Isaac Anumihe, Abuja
As part of efforts to improve the public finance efficiency and block leakages, Federal Government has employed measures to cut cost of governance.
Speaking in Washington DC, at a business meeting, at the weekend, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said that the Federal Govwernment would strengthen implementation of Treasury Single Account (TSA) and whistleblowing policy, Presidential Initiative on Continuous Audit and the Integrated Payroll Personnel System (IPPIS) implemented across Ministry, Departments and Agencies (MDAs).
“All these are targeted at enhancing efficiency and eliminating unjustified payroll entries” he said.
The Minister enumerated policy reforms, initiatives and measures to improve the country’s economic performance which have been undertaken under the ERGP to include: establishment of investors and exporters’ foreign exchange Window by the Central Bank of Nigeria (CBN) to deepen the foreign exchange market, boost liquidity and accommodate all foreign exchange requirements
Establishment of Nigeria Industrial Policy and Competitiveness Advisory Council as a vehicle for partnering with the private sector on the industrialization agenda; Partnership with the private sector on infrastructure development including the Road Trust Fund Scheme, Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, Concessions; and arrangements and Public, Private Partnerships;
Development and implementation of the Power Sector Recovery Programme which consists of a number of policy actions, operational governance, and financial interventions in order to reset the Nigerian electricity supply industry for future growth.
He also pointed out that government succeeded in improving oil production by a number of measures including positive engagement with communities in the Niger Delta, leading to fewer disruptions as well as transition from Joint Venture Cash Calls for Financing Oil Production to a new cost recovery funding mechanism.
Other measures directed at increasing revenues have included the Voluntary Assets and Income Declaration Scheme (VAIDS) resulting in number of tax payers rising from 13 to 19 million, and an Executive Order on remittances of Government-owned Enterprises (GOEs) Operating Surplus.