The deployment of Treasury Revenue Directors to ten Federal Government Owned Enterprises (FGOEs) in 2020 contributed positively to the realization of N1.250 trillion internally generated revenue (IGR) in 2021.
The Accountant General of the Federation, Ahmed Idris FCNA, FITM made this known at a Retreat for Chief Executives and Treasury Directors of Revenue of the Federal Government Owned Enterprises (FGOES), in Abuja.
In 2020, the Minister of Finance, Budget and National Planning, Zainab Ahmed approved the deployment of Treasury Revenue Directors to ten FGOEs.
In approving the policy, the Minister noted that, “the presence of Treasury Directors of Revenue at the FGOEs will ensure strict adherence to extant rules and regulations in the areas of compliance to approved budget and due process mechanism in procurement and payments.”
While giving an assessment of the policy, the Accountant General of the Federation said, “the deployment of the Treasury Directors of Revenue is already having great benefits for the Federal Government with the internally generated revenue tremendously increasing from N532.90 billion in 2020 to N1.250 trillion in 2021”.
He expressed optimism that there will be greater improvement in government revenue inflows if the policy is sustained.
According to him, the deployment of Treasury Revenue Directors to the FGOEs became imperative due to the challenges that was prevalent with regard to revenue generation and remittance by the FGOEs.
He mentioned some of the challenges to include non-remittance of operating surpluses by major revenue generating agencies; over bloated expenditure by agencies at the stage of budget preparation with the view to generating and spending IGR; payment of unapproved salaries and allowances; connivance with external auditors to prepare different audited financial statements to avoid tax payment.
Idris pointed out that the government is monitoring the ten FGOEs that were involved in the first phase of the deployment; adding that the exercise will be extended to the remaining 55 FGOEs once it is approved by the Minister of Finance, Budget and National Planning.