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Tag: ministry of finance

  • Bill to strengthen government investment agency scales second reading at Reps

    Bill to strengthen government investment agency scales second reading at Reps

    The House of Representatives has advanced a bill to the second reading stage aimed at strengthening the Ministry of Finance Incorporated (MOFI), the investment arm of the Federal Ministry of Finance.

    Established in 1959 by an act of parliament, MOFI was intended to serve as the sole custodian of federal government assets across the country. 

    However, the institution has struggled to fulfill its mandate due to widespread mismanagement, abandonment, and abuse of federal assets over the years.

    Leading the debate, Ademorin Kuye (APC, Lagos), the bill’s sponsor, highlighted that the original 1959 Act comprises only six sections, lacking the provisions necessary for MOFI to function effectively in a modern economy. 

    The proposed legislation introduces a robust framework with 49 sections to enhance the management, governance, and custodianship of federal assets.

    Kuye, who chairs the House Committee on Public Assets, explained that the new law would revitalize MOFI by establishing a comprehensive institutional framework, improving corporate governance, and solidifying its organizational structure.

    He stressee that the law will create strong legal backbone for the emergence of a truly national corporation that will manage, account for and optimize the use of over N300 trillion worth of Federal Government Assets by granting MoFI certain powers and ensuring that the board is properly incentivized.  

    He said further that the law will empower MOFI to identify and enumerate all assets and investments of the Federal Government, to hold and manage all the assets and investments of the Federal Government to ensure productivity and sustainability, to develop and implement a National Asset Management strategy, to act as the investment vehicle and sole manager of all Federal Government’s assets, and to act as the adviser to the Federal Government on all matters relating to its assets and investments.

    He said the Bill major responsibility is to empower MoFI to enumerate and value national assets, most of which have been abandoned, unused, and redundant for decades throughout the federation, adding that some of these assets are being used by individual with out payment or recourse to the federation. 

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    In addition, he said currently, MOFI has only N18 trillion registered as value of assets in its portfolio, while the bill proposes a national assets register, a comprehensive census of Federal government assets, including holdings in multilateral agencies will increase this figure to an estimated N350 trillion, putting the economy in good standing. 

    He said the bill will enhance economic Growth and job creation which will lead to a more robust portfolio of Federal government assets managed by an empowered MoFI which will facilitate economic growth, attract investors and international partnership that will stimulate and diversify the economy and create more jobs. 

    He said that with the proposed corporate governance structure and powers, MoFI will attract the best of investments in assets, that will ensure the turnaround of redundant FG assets and the needed footprints in the global business landscape. 

  • Report: TSA not shut down, Ministry of Finance issues new directives 

    Report: TSA not shut down, Ministry of Finance issues new directives 

    The Federal Government did not stop the operation of Treasury Single Account (TSA) initiative, findings have shown. 

    According to investigations, the Ministry of Finance only issued new directives on how the TSA initiative will be operated. 

    In a circular signed and released on December 28th, 2023 by the Honourable Minister of Finance and Coordinating  Minister of the Economy, new guidelines were issued for immediate compliance by all Federal Government Agencies and Parastatals for the collections, utilisation, and remittances of Internally Generated Revenue (IGR). 

    This is what some news platforms have mischievously and wrongly reported as a shutdown of Nigeria’s Treasury Single  Account- (TSA) which is regarded as Africa’s largest and most successful TSA initiative. 

    The Treasury Single Account, commonly known as TSA, was introduced by the Goodluck Jonathan administration in  2012 and fully implemented by the Buhari Administration in 2015. It mandates all Federal Ministries, Departments, and Agencies (MDAs) in Nigeria to keep and expend all funds solely from the Consolidated Revenue Fund (CRF)  maintained at the Central Bank. 

    TSA which is a centralised bank account structure is designed to provide the  government with full and unhindered access to its funds at all times, real-time tracking of all outflows and inflows from  a single point, and eliminate the need for short-term borrowing from commercial banks at high-interest rates by different  MDAs in an uncoordinated manner. 

    The Bureau of Public Service Reforms (BPSR) reports that the implementation of TSA has saved the government over  N10 trillion since its inception. The EFCC, ICPC and other investigative agencies have also found the TSA of immense  benefits in investigating suspected cases of corruption, fraud or outright theft of government funds.  

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    Previously, different MDAs would borrow money from commercial banks at exorbitant rates to cover budget deficits,  while other MDAs had idle funds in separate accounts. TSA has eliminated this extremely inefficient practice that has  cost government huge losses, leading to substantial savings for the Federal Government. The former Minister of  Finance, Budget, and National Planning, Mrs. Zainab Ahmed estimates that TSA saves Nigeria N45 billion in interest  payments monthly. 

    The latest circular by the Ministry of Finance, only stipulates a review on a component of the TSA. This is not the first  circular that would be issued on review of TSA operations and certainly will not be the last as the government continues  to respond to issues in the management of its finances under the TSA initiative. The December 28, 2023, preserves  the TSA in all ramifications and has removed nothing from it as can be seen by anyone who is familiar with the workings  of the TSA. 

    So what is changing? 

    Previously, MDAs self-managed TSA sub-accounts within the Central Bank of Nigeria, where generated revenues were  deposited and utilized for MDA expenditures, this included MDAs choosing when to remit the statutory deductions to  the Consolidated Revenue Fund (CRF). Going forward under the new guidelines, MDAs will now be provided with new  sub-recurrent accounts into which what is due to them from government inflows will be automatically deposited in such  accounts and the balance automatically remitted into the CRF. In essence, MDAs will have access only to their statutory share of government inflows without the possibility of inadvertent access and tampering with funds that should accrue into the CRF. 

    For clarity the details of how the latest circular affects each of the FGN MDAs is reproduced below 

    FULLY FUNDED MDAs: “All Ministries, Departments, and Agencies (MDAS) that are fully funded through the Annual  Federal Government Budget (receiving personnel, overhead and capital allocation) and on the schedule of Fiscal  Responsibility Act, 2007 and any addition by the Federal Ministry of Finance (FMF) should remit one hundred percent 

    (100%) of their Internally Generated Revenue (IGR) to the Sub-Recurrent Account which is a sub-component of the  Consolidated Revenue Fund (CRF);  

    PARTIALLY FUNDED MDAs: All partially funded Federal Government Agencies/ Parastatals (receiving capital or  overhead allocation from the Federal Government Budget) should remit fifty percent (50%) of their gross Internally  Generated Revenue (IGR), while all statutory revenue like tender fees, contractor’s registration, sales of government  assets, etc., should be remitted one hundred percent (100%) to the Sub-Recurrent Account.  

    SELF FUNDED MDAs: All self-funded Federal Government Agencies/Parastatals (receiving no allocation from the  Federal Government Budget) should remit fifty percent (50%) of their gross Internally Generated Revenue (IGR),  including all statutory revenue lines like tender fees, contractor’s registration, sales of government assets, etc., to the  Sub Recurrent Account”. 

    In summary, “the Office of the Accountant General of the Federation (OAGF), subject to the categorization of Agencies  shall map and automatically effect direct deduction of 50% (fifty percent) on gross revenue of self/partially funded  Agency/Parastatals and 100% (one hundred percent) for fully funded Agencies/ Parastatals as interim remittance of  the amount due to the Consolidated Revenue Fund. This is to improve revenue generation, fiscal discipline,  accountability, and transparency in the management of government financial resources and prevention of waste and  inefficiencies”. 

    The implementation of Nigeria’s Treasury Single Account (TSA) initiative is a good example of the crucial role of leveraging Digital Public Infrastructure for the digital transformation of public sector service delivery. By leveraging the  Treasury Single Account, Nigeria continues to lead in digital transformation efforts and sets an example for other  nations seeking to enhance their public services through centralized digital infrastructure. 

    Furthermore, the implementation of TSA by the Federal Government of Nigeria has contributed to the growth of  indigenous technology, setting them up for export to other climes. Companies such as Remita and others have been  at the forefront of providing payment and switching technology to drive TSA from inception with many more companies  being brought on board. This has not only created an increased economic opportunity but also fostered technical  competency and economic development within Nigeria. 

    While the Tinubu administration and many more administrations after it will continue to evolve the TSA, there’s no  doubt that the TSA is a key component of Nigeria’s public financial management journey. Its implementation fosters financial visibility, reducing costs, facilitating timely remittance of funds, and streamlining public service operations.

  • Reps halt debate on 2019 Budget proposal

    The House of Representatives has stepped down further debate on the 2019 Appropriation Bill.

    Speaker Yakubu Dogara said the outcome of the reconciliation meeting with officials of the Ministry of Finance, Ministry of Budget and National Planning and the Budget Office was not ready.

    He, however, expressed hope that the reconciliation would be concluded on time for further legislative work to continue by Tuesday.

    Read Also: 2019 Budget: Reps to meet Ministers over errors in figures

    As a result, he said further debate would be postponed to Tuesday.

    Recall that a number error in figures for some Ministries, Departments and Agencies forced the lawmakers into restricted comments on the budget document on Wednesday.

  • 2019 Budget: Reps to meet Ministers over errors in figures

    The House of Representatives would meet with the Finance, Budget and National Ministers as well as the Director General (DG) of the National Budget Office over fundamental errors in figures in the 2019 Appropriation Bill.

    This is as Speaker Yakubu Dogara resisted attempt to shelve the debate once again after Rita Orji (PDP, Lagos) raised a point of order that the number of lawmakers on the floor did not meet the required number for a quorum for plenary.

    The Speaker said since she has no knowledge of the number of lawmakers on the register, it will be impossible for her to know if the floor meets the quorum requirement, adding that the physical presence of members on the floor is not the deciding factor.

    The debate of the bill was twice put off due to the same reason of errors in figures and need for members to have enough time to go through it for informed constitutions to the debate.

    However, when the debate commenced, Chika Adamu (APC, Niger) noted that proposed allocations to the Ministry of Finance, Ministry of Education, Ministry of Budget and National Planning, Budget Office and the Office of the Secretary to the Government of the Federation under main statutory components did not correspond with the total summary in the document.

    As a result, he requested if contributions to the debate could continue or be restricted to the general principles of the bill.

    In his contribution, Ahman Pategi (PDP, Kwara) explained that the difference in figures could be down to typographical error because all allocations figures were correct except in the summary section.

    He suggested that the leadership of appropriate Committee of the House should meet with the leadership of the affected agencies to sort it out.

    He also noted that the figures could be corrected when the bill gets to the Committee stage where thorough scrutiny of the document would be done.

    Speaker Yakubu Dogara went into discussion with the Deputy Speaker Yussuff Lasun and others after which he announced that the debate would continue.

    He said the irreconcilable figures in the document meant contributions would be restricted to the general principles while the leader of the Appropriation and Finance Committee would meet the Finance and Budget and Planning Ministries and the Budget Office.

    He said the outcome of the meeting, with the correct figures, would be provided before the conclusion of debate on the 2019 Appropriation Bill on Thursday.

    Earlier, in his contribution, Deputy Speaker Lasun said it has become extremely important for Nigerians to realize the economic status of the country in comparison to other economies.

    He said the size of the 2019 budget in actual sense, compared to the population does not portray the country as rich with the N8.83 trillion budget being just about $10b.

    According to him, when spread around the population, what is spent by the government on an individual is disheartening and as such it has become necessary for the government and the populace to explore other sustainable alternatives to fund the economy.

    Read Also; Reps summon PenCom DG, PFAs over alleged N8tr fund misuse

    The Deputy Speaker also noted that the dwindling contribution of oil revenue to the 2019 budget going down to about 67 percent, the government and the populace must be forced to explore other means of funding and sustaining the economy.

    Lasun, who appealed for a speedy passage of the Bill also drew attention to poor implementation of budgets, which he said should be critically looked into, as well as a need to decide the type of budgeting system the country should adopt.

    He said policy somersault once one is adopted should be avoided, “Because we have seen how the various models we adopted in the past have not really worked.

    “It time for us to think out of the box. Maybe if we had stuck to one, appreciable economic progress would have been recorded over the years. We also have to look at whether the size of our budget can sustain a meaningful development.

    “I will, however, appeal to the Executive to try as much as possible to implement this budget,” he added.

  • Ministry denies knowledge of alleged NNPC’s $3.5bn subsidy fund

    The Federal Ministry of Finance has denied knowledge of a 3.5 billion-dollar fund allegedly kept and utilised by the Nigeria National Petroleum Corporation (NNPC) for fuel subsidy.

    The Permanent Secretary, Mr Mahmoud Isa-Dutse, gave the ministry’s position when he appeared before the Senate ad hoc committee probing the allegation in Abuja on Thursday.

    Isa-Dutse’s claim appeared to corroborate the Group Managing Director of the NNPC, Mr Maikanti Baru, who restated the agency’s denial that it had no such fund in its custody.

    The News Agency of Nigeria (NAN) recalls that the allegation emanated from the Minority Leader of the Senate, Abiodun Olujimi, at plenary on Oct. 16.

    In a point of order, Olujimi had alleged there was a 3.5 billion dollar “Subsidy Recovery Fund being managed only by the GMD and Executive Director, Finance, of the NNPC”.

    It was on the basis of that allegation that the Senate set up the committee, chaired by the Majority Leader, Sen. Ahmed Lawan.

    Isa-Dutse said the ministry was only aware of the outstanding payments under the old subsidy regime, being handled by the Debt Management Office (DMO).

    “As far as the current fuel importation regime is concerned, the Ministry of Finance does not have any account it is operating.

    “We are not aware of the alleged 3.5 billion dollar fund, and we do not maintain any subsidy fund account,” he said.

    The NNPC had earlier denied the 3.5 billion dollar subsidy fund claim in a statement on Oct. 17.

    The GMD explained on Thursday that the agency was only utilising a revolving fund of 1.05 billion dollars to defray the cost of under-recovery in the importation of fuel.

    Asked by the lawmakers to differentiate between subsidy and the “cost of under-recovery”, Baru said subsidy was usually captured in the national budget, while the latter was not.

    The 1.05 billion dollars, according to him, is part of the NNPC’s operational costs.

    He said the money was sourced from the corporation’s share dividend in the Nigeria Liquefied Natural Gas (NLNG) and domiciled in the Central Bank of Nigeria (CBN).

    Baru explained that the action was in line with section 7 (4)(b) of the NNPC Act, which mandated it to defray its operational costs from its revenue.

    “This 1.05 billion dollars is being administered under a steering committee that was set up, and a working committee that handles daily operations of this fund.

    “These committees comprise representatives of the Minister of Finance, Minister of State for Petroleum Resources, Accountant General of the Federation, CBN, Petroleum Pricing Regulatory Agency, Petroleum Equalisation Fund Management Board, Directorate of Petroleum Resources and the NNPC.

    “The fund is being transparently administered according to laid down processes and governance.

    “I would like this honourable committee to note that the actions of NNPC were in compliance with the National Assembly directive that NNPC, as the supplier of last resort should, and has, maintained robust petrol supply and distribution to the nation.

    “Currently, no other oil company imports petrol due to the high landing cost above the N145 per litre price ceiling on sale of the product, and also due to the lack of provision for subsidy in the Appropriation Acts since 2016,” he explained.

    The GMD assured the committee that the NNPC would continue to guarantee energy security in the country by maintaining PMS supply at the approved pump price of N145 per litre, except directed otherwise.

    When Lawan requested for documents to back up his claims, Baru said they were not immediately available and asked for one month to present them to the committee.

    But the lawmaker gave him two weeks to furnish the committee with the documents, and adjourned the hearing till Nov. 6.(NAN)

  • Unpaid Pensions: 900 Nigeria Airways retirees die

    Unpaid Pensions: 900 Nigeria Airways retirees die

    Kano-A member of the Ministerial Committee on the verification of payment of retired Nigeria Airways workers ,Captain Shu’aibu Alfa, revealed yesterday that that 900 retirees have so far died nationwide since 2004.

    Alfa, who is the Supervisor, Kano Verification Centre, told the News Agency of Nigeria (NAN) in Kano that there are three centres where the ongoing verification exercise for the Nigeria Airways retirees are being conducted.

    He said during the 15 years, no fewer than 900 of the retirees died, while the medical cases of some of them became worse, homes were broken and some were in situations beyond human imagination.

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    “The verification exercise has been going on very well, we made sure retirees were former staff of Nigeria Airways and we have their records,” he said.

    “We ask questions and when they are certified, we clear them to start the verification process.

    “In the verification team, we have people from the Ministry of Aviation, Ministry of Finance, Accountant General’s Office, Head of Service, EFCC, ICPC, PITAD and we also have our representatives on each desk,” Alfa said.

    Alfa, who was the Secretary, Nigeria Airways Pilots Association, commended President Muhammadu Buhari, Minister of Aviation and the Minister of Transportation, for approving the payment of their long awaited entitlement.

    He also commended the support of the traditional rulers, religious leaders, political leaders and many other well-meaning Nigerians.

    He appealed to the retirees to exercise patience during the exercise, as the committee was doing everything to ensure they were promptly screened.

     

     

  • House to investigate alleged corruption against suspended SEC boss

    House to investigate alleged corruption against suspended SEC boss

    The House of Representatives on Tuesday resolved to probe alleged corruption in Securities and Exchange Commission (SEC), which led to suspension of its Director-General, Mr Munir Gwazo by Minister of Finance, Mrs Kemi Adeosun.

    To this end, the House asked the parties in the matter to maintain status quo, pending the outcome of the investigation.

    The resolution followed a motion under Matters of Urgent Public Importance by Rep. Diri Douye  (Bayelsa-PDP) on “need to intervene on the conflict between Minister of Finance and suspended Director-General, Securities and Exchange Commission.’’

    Moving the motion, Douye said there were allegations of interference by the Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando Forensic Audit matter which was largely responsible for Gwarzo’s suspension.

    According to him, it has also led to constitution of Administrative Panel of Inquiry and appointment of acting SEC director-general by minister of finance.

    Douye explained that the conflict had allegedly lingered for several months between Ministry of Finance and SEC but the matter of disagreement brought it into public domain.

    Read also: Why FG suspended DG SEC, 2 others over alleged corruption

    The lawmaker said “there were allegations of interference by Ministry of Finance in the discharge of responsibilities by SEC, particularly the Oando Forensic Audit matter, which was largely responsible for the DG’s suspension.

    “The intervention by the House would put the matter into proper perspective and amicable resolution of the conflict to protect the image of SEC in the interest of both local and foreign investors.’’

    He, therefore, urged the House to investigate the matter to ascertain the true situation in the commission.

    Contributing to the motion, Rep. Toby Okechukwu (Enugu-PDP) said that the rot in SEC apparently contributed to the collapse of the capital market in Nigeria.

    He said “what is happening in SEC is symptomatic of the collapse of capital market. I wouldn’t know why infractions should be swept under the carpet.

    “The Nigerian people should be told why the infractions of Oando would be swept under the carpet. Nigerians should know why the minister could not be investigated.

    “Nigerians should know why the SEC DG was suspended. A total panel of inquiry is needed in SEC,’’ he said.

    Also in his contribution, Rep. Sanni Kaita (Katsina-APC) said that the commission was too sensitive and important to be left unattended to.

    He said “SEC is very sensitive and very important to Nigeria and the international community. Should we allow the investigation to go on without knowing what happened?”.

    The motion was unanimously adopted by members when it was put to a voice vote by the Speaker, Mr Yakubu Dogara, who mandated the Committee on Capital Market and Institutions to investigate all allegations.

    The committee was asked to report findings to the House within two weeks for further legislative action.

    NAN

  • Govt released N336bn capital funds to MDAs

    Govt released N336bn capital funds to MDAs

    The Federal Government has, to date, released N336 billion from this year’s Budget to Ministries, Departments and Agencies (MDAs) for of capital projects in the first quarter.

    A statement from the Ministry of Finance said “the balance of N14 billion is being processed, pending resolution of some formalities within the agencies concerned.”

    According to the statement signed by Patricia Deworitshe, Deputy Director (Press) of the ministry, Power, Works and Housing received the largest allocation of N90 billion; followed by Defence and Security, which got N71 billion. Transport got N30 billion. Agriculture received N30 billion and Water Resources N12 billion. Other sectors received N103 billion.

    Minister of Finance Mrs. Kemi Adeosun said the prioritisation of the release of funds was made in accordance with the objectives of the Economic Recovery and Growth Plan (ERGP).

    She said: “In 2017, the Federal Government will continue to focus on capital expenditure spending on priority sectors to stimulate economic activities and job creation.”

    “Despite fiscal constraints, the Federal Government was able to fully cash-back the budgeted capital releases so far made, which is a reflection of the current administration’s commitment to economic development,” the Minister said.

     

  • FG uncovers fraud in JAMB, NIMASA, others

    FG uncovers fraud in JAMB, NIMASA, others

    …Moves against agencies not remitting full revenue

     

    The Federal Executive Council meeting chaired by President Muhammadu Buhari on Wednesday directed the Ministry of Finance to immediately recover moneys not remitted to government coffers by some agencies.

    The Minister of Finance, Kemi Adeosun briefed State House correspondents at the end of the FEC meeting.

    She said that some of the government agencies of have been uncovered to be diverting their revenues.

    JAMB, which she said has been remitting N3 million annually, has remitted N5 billion for this year alone and has disclosed that it still has N3 billion more to remit to government purse this year.

    According to her, NIMASA is among other agencies, which are high offenders.

  • Witness’ evidence contradicts Fayose’s claim on Ekiti debts

    Witness’ evidence contradicts Fayose’s claim on Ekiti debts

    …Says Fayemi left N49 Billion liabilities, not N89 Billion as alleged by governor

    A witness, Kehinde Odunayo Victor, has revealed that the total amount of debt left behind by the administration of former Ekiti State Governor Kayode Fayemi was N49 billion.

    Kehinde disclosed this on Monday when he appeared before the Judicial Commission of Inquiry probing the handling of the state’s finances between October 2010 and October 2014 when Fayemi was in power.

    The witness’ revelation contradicted the claims of Governor Ayo Fayose that the Fayemi left a debt figure of N89 billion behind for his administration.

    Kehinde, told the Justice Silas Oyewole-led panel that out of the N49 billion debt, N25 billion was taken as bond from the Capital Market while N24 billion was taken as loans from ten commercial banks.

    The witness who works in the Funds Management Department in the Office of Accountant General was led in evidence by counsel to the Commission, Sunday Bamise.

    Kehinde who presented a document marked and admitted as Exhibit A13 told the seven-member panel that Fayemi had repaid N42, 691, 410, 210. 37 (N42.6 billion) out of the debt before he left office on October 15, 2014.

    Fayemi had gone to court to challenge the composition of the panel members of which he described as “cronies of Fayose and sympathisers of the People’s Democratic Party (PDP) who cannot be trusted to do justice.”

    No lawyer represented Fayemi at the proceeding but two lawyers, Ibrahim Olanrewaju and Adeoye Aribasoye told the panel that they were in court as “observers.”

    According to Kehinde “as at the time Fayemi left office in 2014, that debt incurred from outstanding workers’ emoluments, comprising pensions, subventions to schools, among others  was N13 , 819,
    928,727,  92”.

    According to Kehinde, ‘Total Deductions from FAAC allocations in the time under review under the last administration was N18, 684, 785, 314, 75 was allegedly deducted in 48 months.

    He told the panel that N163, 267,220, 48; 07 billion statutory allocations were received by the administration in four years.

    The Panel also heard that the former governor allegedly made N18 billion unremitted deductions from the allocations received within the period in review.

    Another witness, Arogndade Victor Adeyinka, who works at the state Ministry of Finance, tendered a document that indicated how the N25 billionbond was expended.

    According to him, the breakdown of the N20b  first tranch of the bond indicated that a sum of N468 million was  to be spent on Ero Dam, Ureje Dam,  N500m, building of the school of Agriculture, N750m, Road Construction, N2.6 building of Lagos Liaison office, N500m, building of modern market in Ado Ekiti, N2b, building of new government house, N633m, new governor’s office, N400m, Ikogosi Warm Spring, N1.5b, Civic Centre, N1 billion, totaling N19.3 billion.”

    “The N5b second tranch of the bond was broken down thus: construction of Ilawe-Igbara Odo-Ibuji road, N894m, Ikole-Ijesa Isu road, N1.34b, Ewu Bridge, N20m, State Pavilion, N1.553b and Ire Resuscitation of Ire Burnt Brick,  N966m, totaling N4.84b”, the documented said.

    However, there was a mild drama at the sitting when one of the “observer lawyers”,  Olanrewaju called the attention of the commission to the fact that it was wrong to refer to its counsel as prosecutor.

    “I am not here to represent anybody but to honour the court. You have been referring to your counsel (Bamise) as a prosecutor. Who is standing trial here? Who is being prosecuted?, he asked.

    Justice Oyewole quickly responded that “it was a lapse of tongue, he is the counsel to the commission, so pardon our mistake,” he begged.

    The panel sitting continues Tuesday.