Federal Government Plans More Revenue Sources, says Minister.

 Federal  Government Plans More Revenue Sources, says Minister.

Senetor Udoma Udo Udoma, Min. of Budget and Planning.

The Minister of Budget and National Planning, Udoma Udo Udoma, has said the Federal Government is determined to improve its revenue generation this year and has already taken a number of steps to achieve the plan.

He spoke at the House of Representatives Joint Committee on Finance, Appropriation, Planning and Economic Development on the 2019 revenue and expenditure projections as contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) 2019-2021).

He said that one of the reasons it could not realize its revenue target for 2018 was that some one-off items listed for implementation in the fiscal year were not actualized.

But he said those items which include the N710 billion from Oil Joint Venture Asset Restructuring and N320 billion from revision of the Oil Production Sharing Contract Legislation/terms have been rolled over to 2019.

Among other initiatives aimed at expanding the fiscal space, the Minister indicated that the Federal Government will intensify efforts to improve public financial management through the comprehensive implementation of the Treasury Single Account (TSA), the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS).

Also the Department of Petroleum Resources has been directed to, within three months, complete the collection of past-due oil license and royalty charges, including those due from Nigerian Petroleum Development Company (NPDC) (a subsidiary of NNPC), which it had agreed to pay since 2017.

Udoma said the Ministry of Finance, working with all the relevant authorities, has been authorised to take action to liquidate all recovered, unencumbered assets within six months.

Amongst other revenue generating initiatives, he said the President has directed that work should be immediately concluded on the deployment of the National Trade Window and other technologies to enhance customs collections efficiency from the current 64 percent to up to 90 percent over the next few years.

He indicated that in spite of the challenges that militated against the realisation of targeted revenues, the revenues generated in 2018 showed a significant improvement over 2017.

Ayomide Oyewole

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