The Nation Newspaper

Tag: ministry of finance

  • Osun pensioners protest 12 months arrears, seek FG’s intervention

    Osun pensioners protest 12 months arrears, seek FG’s intervention

    Pensioners  under the aegis of  Forum of 2011/12 Retired Public Servants of Osun,  on Tuesday took to the streets of Osogbo, urging the Federal Government to prevail on the state government to pay their 12 month arrears.

    Speaking with newsmen in Osogbo on the protest, the Chairman of the Forum,  Mr Omoniyi Ilesanmi, said non payment of pension to retirees had led to the death of 1,625 members since  2013.

    Ilesanmi, who said many  of their members had  become bedridden due to ill heath  and inability to  pay for  treatment, stressed  that others could no longer meet  their  basic needs.

    He called on Acting President Yemi Osinbajo to direct the Ministry of  Finance and the CBN to release the second  tranche  of  the Paris Club loan refund to Osun to remedy the situation.

    The spokesman also urged  the acting president to direct both the CBN  and the Federal Ministry of  Finance   to properly monitor the disbursement and utilisation of the fund in the state.

    Mr Shola Olojede, the Secretary of the Forum, said what government was owing  pensioners and  workers  totalled  12 months in accumulated pension  and salaries.

    Olojede said the state government had been  paying half of  pension and salaries to pensioners and workers since July 2015 and which amounted to  12 months arrears.

    He said government was owing N27.6 billion in pension and salaries for the 12 months and  N22 billion in backlog of gratuities from 2008 to 2012.

    Olojede said that government  had, however, told the pensioners at a meeting that it had no funds to pay them.

  • We did not hire foreign PR consultants for N612 million – Ministry

    We did not hire foreign PR consultants for N612 million – Ministry

    The Federal Ministry of Finance said that it had not hired any Public Relations firm for 2 million dollars (N612 million) per month.

    The Director of Information, Ministry of Finance, Mr Salisu Dambatta, in a statement on Wednesday, said a PR consultant was hired by the Federal Government, as part of the Eurobond programme.

    “The Public Relations firm, Africa Practice, has been retained by the Federal Government on the approval of the Federal Executive Council to work with the Debt Management Office as part of the Eurobond programme for a three-year period alongside four other firms.

    “This followed a competitive tender that was advertised and due process was fully followed and  was publicly announced earlier this year.

    “The representative of Africa Practice was in Washington DC in continuation of the Eurobond programme and in support of the country’s outreach with international investors who showed great enthusiasm to do business with Nigeria.

    “However, the false reports have not dimmed the successful participation of the Nigerian delegation in the World Bank and IMF Spring meetings, nor questioned the obvious gains made by Nigeria in the course of the meetings,” he said. ‎‎

    ‎The Minister of Finance, Mrs Kemi Adeosun, was widely criticised for allegedly hiring an expensive British firm to do public relations for her at the monthly cost of ‎2 million dollars.

    At the just concluded IMF/World Bank Spring meetings in Washington DC, the consultant was said to be constantly at her side, hindering Nigerian journalists’ access to the minister, except foreign press.‎

  • Who is buying what, when and how?

    Who is buying what, when and how?

    ALTHOUGH there has been no official confirmation of those who might be interested in buying off some of the nation’s assets, a top source at the Ministry of Finance, who asked not to be named, confided in The Nation that whatever decision as to what should be sold and how, is still being kept under wraps by the federal government.

    The source said, “No one knows the mind of the government yet because there is no official confirmation yet as such it would be mere speculation to say so-and-so item has been pencilled down for sale. It is still a guarded secret for now and no official would want to stick his or her neck out.”

    However, speaking on the planned sale of the national assets, Mr. Osaro Agbontaen, an economist at the Pan-Atlantic University, Lagos, with expertise in Macroeconomics, International Economics, Econometrics, said there could be an orchestrated plan by some clique in the corridors of power to buy off some of the nation’s juicy assets.

    Agbontaen, who was a resource person at a workshop organised by the Centre for Leadership in Journalism (CLeJ), of the School of Media and Communication, Pan-Atlantic University, Lagos in conjunction with the First Bank of Nigeria Limited, recently, said it was not a coincidence at all that some high net worth individuals are those mooting the idea of planned sale of the national assets.

    The Research Officer at the Pan-Atlantic University, named the Blackstone Group LP, one of the world’s biggest private-equity firms, as the likely preferred bidder for some of the oil and gas infrastructure in the country.

    The Blackstone Group, the Bini prince said, always seeks new investment haven, especially in emerging markets and Nigeria looks promising as it is. “Aliko Dangote, Africa’s richest man, is already in talks with the Blackstone Group. So, his proposal to the federal government to sell off our stake at the Nigeria LNG Limited (NLNG) can only signal one thing – a vested interest. If you also consider the fact that Emir Muhammadu Sanusi II, who is Chairman of Board of Directors, Black Rhino, Blackstone’s fund that invests in energy-related infrastructure projects including oil pipelines, and is also in support of assets sale, then you can now have a clear picture of where these whole arguments about asset sale is coming from,” he stressed.

    Agbontaen’s claims could, however, not be substantiated as at press time.

  • PPPRA considers tax on petroleum products

    PPPRA considers tax on petroleum products

    The Petroleum Products Pricing Regulatory Agency (PPPRA) says that taxation of petroleum products like fuel, diesel, kerosene and gas holds huge revenue potential for Nigeria.

    This is contained in a report PPRA made available to the Ministry of Finance and obtained by the News Agency of Nigeria (NAN) at the conclusion of the two-day National Revenue Retreat in Kano.

    According to the Report, PPPRA says the introduction of taxes on petroleum products will supplement the revenue lost due to the fall of oil prices at the international market.

    It said the revenue potential from taxation of petroleum products was enormous, given the average national daily consumption of the products.

    The report from PPPRA showed that the average national daily consumption of fuel was 45 million barrel, diesel nine million barrel and aviation fuel, 1.5 million barrel.

    The report revealed that there were three different taxes that could be charged which the PPRA’s pricing template did not currently accommodate.

    These are Highway Maintenance, Government Tax, Import Tax and Fuel Tax.

    “Fall in government’s revenue from oil sale receipts and budget deficits in the face of compelling demand has made it imperative that the nation begins to examine the next step in the petroleum downstream business in Nigeria.

    “Deregulation remains the key to achieving a self-sustaining downstream sector as well as the stimulation of the economic growth and social wellbeing of the populace.

    “Environmental tax, consumption tax, fuel tax, VAT, Import and Excise tax, when included in the final pricing of petroleum products provides opportunities for petroleum products to provide direct funds for other sectors,” it said.

    Also, PPPRA made available to the government, the option of privatisation of refineries as another way for revenue generation.

    It also suggested that the Downstream Logistics Facilities should also be privatised.

  • Ministry of Finance organises retreat on Revenue

    Ministry of Finance organises retreat on Revenue

    EXPERTS on revenue generation will today assemble in Kano State for the a two-day retreat to evolve new ideas and strategies to boost revenue generation to fund the 2016.

    They have been invited to make presentation and contributions on how to shore up the revenue base at the talkshop tagged: “National Retreat on revenue generation

    Eight Expected at the conferece are: governors, ministers, chief executives of various government revenue-generating agencies, Directors of Accounts and Audit as well as Revenue Officers  in Ministries, Departments and Agencies are expected to participate in the Retreat to share their experiences and articulate new strategies on boosting revenue generation and prudent application of such resources to finance the implementation of various development projects.

     

  • FG to restructure N3bn Nollywood grant

    FG to restructure N3bn Nollywood grant

    The N3billion Federal Government’s grant for the Nigerian Film industry known as Nollywood is being restructured to make it serve the purpose for which it was created, the Ministry of Finance said Friday.

    A talk shop to work out the strategy is scheduled for July 1, the ministry said in a statement.

    Expected at the workshop are key stakeholders in the industry including the Federal Ministry of Information and Culture, the leadership of Nollywood, the Actors Guild, Film and Videos Censors Board, The Nigerian Film Corporation and the Nigerian Copyright Commission.

    Finance Minister, Kemi Adeosun who is convening the workshop explained that  ideas generated  during the workshop would form the basis  for reinvigorating  the Project ACT Nollywood and ensuring  its sustainability.

    To date, the Project ACT Nollywood has implemented specialist training programmes in Nigeria and abroad in which 247 practitioners have been trained to improve their technical and professional capacities in the entertainment industry.

    Similarly, 113 film projects, employing 2,436 people, have been co-financed through grants from the fund at a cost of N799 million, while the Innovative Film Distribution Programme has been designed to support viable solutions in film distribution.

    The Innovative Film Distribution Scheme is also aimed at checking piracy.

    The World Bank estimates that for each copy of a Nigerian film sold, nine pirated copies aresold.

    The National Bureau for Statistics (NBS), reckons the Nigerian Film industry as contributing  1.4 per cent to the country’s Gross Domestic Product in 2013 and 2014, and employing  an estimated 250,000 people directly.

     

  • FG pegs board meetings to save N1billion annually

    FG pegs board meetings to save N1billion annually

    The Federal Government has pegged the frequency of meetings for part-time Chairmen and members Committees, Boards of Statutory Corporations and Government-owned companies from eight to four times annually as part of the strategy to cut costs.

    Over N1 billion is expected to be saved annually from this move alone, according to the Director Information, Ministry of Finance, Salisu Na’inna Dambatta.

    Dambatta said in a statement that an average of the N12.8 billion was spent on honorarium and sitting allowances between 2012 and 2014.

    Part-time Chairmen of government Committees and Boards were paid sitting allowances ranging from N40, 000 to N150,000 per sitting, while members received payments ranging from N30, 000 to N120, 000 per sitting.

    Government accepted the recommendation of the Efficiency Unit that: “While the new allowances per sitting of N40, 000 to N150, 000 and N30, 000 to N120, 000 for Chairmen and Members respectively appear reasonable, the increase in number of meetings from four to eight was rather too high and doubled the cost of sitting allowances for the government.

    “A maximum of four meetings was considered adequate for Boards, while other interactions can be conducted using Information Communication Technology (ICT), which is cheaper and already tested in Nigeria.”

    The Efficiency Unit said it will continue with its ongoing efforts and collaboration with the relevant government offices in line with the resolve of the Minister of Finance to remain committed to her cost-cutting initiative, which is one of the tools for achieving fiscal prudence and releasing of funds for capital projects that will support economic growth and improve the living standard of Nigerians.

  • FG releases N250bn for 3rd quarter capital projects

    The Federal Ministry of Finance says it has released the sum of N250 billion for capital projects for the third quarter of the year 2013.
    A statement from Paul Nwabuikwu Special Adviser to the Coordinating Minister for the Economy and Minister of Finance said the funds will be deployed to expedite the execution of key infrastructure, security and social projects captured in Budget 2013 “in line with the priorities set out by President Goodluck Jonathan.”
    With the release of this new capital project funds Paul Nwabuikwu noted that the “figure means that a total of N850 billion has so far been released for capital projects this year.”
    In addition he said “all the funds released have been cash-backed. It will be recalled that N400 billion and N200 billion respectively were released for capital projects in the first and second quarters of the year.”
    Nwabuikwu added that the “implementation of various capital projects across the country is ongoing and currently, utilization of the released funds for capital projects for this year stands at 71 per cent.”
  • Niger hosts deregulation confab

    Niger hosts deregulation confab

    A conference with the theme Deregulaiton of the downstream sector and development enters its second day today.

    Organised by the National Council on Finance and Economic Development and the Ministry of Finance, the conference brings together stakeholders in the oil and gas sector, public service and academic in Minna, Niger State capital.

    According to the organisers, the forum will deliberate on issues bordering on deregulation and its impacts on the nation’s revenue generation, and utilisation capacity.

    Others issues slated for discussions, include fiscal implications of the deregulation of the downstrem sector, and assesment of the scheme vis-a-vis its ability to drive economic growth.

    The statement reads: ‘The conference partcipants would be espoused to the ideals of the deregulations and policies relating to the removal or reduction of excessive controls, rules and regulations of the oil and gas industry.”

  • Finance Ministry pays N48b to oil marketers

    Finance Ministry pays N48b to oil marketers

    The Federal Ministry of Finance says it has released the sum of N48,085,299,281.50 billion as payments to 19 oil marketers to cover verified subsidy claims.

    A statement signed by Paul Nwabuikwu, Special Adviser to the Coordinating Minister for the Economy and Minister of Finance said that before this latest payment, a total of N192,502,279,966.50 billion in verified claims had been settled this year.

    This he said means that, so far in 2013, total payments made to oil marketers now stand at N240, 587,579,248.00.