Image

FG To End Bogus Salaries, Allowances In Revenue Generating Agencies |The Republican News

Kemi-Adeosun
Minister of Finance, Mrs. Kemi Adeosun

Tobi Soniyi in Abuja
Also yesterday the Federal Government took the decision to stop the controversial high staff salaries, and other financial abuses being committed by management and employees of some revenue-generating agencies often regarded as ‘juicy’ parastatals.

These agencies are said to rake in about N1.5 trillion in revenues yearly but over the past ten years, have ended up spending about 90 per cent of that on recurrent expenditure for their staff.

Anambra State Governor, Willie Obiano, who also briefed State House Correspondents after the NEC meeting said the Finance Minister, Mrs. Kemi Adeosun, briefed the NEC on the financial abuses being committed by the agencies.

He said: “The Finance Ministry reported to the Council certain activities of some revenue generating agencies that amounted to financial abuse of the revenue they generate.

“They include paying salaries above Revenue Mobilisation and Fiscal Allocation Committee (RMFAC) specifications, converting official cars to personal ownership, monetising medical allowances arbitrarily, unapproved oversees travels, lavish training allowances, and excessive personal loan approval, including unapproved mortgages.

“The ministry of Finance and RMFAC are working together to rein in these abuses as these revenue agencies raise as much as N1.5trillion and spend almost 90 percent on its recurrent expenditure.
“The Minister added that this has been going on for a decade, but such financial abuses whereby the agencies hide the revenues that ought to go to the Federation Account, will now be exposed and terminated.”

The Finance Minister also disclosed that the excess crude oil proceeds as at November 2016 stands at $2.4 billion, while budget support loan facility of $1.1billion was disbursed in October to 35 states, making a total of $6.3 billion now disbursed to  the 35 states. Lagos State is excluded.
On the N2 billion Ecological Fund money said to be paid to the states by the last administration, which some states complained they did not benefit from, the NEC resolved to investigate it and the report made available to the president.

Obiano also said that Adeosun reported to the council that as at November 2016, the balance of Excess Crude Proceeds stood at $2, 455,790,144-

On Budget Support Loan Facility, the governor said the sum of N1.1 billion was disbursed in the month of October to 35 States and a total of N6.3 billion had now been disbursed to each of the 35 States. (ThisDay)

http://www.twitter.com/@RNNetwork1

Leave a Reply