Every Naira From Funds Fees Fines, Taxes Must Be Paid Into Consolidated Account

In a remark at a two-day retreat on Revenue Generation in Kano yesterday, Minister of Finance, Mrs. Kemi Adeosun, said the purpose for organising the retreat was to facilitate increased revenue generation to states and the Federal Government.

According to Adeosun, the measure became necessary to ensure efficient utilisation of public funds for provision of the much needed infrastructure in the country, saying that the government was committed to identifying all sources of revenue in view of the dwindling oil receipts.

The Minister said the country could not continue to operate as medieval economy in view of the daunting economic challenges bedevilling the country.

“Oil must be downplayed in the economy of Nigeria and must also be downplayed in the revenue of Nigeria. Nigeria must look inward to improve its revenue base. We must give suggestions on the way forward in the interest of the country,” she said.

The Minister also expressed the determination of the Federal Government to work with the private sector where necessary to maximise the nation’s revenue potential.

She said the days when revenue generating agencies acted as autonomous entities outside of the budget cannot be allowed to continue, saying whether the funds are from fees and fines, from taxes or from projects, the law is clear that every naira must be paid into the Consolidated Revenue Fund.

“The administration has started the process of maximising our revenues with a number of initiatives. The most important change introduced is a reorientation in the thinking about public money. Discipline and accountability in the spending of public money is a trademark of the President Buhari-led administration. Making every naira count is a commitment and a policy focus and not a slogan. Citizens will not willingly pay revenues if the funds are seen to be leaking or being wasted.

“All spending must start with revenue and therefore we have commenced the work of plugging the leakages of government revenues. Such leakages can arise from a number of factors including inefficient collection systems, evasion of payments due, collusion and other malpractices, as well as obsolete tariffs.

“The first step required is the preparation of a detailed revenue map, which identifies the specific lines of revenue and understands how such revenues are generated. The triggers in our various processes that result in a revenue transaction must be clearly understood and well documented.

“To maximise revenue collection, the task of plugging these leakages must be undertaken. It is also important to understand the costs of collection. That is the essential equipment, technology and resources that are required to support revenue.

The administration is committed to ensuring budgetary provision for these costs.

We currently hold daily bilateral revenue meetings with revenue generating agencies to define targets and agree strategies,” the Minister stated.

She disclosed that the Federal Government has commenced the review of the cost profiles of revenue generating agencies to ensure that maximum operating surpluses are declared and remitted in compliance with the Fiscal Responsibility Act.

Also speaking, the state Governor, Dr. Abdullahi Ganduje, said the state government had taken measures aimed at improving the revenue base of the state.

The governor maintained that part of the measures taken to improve the revenue include the restructuring of the state internal revenue board with a view to ensuring optimum performance.

Director, Special Projects and Retreat Coordinator, Mohammed Dikwa, said the retreat was necessary because it will address the challenges in revenue generation in the country following the drastic fall in oil price.