registered were not paying the right taxes.

    “I have not set a specific target because it is very difficult, anything over $1 billion would be great but let me just give you some context,” she said.

    “Some countries have raised between $7 billion to $15 billion, it really just depends on how much compliance we get from Nigerians, and it is not just high net worth Nigerians incidentally that are our target but companies.

    “We found out that a lot of companies are evading taxes, paying minimum tax and shifting profits to other jurisdiction to make sure Nigeria gets a small percentage of the money generated in Nigeria.

    “Even at the lower level we are finding massive tax evasion. We have only 14 million tax payers in Nigeria and the majority of them are PAYE (pay as you as earn) that is people who have their tax deducted at source.”

    She said apart from stolen funds, Nigeria was facing a problem of untaxed money.

    “We have done quite an amount of work over 15 months looking at tax compliance in Nigeria. Our tax to GDP (gross domestic product) ratio is six per cent, one of the lowest in the world. So we did a study, why are Nigerians not paying tax and why are tax revenue so low.

    “What we found is a massive tax evasion on a major scale. A lot of people are registered, many of those that are registered are not paying the right taxes. We now have the data and we actually engaged a team of experts to go through the data and what we found is that in many cases, peoples lifestyle do not correlate with their tax returns. So there was massive tax invasion.

    “We looked at properties abroad, properties in high-valued areas. We found that some peoples assets and lifestyle when compared to their tax returns – for example you have somebody with five or six properties you find someone paying N150,000 for the year.

    “It all started with the fight against corruption, trying to trace stolen money, and we coming back to say no, your problem is untaxed money. A lot of money has gone out of Nigeria into property in high scale areas,” Mrs Adeosun said.

  • FG privatizes 142 enterprises – Osinbajo

    FG privatizes 142 enterprises – Osinbajo

    The National Council on Privatisation (NCP) has since inception successfully concluded the privatisation and reform of over 142 public enterprises, according to Acting President, Professor Yemi Osinbajo.

    He made the disclosure during the inauguration of the Fifth Council of the National Council on Privatisation (NCP) since the enactment of the Public Enterprises (Privatisation and Commercialisation) Act 1999.

    He pointed out that the inauguration of the NCP is a critical step in the process of putting in place part of the institutional framework necessary for the actualization of the socio-economic agenda of the administration.

    The Head Public Communications, Mr. Chukwuma Nwoko, who disclosed this in a statement yesterday quoted him as adding that: “It is also a demonstration of our administration’s commitment to public sector reform and the central role of the National Council on Privatisation (NCP) in this process. Even though the public sector has been at the

    Even though the public sector has been at the centre stage in the provision of critical infrastructure and services cutting across the whole spectrum of the nation’s life since independence, the emerging importance and centrality of the private sector to the actualization of the economic agenda of the administration cannot be downplayed.”

    The Acting President stated that apart from playing a dominant role of generating employment opportunities, the intervention of the private sector enhances the process of industrialisation, delivers critical infrastructure and services the country.

    To him, the role can only be unleashed when government’s role of regulating and creating an enabling environment is robustly undertaken.  “This will, in turn, offer the private sector the required comfort and assurance to make investments and expect a reasonable return on thereon,” he said.

    He pledged the administration’s commitment to giving all the required support to the NCP in carrying out its statutory responsibilities.   “In return, the Government expects the NCP to come up with creative out-of-the-box solutions for addressing the numerous challenges facing the privatisation and commercialization programme such as non-performance by some privatised enterprises and post-privatisation challenges facing some of the privatised enterprises,” he added.

    “The Government also expects the NCP to make measurable progress in respect of the outstanding transactions affecting some of the areas critical to the economic recovery of the nation.  You must make deliberate and conscious efforts to learn from past experiences and guard against avoidable mistakes of the past.”

    The Acting President explained that over the years, the NCP had concluded significant transactions and carried out economic reform activities in key sectors of the economy such as telecommunications, pension management, ports, power, etc.   Said he: “A mega reform process in the power sector is ongoing with ambitious expectations. Although there are numerous challenges trailing the process, the NCP is expected to critically analyse these challenges and come up with sustainable solutions as part of government commitment to make power available at accelerated rates and to wide sections of the populace.”

    In his remarks, the Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, noted that recently a trend has emerged where certain institutions engage in activities which are tending to compromise and conflict with the statutory functions of the Bureau.

    According to him, “we believe that regulatory agencies and commissions should manage regulatory compliance and not get involved in process as transactions managers or operators as this will clearly create confusion and possible conflict. The Bureau of Public Enterprises operates as transaction managers and we shall submit our processes to the supervision of the relevant regulatory agency responsible for the particular transaction track we pursue to execute our mandate of enterprise reformation, including the SEC and the ICRC.”

    Members of the NCP which is chaired by the acting President are Mrs. Kemi Adeosun, Minister of Finance, as Vice Chairman; Mallam Abubakar Malami, SAN, the Attorney General of the Federation; Mr. Okechukwu Enelamah, the Minister of Industry, Trade and Investment; and Senator Udo Udoma, Minister of National Planning.Others are Hajia Habibat Lawal, acting Secretary to the Government of the Federation; Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria; Dr. Adeyemi Dipeolu, Special Adviser to the President on Economic Matters; Mr. Ituah Ighodalo; Mr. Ghandi Olaoye; Senator A.A. Ibrahim; Dr. Bashir Gwandu; and Mr. Alex Okoh, Director General of the Bureau of Public Enterprises (Member/Secretary.)

    Others are Hajia Habibat Lawal, acting Secretary to the Government of the Federation; Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria; Dr. Adeyemi Dipeolu, Special Adviser to the President on Economic Matters; Mr. Ituah Ighodalo; Mr. Ghandi Olaoye; Senator A.A. Ibrahim; Dr. Bashir Gwandu; and Mr. Alex Okoh, Director General of the Bureau of Public Enterprises (Member/Secretary.)

  • FG spent N200bn on road development in 2016 – Adeosun

    FG spent N200bn on road development in 2016 – Adeosun

    The Minister of Finance, Mrs. Kemi Adeosun, said the Federal Government invested the sum of N200 billion on roads in 2016.

    She said the amount is part of N1.2 trillion earmarked for capital projects to ensure ease of doing business.

    Adeosun disclosed this at the Nigerian Stock Exchange (NSE) and Bloomberg Chief Executive Officer roundtable held in Lagos on Friday.

    She said the N200 billion was against N90 million earmarked for road construction in 2015.

    According to her, government will continue to prioritise infrastructure development to unlock growth potential.

    The minister said diversification of the economy would not be achieved without a good transportation system and power supply to improve ease of doing business.

    She said the country was vast, adding that to actualise its potential, infrastructure development was crucial for sustainable growth and development.

    “For the past two years in Nigeria, the road had been rough in economic terms but the worst times are over and we have the opportunity to grow,’’ Adeosun said.

    According to her, Nigeria cannot rely on oil to grow, as oil contributes 10 per cent of the Gross Domestic Product (GDP) and 60 per cent of the government revenue.

    The minister added: “We must not rely on oil but must use the oil revenue to generate activities in other sectors of the economy.

    “We cannot benchmark ourselves with Saudi Arabia because their oil production was far away from us.

    “They have 30 million populations and generate 10 million barrels of oil every day and Nigeria with 190 million generates 2.2 million barrels of oil every day.”

    NAN

     

     

     

     

     

     

     

     

     

  • Presidency urges Nigerians to buy into $300m Diaspora Bond

    Presidency urges Nigerians to buy into $300m Diaspora Bond

    Senior Special Assistant to the President on Foreign Affairs and Diaspora Abike Dabiri-Erewa has urged Nigerians to take advantage of the first ever 300 million dollars Diaspora bond.

    Dabiri-Erewa, who made the call on Monday in Abuja in a statement by her Media Assistant, Mr Abdurrahman Balogun, asked Nigerians to buy into the offer.

    She noted that the Debt Management Office (DMO) had announced the commencement of a global offering of Nigeria’s first Diaspora Bond.

    She said the DMO also filed a registration statement for the bonds with the U.S. Securities and Exchange Commission.

    The presidential aide said that that the Diaspora bond would be used to raise funds from Nigerians in the Diaspora to finance capital projects.

    According to her, the bond will provide an opportunity for them to participate in the development of the country.

    She said her office as well as the Nigerians in the  Diaspora was excited as the first ever diaspora bond was being rolled out to the benefits of Nigerians.

    The SSA said it was a unique way of lubricating the interest of Nigerians in the Diaspora to participate in the developmental projects being carried out by the Muhammadu Buhari administration.

    She recalled that the Minister of Finance, Mrs Kemi Adeosun, in February promised that the Diaspora bond will soon be rolled out by the DMO.

    She said that the DMO had also said that application would be made for the bonds to be admitted to the official list of the UK Listing Authority and the London Stock Exchange Plc.

    The office, according to her, said this is to ensure that the bonds were admitted to trading on the London Stock Exchange’s regulated market.

    “The bonds will be direct general obligations of Nigeria and will be denominated in U.S. dollars.

    “The international Joint Lead Managers are Bank of America Merrill Lynch and The Standard Bank of South Africa Limited.

    “The Nigerian Joint Lead Managers are First Bank of Nigeria Limited and United Bank for Africa Plc,’’ she quoted DMO as saying.

    She said that the DMO added that there would be a series of investor meetings in the UK, the U.S. and Switzerland from June 13.

    She said that the office explained that pricing was expected to occur following the investor meetings and subject to market conditions.

    Dabiri-Erewa said that as part of measures to fund capital expenditures, the Federal Government had in February announced its offering of one billion dollars euro bond.

    The bond, she said, was under its newly-established one billion dollars Global Medium Term Note programme.

    “We are very excited that the National Assembly has approved the Diaspora Bond.

    “We believe Nigerians abroad want to support development in Nigeria and such would be glad to invest in it,” she said.

  • Road to sustainable Amnesty Programme in Niger Delta

    Road to sustainable Amnesty Programme in Niger Delta

    The recent motion by the Senate calling on the Minister of Finance, Mrs. Kemp Adeosun, to release the sum of N15 billion being the backlog of allowances and payments for the training and education of former Niger Delta militants under the Amnesty Programme, which was provided for in the 2016 budget, is a welcome development. The House of Representatives had, a day earlier, passed a similar motion.

    The timely release of the outstanding funds without further delay would save the country an international embarrassment that may arise from protests by beneficiaries of the programme, especially those receiving training in various institutions in different parts of the world.

    While presenting the motion on the floor of the House, Minority Leader, Leo Ogor, had drawn attention to plans by some of the beneficiaries in the United Kingdom to stage demonstrations at the Nigerian High Commission in that country to protest the delay in releasing the funds to enable them to meet their financial obligations to the institutions where they are undergoing training.

    Reports from South Africa, United States, Philippines, Malaysia, and other countries where former militants are also undergoing trainings indicate a similar level of restiveness, with some facing the threat of expulsion from their institutions. Certainly, the country can do without any untoward development that could have negative impact on its image.

    It is gratifying to note that the Senate does not only want the money released as soon as possible, it has also set in motion a machinery to unravel the cause of the delay, with a view to guarding against a reoccurrence in the future.

    Without prejudice to the findings of the Senate committee, the cause of the delay in meeting government’s obligations to the amnesty beneficiaries may not be located too far away from the government’s commitment to ensuring accountability and transparency in the disbursement of funds under the programme.

    A similar delay occurred in the first few months of the current administration, and only a timely intervention by the government averted an ugly situation.

    Without doubt, the return of permanent peace to the troubled Niger Delta hinges partly on solutions to the unemployment problem that has fuelled militancy in the region for more than a decade.

    That was what the Amnesty Programme of the late president, Umar Musa Yar’Adua, unarguably the most ambitious programme by any administration before it to address the problem of unemployment in the region, set out to achieve.

    Timi Alaibe, the then presidential adviser and chief executive officer of the programme, is said to have achieved the feat of not only disarming and rehabilitating the militants, about 26, 000 in number, but also succeeded in reintegrating them into the society through a hitch-free implementation of the programme. Reports claim that under Alaibe, there was a measure of transparency and accountability in execution of the programme.

    That’s why we did not hear stories of delay in paying the militants – those that are placed on monthly allowance of N65, 000 – and those in various institutions around the world for different trainings. And, by extension, no stories of demonstrations by militants over unpaid allowances.

    The reason for the relative ease with which Alaibe and his team executed the programme may not be unconnected with the fact that it was the responsibility of one agency, the one he headed. This promoted transparency, accountability and easy management in the manner funds were disbursed.

    It is therefore possible that problems set in when other non-concerned agencies began to dabble into execution of amnesty programmes for the militants. For instance, the mandate of the Nigerian Maritime and Safety Administration (NIMASA) does not include execution of amnesty programmes for militants.

    But we saw during the tenure of the immediate past administration of the agency how it reportedly got involved in sponsoring repentant militants on training programmes in different parts of the world, apart from other amnesty programmes.

    It may not be farfetched to suggest that during the immediate past dispensation, the two agencies – Amnesty Programme Office and NIMASA – may have been working at cross purposes.

    While it is necessary to separate the wheat from the chaff through painstaking investigation into the management of resources meant for sustenance of the amnesty programme during the previous dispensation, care must be taken to ensure it does not in itself constitute a clog in the wheel of progress in current efforts to find long and lasting solutions to the problem of unemployment in the Niger Delta region – an important component of the whole package.

    If need be, the federal government may find it necessary to look into the handling of the amnesty programme by Alaibe. It may be safe to assume that he did not execute the programme in abstract terms. He must have designed a template for its execution. This is more so because he authored the Niger Delta Development Master Plan, of which the amnesty programme is a part. There must be something on paper others can learn from.

    It must not be forgotten that the amnesty programme is just an aspect of what should be a holistic approach to resolving the issues of the Niger Delta. The highly commendable dialogue approach of the federal government in solving the problem of the region once and for all is evident in the relative peace that has reigned in the region in the past few months. This is just the first step. Subsequent steps should involve a more streamlined and sustainable approach to executing the amnesty programme to ensure it achieves the objectives for which it was designed, in a hitch-free manner.

    Tijani, a social commentator, wrote in from Kaduna

  • UK home owners to pay taxes in Nigeria

    UK home owners to pay taxes in Nigeria

    A major crackdown on tax evaders is on the way, Finance Minister Kemi Adeosun said yesterday.

    They will be named and shamed – in a desperate move to improve the tax to Gross Domestic Product (GDP) ratio and expose evaders.

    The minister, who spoke at the end of the 2017 IMF/World Bank Spring Meetings in Washington, said Nigeria has the worst tax to GDP of six per cent in the world, as only 13 million people pay their taxes.

    She spoke of collaboration with the British Government to ensure that Nigerians who own properties in the UK pay taxes in Nigeria. She said that many of the people who fly business class, and own houses in the UK will have to be watch listed. “If you buy business class ticket, we will probably be looking at, is this person a tax payer anywhere?”

    “At every data point of government, we will be picking up information that will be used to compare people to pay taxes. There is going to be much better collaboration from the international community,” she said.

    According to her, a lot of money has left Nigeria, and there is UK focus on sharing the data. “So, under the Beneficiary Owners Register, which has been signed, with the David Cameron administration, the UK is going to give us the list of everybody that owns properties in the UK, once it is owned by a Nigerian. That will enable us to say: ‘Is this person who owns four or five properties in the UK, how much tax are you paying in Nigeria?’

    “So, it is going to be a very systematic process, using a lot of data and moral-suasion on the people, telling them that this is the time to do the right thing because that is the only way the country can move forward.”

    She said: “When we travel, and we say, look at their roads, look at their airports, they have a very good tax system. Nigeria has one of the worst tax to GDP ratios in the world. We have to find ways to make our tax collection much more effective. Once we have spent time on data, we will encourage people to pay taxes, and from there, we’ll move to naming and shaming tax evaders.

    “We only have about 13 million tax payers in Nigeria at the moment and about 12.5 million of them are Pay As You Earn (PAYE). So, all the wealthy and self-employed that pay taxes are only 500,000. People are going to be invited, and it is really the wealthy and rich that will be invited. We want to be much more aggressive on tax payment, not because we want to witch-hunt anyone, but because we have to, because it is the job of government to ensure revenue redistribution from the high and low.”

    “So, people have to contribute their fair share. Those, who for years have been able to get away with evading tax should know that the game is over. It is time to do the right thing,” she said.

    Mrs Adeosun said there were no plans to introduce new taxes, but implementation of tax laws will get attention.

    The minister said the government had been gathering data. “That is why you hear that about over 800,000 companies have been put into the tax net. How was that done? We simply went to the Corporate Affairs Commission (CAC) to know the number of registered companies and then check their tax records. A report recently went out from the Accountant-General’s Office, and anybody who has payment to collect must have up-to-date tax status. So, everything we are doing is driving people into the tax net,” she said.

    Mrs Adeosun said Nigeria has six per cent tax to GDP ratio where as Ghana and South Africa have 15 per cent, 30 per cent.

    On the recovered loot, the minister said the funds were being put in a collection account, and will be used to fund part of the budget.

    Mrs Adeosun said all agencies of government must now give monthly reports on how much they have recovered and that the funds are being kept for key projects.

  • FG to reward Whistle-blowers on illegal weapons – presidency

    FG to reward Whistle-blowers on illegal weapons – presidency

    The National Security Adviser, Maj-Gen. Babagana Munguno (rtd) has began work on a template for the discovery and recovery of illegal weapons through a reward system.

    Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, confirmed this development in a statement issued in Abuja on Sunday.

    According to the presidential spokesman, the Office of National Security Adviser (ONSA) is adopting the whistle-blowing approach so as to eradicate mass shooting incidents and remove the harassment of law abiding citizens by holders of illegal weapons.

    He said the proposed adoption of the whistle-blowing policy on illegal weapons by the Federal Government followed the success of the policy in the recovery of huge amount of questionable and stolen funds by the Economic and Financial Crimes Commission (EFCC).

    Shehu, therefore,said the presidency had started drawing up the rules of a whistle-blower mechanism to throw a spotlight on the regime of gun ownership and control as a bold move to prevent and eradicate illegal ownership of small arms and light weapons in the country.

    He said that this would be a sort of searchlight on weapons ownership in the country, adding that the aim was to disarm communities especially those with proclivity to violence.

    “In the last few days, we had discussed the efforts the administration is making to strengthen the whistle-blower mechanism in the Ministry of Finance, which to date has proved to be very effective in bringing the attention of the government to stolen assets and unexplained wealth.

    “The ONSA initiative may be an independent line of inquiry or in active collaboration with what the government is doing in Finance. This will be a sort of searchlight on weapons ownership in the country.

    “Whatever form or shape it takes, the administration wants to take a tough line to curtail the large number of illegal weapons in circulation used in intra and inter-communal conflicts,’’ he said.

    Shehu disclosed that the ONSA had already inaugurated a committee saddled with the responsibility of the recovery of small arms and light weapons in the country

    The News Agency of Nigeria (NAN) reports that whistle-blowing policy, which has been approved by the Federal Executive Council (FEC) is meant to expose fraud and other related crimes in both the public and the private sectors.

    The policy was devised by the Ministry of Finance aimed at encouraging anyone with information about a violation, misconduct or improper activity that impacts negatively on Nigerians and government to report it.

    “If there is a voluntary return of stolen or concealed public funds or assets on the account of the information provided, the whistle blower may be entitled to anywhere between 2.5 per cent (minimum) and 5.0 per cent (maximum) of the total amount recovered,’’ Minister of finance Kemi Adeosun said.

    The policy has recorded appreciable success as it has led to the discovery of billions of Naira in the last few months since it started.

  • Adeosun, G24 discuss tax revenue, compliance

    Adeosun, G24 discuss tax revenue, compliance

    Finance Minister, Kemi Adeosun has discussed with fellow finance ministers in the G24 Group on ways to boost tax revenues and compliance to drive sustainable economic development.

    Speaking at the ongoing International Monetary Fund (IMF)/ World Bank Spring Meetings in Washington, she said revenue mobilisation is critical to the success of Nigeria’s economic reform agenda.

    “We have an unacceptably low level of non-oil revenue, and much of that is driven by a failure to collect tax revenues. With a tax to Gross Domestic Product ratio of only six per cent, one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth. Our data gathering programme over the last year has now given us the tools we need to be more aggressive at pursuing tax avoiders, both domestically and abroad,” she said.

    Speaking further, she explained that as some of her contemporaries in the G24 have done successfully, Nigeria is going to focus on tax in 2017 through an asset and income declaration scheme to address her low tax revenue collection and ensure improved compliance, a broader tax base and more sustainable revenue.

    The minister also highlighted the need for strong budget implementation and transparency to create trust and accountability in government: “While we focus on raising revenue’s and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency. Our people must know where their hard earned tax contributions are being spent and the impact that they are having on national development, and the daily lives of citizens. This will be a core focus for us.”

    The Minister also met with the ratings agencies Moody’s and Fitch to update them on progress towards economic reform objectives, and met with the World Bank Country team to discuss the status of on-going projects in Nigeria, and the pipeline of projects for 2018.

    The Minister will be attending meetings on Closing the financing gap for water, affordable housing finance food security and nutrition over the coming days as part of the government’s focus on sustainable solutions to some of Nigeria’s most pressing social challenges.

    “While the infrastructure that we build to facilitate power and transportation is vital to our economic growth, we are equally focused on addressing the challenges we face to deliver services to our people. Water quality and nutrition are fundamental to quality of life, but also deliver economic benefits. We must do more to improve living standards for our people and so addressing food security, water and nutrition are central to our reform agenda. This isn’t just about economics, these are the basic responsibilities of government, we need to redouble our efforts and show people that their tax revenue can deliver real change in their daily lives.”

     

  • Adeosun advises Nigerians on non-oil revenues to drive development

    Adeosun advises Nigerians on non-oil revenues to drive development

    The Minister of Finance, Mrs. Kemi Adeosun, has advised Nigerians to focus on non-oil revenue growth, tax compliance and budget transparency to drive economic development‎ in the country.

    The minister gave the advice on Friday during a Finance Ministers’ meeting convened by the G24 Group at the ongoing IMF/World Bank Spring meetings in Washington DC.

    She discussed strategies to drive non-oil revenue growth and achieve inclusive growth in Nigeria.

    “Revenue mobilisation is critical to the success of Nigeria’s economic reform agenda.

    “We have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect tax revenues.

    “With a tax to GDP ratio of only six per cent, one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth.

    “Our data gathering programme, over the past year, has now given us the tools we need to be more aggressive at pursuing tax evaders both domestically and abroad,” she said.

    Adeosun said that Nigeria’s strategy to improve tax in 2017 was through an asset income declaration scheme to address low tax revenue collection and ensure improved compliance.

    She said that the strategy would lead to a broader tax base and more sustainable revenue for all tiers of government.

    “This is fundamental to delivering on our reform plans,” she said.

    Adeosun also highlighted the need for strong budget implementation and transparency to create trust and accountability in government:

    “While we focus on raising revenue and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency.

    “Our people must know where their hard earned tax contributions are being spent and the impact that they are having on national development and the daily lives of citizens.

    “This will be a core focus for us,” she said.

    The minister, during her stay in the U.S, will also meet with the ratings agencies Moody’s and Fitch to update them on progress toward economic reform objectives.
    Adeosun and the CBN Governor, Mr Godwin Emefiele, will also meet with the World Bank Country team to discuss the status of ongoing projects in Nigeria and planned projects for 2018.