Fed Govt saves N125b reducing official allowances

Fed Govt saves N125b reducing official allowances, The Minister of Finance, Mrs. Kemi Adeosun, says the ministry has reduced travel and stationery allowances by N125 billion in 2016 and 2017.

In a document released at the weekend to review the performance of the ministry between 2015 and 2017, Adeosun said this was achieved by the efficiency unit set up by the ministry in November 2015.

READ MORE: Understanding the African Continental Free Trade Area Agreement

“The government has saved N34 billion on travel and transport for 2016 compared to 2015 figures and a further N57 billion on same travel and transport in 2017 compared to 2016,” the document released by Mrs Adeosun’s media spokesman, Oluyinka Akintunde, read.

Kemi Adeosun - Fed Govt saves N125b reducing official allowances
Kemi Adeosun – Fed Govt saves N125b reducing official allowances

“Again, on office stationeries and computer consumables, the government saved N24 billion in 2016 as against the previous year and a further N10 billion in 2017 compared to 2016 expenditure on the same line item,”added the document.

READ MORE: African oil, energy, aviation pools face increased volatility, pressure on premium

Commenting on the voluntary assets and income declaration scheme (VAIDS), Adeosun said the programme is now receiving information on companies that evaded or underpaid taxes.

She said: “You will remember that the Whistleblower Policy was introduced in December 2016 and since its introduction, we have had 8,373 communications out of which 1,231 are whistleblowing tips.

We have carried out 791 investigations and completed 534 of those investigations. Ten are presently under prosecution and we have secured four convictions.

READ MORE: FG includes Imo in $60m loan for RAM project

“For the first time, we are paying N439 million to about 14 whistleblowers who gave us specific tips on tax evaders. From the specific information provided on companies which underpaid their taxes, we were able to go in and communicate with the companies.


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More