Tag: Mrs. Kemi Adeosun

  • FG inaugurates committee for Ekwueme’s State Burial

    FG inaugurates committee for Ekwueme’s State Burial

    The Secretary to the Government of the Federation (SGF), Boss Mustapha, on Tuesday inaugurated the Committee that will oversee the burial arrangement of the late former Vice-President, Dr.Alex Ekwueme.

    Ekwueme had died in the United Kingdom on the 19th of November, 2017 at the age of 85

    Inaugurating the committee, Boss Mustapha eulogized Dr. Alex as a personality, who have served his fatherland meritoriously.

    The SGF assured the family members who are part of the Committee that Dr. Alex Ekwueme would be given a befitting and state burial.

    He told them that Federal Government would foot the bill and the evacuation of the body from London hospital.

    A statement by the Deputy Director (Press), Mohammed T. K. Nakorji, on behalf of the SGF listed the members of the committee to include Mr. Boss Mustapha – Chairman, Mr. Babatunde Raji Fashola, SAN – Member, Alhaji Lai Mohammed – Member.

    Other members are Mrs. Kemi Adeosun, Senator (Dr.) Chris N. Ngige, Mr. Ibrahim Idris, Mallam Lawal Musa Daura.

    Also in the committee are Pastor Goodheart Obi Ekwueme, Prof. Osita Chukwulobelu – SSG, Anambra State, Dr. R. P. Ugo, FCIPM, FICA – Member/Secretary.

    The Permanent Secretary, General Services Office, Dr. Roy Ugo will also serve as Secretary.

  • Adeosun seeks new approach to curbing financial crimes, terrorist financing

    Adeosun seeks new approach to curbing financial crimes, terrorist financing

    Finance Minister, Mrs. Kemi Adeosun has called for the adoption of a new approach to the fight against financial crimes and terrorist financing if states in West Africa were to succeed in their efforts to curb these crimes in the sub-region.

    Mrs. Adeosun said unlike before, attention should now be directed at evolving preventive measures and other preliminary efforts, including strengthening existing agencies established to fight these crimes.

    The Finance Minister spoke in Abuja Friday at the opening session of the 18th Ministerial Committee meeting of the Inter-Governmental Action Against Money Laundering in West Africa (GIABA).

    Represented by the Permanent Secretary, Federal Ministry of Finance, Mahmud Isa Dutse, Mrs. Adeosun said: “I want to state that it is not the arrest, investigation and prosecution of culprits only that make up the fight against the menace of money laundering and financing of terrorism as many would want to believe.

    “Much more is needed to be done in the administration, prevention and other preliminary efforts, much of which involve building, strengthening and administering as well as developing appropriate policies and practices for relevant anti-corruption, anti-money laundering and combating the financing of terrorism institutions.

    “Focus should also be centered on bringing the existing anti-money laundering and combating financial crimes (AML/CFT) institutions to the attention and understanding of all stakeholders.

    “Stakeholders need to have good understanding of these institutions – both local and international – that are in place to fight corruption, money laundering and financing of terrorism; what is to be done, by whom and the timeline required to do them,” Mrs. Adeosun said.

    GIABA’s Director General, Colonel Adama Coulibaly praised the Nigerian government for its various initiatives aimed at addressing the challenges of financial crimes and terrorist financing.

    Coulibaly said “Recent strong measures taken by Nigeria, including the freezing of all bank accounts not covered by a bank verification number (BVN) to conduct transactions on all banking platforms in Nigeria for the benefit of the Public Treasury are to be hailed.

    He said these measures “should be complemented with those expected by the Egmont Group and the international FATF community to definitively consecrate the independence of the Financial Intelligence Unit vis-à-vis other national entities involved in the fight.”

    Coulibaly called for the continued support and commitment of GIABA’s member nations to enable the agency deliver on its mandates.

  • Buhari for ECOWAS Task Force meeting on common currency ‎in Niamey

    Buhari for ECOWAS Task Force meeting on common currency ‎in Niamey

     

    President Muhammadu Buhari will Tuesday depart for Niamey, Republic of Niger, to participate in a meeting on common currency for the West African sub-region.

    Member countries of the ECOWAS Task Force on Common Currency are ‎Nigeria, Cote d’Ivoire, Ghana and Niger.

    A statement by the Special Adviser on Media and publicity, Femi Adesina, said that the President will be accompanied by the Minister of Finance, Mrs Kemi Adeosun and the Central Bank of Nigeria governor, Mr Godwin Emefiele.

    President Buhari will return to Abuja same day after the meeting.

  • Sukuk Bond: 10 contractors get N100b for 25 road projects

    Sukuk Bond: 10 contractors get N100b for 25 road projects

    The Federal Government on Thursday presented a cheque of N100 billion to 10 contractors awarded the job to construct and rehabilitate 25 road projects across the country.

    Cost of the road projects funded through the Sukuk bond was shared equally at N16.67 billion among the six geopolitical zones to ensure an equal spread of the project.

    Addressing journalists at the cheque presentation in Abuja, the Minister of Power, Works and Housing, Babatunde Fashola, said the gesture was a fulfilment of his promise to the contractors during the September meeting, to address the funding challenge.

    He described the finance as a sign of hope towards the nation’s economic development.

    The contractors are CGC Nigeria Limited, Arab Contractor Nigeria Limited, CCECC Nigeria Limited, Salini Nigeria Limited, Reynolds Construction Company Nigeria Limited and Setraco Nigeria Limited. Others are Dantata & Sawoe Construction Company Nigeria Limited, Eksiogullari Nigeria Limited, Mothercat Limited and Gitto Constrizion Generali limited.

    Some of the projects included: rehabilitation and reconstruction of Enugu-Port Harcourt dual carriage Section II by Arab contractors at N3,750,000,000; dualisation of Lokoja-Benin road by CGC at N2,500,000,000; dualisation of Kano-Katsina road Phase 1 by CCECC at N3,000,000,000; rehabilitation of Enugu-Port Harcourt road section IV by CCECC at N3,500,000,000; dualisation of Yenegwe road junction-kolo-Otuoke by CCECC at N3,500,000,000 and dualisation of Kano-Maiduguri road by CCECC at the sum of N5,000,000,000.

    Others are: Dualisation of Suleja-Minna road in Niger State by Salini at the sum of N3,521,958,532.49; reconstruction and asphalt overlay of Benin-Ofosu-Ore-Ajebandele- Shagamu dual carriageway by RCC at N6,000,000,000; dualisation of Ibadan-Ilorin road Section II by RCC at the sum of N5,666,666,666.67; rehabilitation and reconstruction of Enugu-Port Harcourt dual carriageway Section 1 by Setraco at the sum of N4,000,000,000; Dualisation of Lokoja-Benin road by Dantata & Sawoe Construction Company awarded at the sum of N3,166,666,666.67

    The construction of Kaduna Eastern By-pass in Kaduna state was awarded to Eksiogullari Nigeria Limited at the sum of N4, 666,666,666.67; the dualisation of Kano-Maiduguri road linking Kano-Jigawa-Bauchi-Yobe and Borno States by Mothercat limited at the sum of N3,500,000,000; dualisation of Abuja-Abaji-Lokoja road by Gitto Constrizion Generali limited at the sum of N3,500,000,000 among others.

    In his remark, the Minister of Finance, Mrs Kemi Adeosun said the money would be expended primarily on the road construction projects targeted to open-up opportunities and develop the nation’s economy.

    Describing the bond as first of its type in the country, she said it was about financial inclusion and deepening of the country’s financial sector.

    According to her, the bond was already oversubscribed by investors and other key stakeholders.

    “We are using the money on roads that will open-up potentials of the economy”, Adeosun added.

    The Ministry’s Director of Highway Planning and Development, Engr. Uzor listed the projects based on the order of importance.

    The Financial Advisor, First Bank of Nigeria (FBN) Capital, Mr. Taiwo Okeowo, lauded the federal government for facilitating quick completion of the process.

    The representative of the contractors, Engr. Moussa Nakhla expressed excitement at the development stressing that the contractors would deliver on the projects as expected.

    “Nobody can hide our smiles. We thank the federal government for giving us hope. We believe a lot in this country and we know this country is committed to really helping the people,” Nakhla stated.

  • 2017 Budget: Senate summons Adeosun, Udoma

    2017 Budget: Senate summons Adeosun, Udoma

    The Senate has asked the Minister of Finance, Mrs Kemi Adeosun and  Minister of Budget and National Planning, Senator Udoma Udo Udoma to appear before its Joint Committee on Finance and Appropriation on Tuesday, Oct. 3.

    The Senate, which had on September 26, asked the ministers to appear before it in plenary to brief it on the level of implementation of the 2017 Budget, changed its decision on Thursday.

    The decision followed a point of order raised by the Leader of the Senate, Senator Ahmed Lawan.

    The lawmakers adopted the new position following a voice vote.

    Lawan in his point-of-order appealed to his colleagues to allow the committees interface with the minister for a more robust discussion.

    According to him, some of his colleagues advised that there would be more room for the ministers to discuss the state of the economy at the committee level.

    In his remarks, Senate President Bukola Saraki urged the Clerk of the National Assembly to communicate the position of the Senate to the ministers.

    The upper chamber had summoned Adeosun and Udoma to appear before it to offer explanations on the state of the economy.

    The invitation followed a report that the country had come out of recession, and also the level of implementation of 2017 budget.

  • FG releases N336bn capital funds to MDAs in Q1

    FG releases N336bn capital funds to MDAs in Q1

    The Federal Government says it has so far released N336 billion to its Ministries, Departments and Agencies for the execution of capital projects in the first quarter of 2017.

    The Minister of Finance, Mrs Kemi Adeosun, in a statement by the ministry’s Deputy Director of Information, Mrs Patricia Deworitshe, said this was however less than the N350 billion she had hopped to release for the quarter.

    Given that N2.18 trillion was earmarked for capital expenditure for the year 2017, it’s third quarter of the year and the Federal Government has a pending balance of N1.84 trillion to release.

    “The Federal Government has, to date, released a total of N336 billion from the 2017 Budget to Federal MDAs for funding of capital projects in the first quarter of 2017.

    “The balance of N14 billion is being processed, pending resolution of some formalities within the agencies concerned.

    “Power, Works and Housing received the largest allocation of N90 billion, followed by Defence and Security which got N71 billion; transport got N30 billion.

    Furthermore, agriculture received N30 billion and water resources got N12 billion.

    Other sectors combined, received a total of N103 billion, she said.

    Adeosun said the priority on the release of available funds was made in accordance with the objectives of the Economic Recovery and Growth Plan (ERGP).

    She said in 2017, the Federal Government would 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,” she said.

    The 2017 budget is N7.44 trillion with statutory transfer projections of N434. 41 billion, N1.84 trillion for Debt Servicing and N177.46 billion for Sinking Fund from maturing bonds.

    Recurrent expenditure was projected at N2.99 trillion; capital expenditure, N2.18 trillion, and provision of N2.36 trillion was made for fiscal deficit, with deficit to Gross Domestic Product (GDP) put at 2.18 per cent. (NAN)

  • Adeosun, Udoma to face senate over 2017 budget implementation

    Adeosun, Udoma to face senate over 2017 budget implementation

    • As Saraki urges senators to stand for Nigeria’s unity

    Finance Minister, Mrs. Kemi Adeosun and her Budget and National Planning counterpart, Senator Udoma Udo Udoma have been invited to brief the Senate on the implementation of the 2017 budget.

    Senate President, Abubakar Bukola Saraki disclosed this Tuesday in his welcome address to senators.

    The upper chamber resumed plenary Tuesday after about two months recess.

    Saraki said that the invitation of the two ministers became necessary in order for senators to be abreast with the level of implementation of the 2017 budget.

    The Senate President also asked senators to always stand for the unity and indivisibility of the country as well as condemn in the strongest term all forms of violence.

    Saraki said: “By the first week of October, we expect to begin the review of the implementation of the 2017 budget. To set the stage for this, we expect to invite the Ministers of Finance and Budget Planning to come and brief the Senate on implementation so far. Nigerians want to see a more significant improvement in the level of implementation of the budget this financial year. Let me therefore use this opportunity to call on all our standing committees to begin the process of putting together their oversight plan for a close and proper review of the performance of the 2017 Budget. In the same token, we must remind ourselves of the initiative we started and for which we have significant stride – that is, the Made in Nigeria initiative. It is time to enter the next stage of this initiative; the oversight of implementation to ensure that the policy yields expected gains.

    I will like therefore to see the committees demonstrate proactivity and readiness to engage government to ensure that at least a significant portion of our annual budget is fully dedicated to local procurement. All committees of the Senate must be involved in this and find better channels to engage our people and enable feedbacks. However, for these efforts to be successful it is required that we maintain peace and political stability. Hence the need for all of us to fight to keep Nigeria united and prosperous. 

    “Distinguished colleagues, a house divided against itself will not stand. More than ever before, we need to stand for the unity and indivisibility of our country. We must condemn in the strongest possible terms all forms of violence as a form of engagement. The Constitution and laws have laid down tools and procedures for us to push through our interest as all democratic nations do. Our nation is blessed with exceptionally talented and beautiful people, we are collectively strong and indomitable and it is time for all of us to stand up for our nation. Our dream of a virile nation must keep us motivated and this dream is already at the horizon.”

    The Senate President noted that they have in the last two sessions of their term devoted enormous time, working hard on critical legislation, some with historical essence and others with relatively high-level implications for enhancing the welfare of Nigerians and putting food on their tables.

    He expressed happiness that some of the bills which has since become law have already started yielding expected gains.

    “This is especially so with the Secure Transactions in Movable Assets Act, with increased lending to private sector. We expect more to come. Our ultimate aim will be, inclusive growth, full employment for our people and frameworks that enable our young people to run viable startups,” he said.

    Saraki continued: “Distinguished colleagues, as a firm believer that economic security is first and most important security we can offer our people, it is the apparent inadequacy of this security that is at the heart of the general disaffection of our people towards government. We have done this with the belief that with less hunger on the street; with more of our people gainfully engaged; insecurity will be significantly reduced and our economy revamped. In this period, I expect us to conclude work on the National Transport Commission Bill, and the National Road Funds Bill, the Petroleum Industry Fiscal and Host Community Bill which are pending. It is my hope that we shall conclude work quickly on the Bank lending rate reduction initiative and the National Payment Systems Bill.

    “As we continue to take action to strengthen our economy, let me use this opportunity to congratulate all Nigerians for working together to get us out of recession. While we congratulate ourselves for exiting the recession, it is important that we don’t rest on our oars as this is not an end in itself. There is a lot of work ahead. Our aim is to see our economy create millions of new jobs and see growth rates of 7% or more. This is why the implementation of the 2017 budget is crucial.

    “Distinguished colleagues, as leaders, closest to our people, we must rededicate ourselves to the values we have institutionalized in this chamber. In this chamber, we are first and foremost, Nigerians. Yes, we are Igbos, Yorubas, Hausas, Fulanis. Yes, we are Muslims, Christians and traditional worshipers. But we must in all our conversations and decisions continue to be first and foremost Nigerians and as Nigerian citizens be our brothers’ keepers. Too many of our youths, too many of our families from the South to the North need a lifting. Our job is to help government give them a hand and ones again make them feel great again being Nigerians. This is our mission.

    “As we work to even make our Constitution better, it must be remembered that Constitution review is a continuous process which we must undertake with the vision of the future in our minds. The process we have already will continue in earnest with the meeting of the speakers of the various state Houses of Assembly and the National Assembly with a view to moving forward with the process. As promised, we will revisit and consider areas of the Constitution we believe will further strengthen our federation and enable our collective dream for a more prosperous Nigeria.

     “In the fight against corruption, aside the bills we have passed, it is important that we also sharpen up our oversight tools to ensure that government remains accountable always. However, I urge us all to more than ever, operate above board ourselves. In the last two years, we have successfully exposed numerous cases of corruption in our agencies and officers of government and as a result saved government enormous amount of public resources. This is what Nigerian people expect of us and we must continue to deliver on this. We must not make the mistake of resting on our oars. I say this to encourage you to keep up with the good works of exposing corruption as you have been doing so far. Yes, like Senator Isah Hamma Misau who had the courage to expose deep rooted institutional corruption, you will be attacked, blackmailed and insulted but, unlike any former Senate before this, we will not bow or be intimidated.

     “Distinguished colleagues, our focus on interventions critical to our national development will continue in this session. We will be interacting with stakeholders with the aim of repositioning our education sector and the health sector especially with the health insurance subsector as key primers of the economy. The major direction will be to expand access to basic education and health, incentivize investment in these critical sectors and find lasting solutions to issues of strikes and interruption in these sectors.

     “Dear colleagues, we are all witness to the revolutionary growth of innovative works and remarkable fits Nigerians both in the entertainment industry and software development are making across the globe. However, their ability to fully harness and reap the fruits of their effort continues to be hampered by our intellectual property regime which is yet to be reformed to meet with today’s digital realities and opportunities. We are determined to contribute our quota to make their lives easier and better by initiating and paying close attention to our intellectual property (IP) rights frameworks.

     “Distinguished colleagues, a lot has happened in our nation within the last few weeks especially with the floods. Let me take a moment to commiserate with all Nigerians who may have been affected by the recent floods. Our hearts and prayers are with you at this period.

    “On a salutary note, I am happy to report to you distinguished colleagues that while we were away, we also took note of some of the strides Nigerians have been making. We congratulate our women on the wining of the African Basket Ball Championship. We also congratulate our Super Eagles on their journey so far for the world cup qualifiers and we will continue to support and encourage them.

    “Before, I conclude this speech, let me on another winning note and on your behalf welcome Mr. President who has acknowledged his return to office through an executive communication earlier within the period of our vacation back to the saddle. We pray that the almighty Allah will continue to grant him full restoration.”

  • Make every Naira count, FG urges agencies

    Make every Naira count, FG urges agencies

    The federal government has urged Government Agencies to recognize the current financial priorities of the nation and cut their costs, eliminate wastages and block revenue leakages.

    Minister of Finance, Mrs. Kemi Adeosun made the appeal at a one day workshop on “Compliance with Fiscal Responsibility Act 2007 (As Amended) and Presidential Executive Order No.002 of 18th May, 2017 held at the Federal Ministry of Finance Auditorium Tuesday for heads of Public Revenue Generating Agencies (PRGA).

    The finance Minister warned agency heads that “under the President Muhammadu Buhari led administration, ‘Every Naira Counts’ and that “whether funds were generated from oil or from fees” the same standard of accountability for public money would apply.”

    Adeosun explained that many agencies were engaged in quasi commercial activities on behalf of government and were therefore expected to manage those organisations in a manner that maximized operating surplus.

    She noted that in other countries like United Kingdom and United States of America, government functions such as VISA processing, Passport issuance, Company Registration and regulation were major revenue earners.

    However, in Nigeria many agencies were operating in such a manner that returned minimal funds to Government.

    Adeosun said the cause of these dwindling revenue include wastage, illegal recruitments, bloated expenses, loans to staff and use of expensive consultants.

    The Minister reminded Agencies that a Circular had been issued which restricted allowable expenses in line with reforms occurring across Government businesses.

    She further informed agencies that compliance checks would be undertaken regularly to ensure that all agencies adhere to the new requirements.

    Adeosun also commended a number of agencies that have improved considerably in their revenue remittance to the Consolidated Revenue Fund (CRF), these include the Joint Admission and Matriculation Board (JAMB) which had remitted over N5 billion and the Nigerian Maritime Administration and Safety Agency (NIMASA) which has significantly improved its remittances.

    She encouraged other agencies to urgently review their operational cost and revenue with a view to increase remittances to Government coffers.

    Adeosun informed the participants that the Ministry of Finance planned to publish the performance of agencies.

    In his address, the Accountant General of the Federation, Ahmed Idris, also advised the Agencies to use Professional Treasury Officers in accounting proceedings to ensure efficiency in line with International Public Sector Accounting.

    Former Accountant General of the Federation, Chief Kayode Naiyeju encouraged heads of agencies to look inward and be more creative in generating revenue for the government.

     

  • Whistleblower policy: FG revising recruitment procedure, says Adeosun 

    Whistleblower policy: FG revising recruitment procedure, says Adeosun 

    Following the commendable actions of whistle blowers in recent times to recover stolen monies, the federal government says it is revising its procedure for approval of recruitment.

    Minister of finance, Mrs Kemi Adeosun made this disclosure in Abuja Tuesday at a seminar on “The whistle blower policy and its implication for public servants” organized by the Bureau of Public Service Reforms (BPSR).

    According to Adeosun, “we are revising our procedures for approval of recruitment, which will improve our budgeting and control.”

    She stated that government’s “work is to analyse trends and take corrective actions. For example many of the salary, tax and pension under remittance cases shared a common thread. Several cases where Institutions were found to have insufficient funds to meet there obligations often had illegal recruitments which bloated the wage bill and agencies responded by part paying or short paying salaries, whilst applying to FG for salary shortfall payments.

    The finance minister also noted that “in many cases where revenue has been diverted to accounts outside TSA, we have reviewed our reconciliation and receipting processes. So the information being provided is useful in driving process improvements.”

    Adeosun stated that much of the success of the whistleblower policy has relied on the decision of the whistleblower to do the right thing.

    She then revealed that “of the 365 actionable tips we have received, over half of them have come from public servants touching on issues such as contract inflation, ghost workers, illegal recruitments, misappropriation of funds, illegal sale of Government assets, diversion of revenues, and violation of TSA regulations, amongst others.”

    In reviewing the information, the federal government she said has received and noticed “that certain type of tips are recurring, for example; 39% (144) of the actionable tips relate to misappropriation and diversion of funds/revenue, 16% (60) relate to ghost workers, illegal recruitments and embezzlement of funds meant for personnel emolument, 15% (56) relate to violation of TSA regulation, 13% (49) relate to contract inflation/violation of the procurement act and failure to carry out projects for which funds have been released and 9% (34) relate to non-remittance of pension & NHIS deductions. Others include concealed bail-out funds and embezzlement of funds from donor agencies.”

    Overall, the volume of tips received Adeosun said “has been greater and of higher quality than expected when the programme was first adopted. We continue to receive information every day with total communication reaching above 5,000 in July through our various reporting channels.”

    Adeosun assured civil servant who “have information about a possible misconduct or violation that has occurred, is on-going, or is about to occur, we implore you to come forward and report it. You can submit your information anonymously and confidentially through the online portal, by email or by phone and if you choose to disclose your identity, I assure you that it will be fully protected. All information you provide will be reviewed, analysed and referred to be treated either administratively or criminally, through the investigative agencies.”

    If for any reason after a civil servant has made a disclosure, “you feel that you are being treated badly because of your report, you can file a formal complaint through the same confidential channels and the matter will be dealt with immediately with the seriousness it deserves. Also, where you have suffered harassment, intimidation or victimisation for sharing your concerns, the whistleblower policy makes provision for restitution of any loss suffered” the minister said.

    She further assured potential whistleblowers that “the risk of corruption is significantly heightened where the reporting of wrongdoing is not supported or where those who report wrongdoing may be subject to retaliation, such as intimidation, harassment, transfer, dismissal or violence by their fellow colleagues or superiors.

    The protection of public sector whistleblowers from retaliation for reporting in good faith is therefore, integral to our effort to combat corruption, safeguard integrity, and enhance accountability.”

    These she said “are not just words, as you must have heard, the Senate recently passed the Whistleblower Protection Bill which gives a whistleblower, protection under the laws of Nigeria. This is a great step in the right direction in our fight against corruption”.

    Adeosun noted that “the reward scheme has also acted as an incentive for disclosures – a whistleblower is entitled to between 2.5% and 5% of the amount recovered if the information provided is original and directly leads to the recovery of stolen or concealed funds or assets. Even in the payment process we have built in protection to ensure that whistleblowers identity remains confidential and that bank and other details cannot be used to trace information providers.”

    However she cautioned that, “balance is necessary in every policy and you will note that as keen as we are for officers to provide information, there are serious consequences for providing false or malicious information including the possibility of prosecution. We must ensure that people are not victims of personal grudges or private misunderstandings.”

    Government she said recognises “that whistleblowing alone is not a solution to corruption; it is one of the tools that can improve governance in the public service. In line with ensuring that government continues to build the right capacity and follow best practice, the Whistleblower Unit consisting of representatives from the various investigative agencies, is expected to go on a study tour to Australia to understand how they have been able to successfully implement the policy.”

    Government she added “will continue to evolve and improve on the programme based on our experiences and learnings from other jurisdictions.”