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Isaac Anumihe, Abuja
As part of efforts to improve the revenue profile of the Federal Governmentin 2019, the Federal Government has directed the Department of Petroleum Resources (DPR) to, within three months, complete the collection of past-due oil licence and royalty charges, including those due from Nigerian Petroleum Development Company (NPDC) (a subsidiary of NNPC), which it had agreed to pay since 2017.
Also, 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.
Minister of Budget and National Planning Commission, Mr Udoma Udo Udoma, while briefing 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), stated that one of the reasons the Federal Government 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 included 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).
