FG jettisons NNPC oil revenue reporting, remittance template

… new
… According to the Minister, the elections do not threaten the economy
… w / bank raking wake-up call

Emeca Anaeto & Emma Ujah, Bali Indonesia

The Presidential Income Mobilization Committee may have abandoned the Nigerian National Petroleum Corporation, NNPC, template for reporting income and transferring funds, with a new template underway.

This was announced by Finance Minister Khaji Zainab Ahmed, addressing the media at the closing sessions of the Annual Meetings of the International Monetary Fund and the World Bank in Bali, Indonesia, yesterday.

Haji Zainab Ahmed

President Muhammad Bukhari set up a committee after a long battle between the NNPC and the Federation Accounts Distribution Committee (FAAC) due to the lack of cash flow from oil revenues to the Federation Account.

The controversy led to stagnation in payments to the FAAC three months ago.

According to the minister, the draft template is currently the subject of negotiations between the parties involved in the controversy.

According to her, the new reporting template NNPC will be more transparent in terms of income and expenses.

Her words: “Let me tell you what we are doing in terms of greater transparency with the NNPC reports. A committee was created that was created by the president for revenue mobilization.

“One of the goals is to ensure the transparency of all revenues. This committee is working on supporting FAAC, and they agreed to create a new reporting template for the NNPC, which is still under discussion.

“NNPC reviewed the template and contributed, and FAAC also reviewed the template. It must be agreed, and then the NNPC will begin reporting in this template. The bottom line is that the NNPC should make its reports more transparent, so that more information about the revenue and the value they incur was provided.

“We hope that in the next few weeks it will be completed and the new reporting will come into force. Reporting has been a concern for the entire FAAC, both the state and federal government. ”

W / Bank bad rating call

Meanwhile, the Minister of Finance called Nigeria’s low rating on the human capital index by the World Bank as a “wake-up call,” adding that the government would not discourage him.

She said that the federal government is mobilizing more resources in critical areas of education and health in recognition of the fact that human capital remains the most economically sound sector for investment.

Her words: “About the World Bank’s Human Capital Index (HCI), in which Nigeria held a low 44% and some other low rates against us, while these results are depressing and depressing, we see it as a trace – a challenge .

“We recognize that this pervasive action was due to the long years of inadequate investment in human capital that we have sold so far and for which we are applying.”

FG is going to stop illegal financial outflows of oil companies

Vulnerability

Regarding debt vulnerability, the minister said that the IMF expressed concern about the vulnerability of debtor countries, especially in the face of rising interest rates in the United States of America.

According to her, although Nigeria’s debt to GDP was low, the government is in no hurry to borrow that.

Hadjia Ahmed said: “We have a lot of opportunities to borrow, but we are not in a hurry to borrow more, because we have to take into account the current burden of debt service we are carrying. We must increase domestic revenue mobilization so that we can ease the burden of debt service we carry. ”

Rather, she said that the current administration’s fiscal policy will focus more on increasing revenues while reducing borrowing.

She said that the government will not increase tax rates, but expand the tax base, bringing more taxpayers to the tax network.

“To change the tax, we will consider tax legislation. This may be a process that we will consider in the future. Right now we do not have a plan for the revision of upward taxes in Nigeria. We have no such plans.

“Instead, we are trying to identify people who must pay taxes, but they do not pay. Currently, great efforts are being made to expand the tax base, as well as to improve the process of collecting taxes, and this is already yielding results.

“We have seen that our tax base has grown from 13 million to 19 million. This number is not enough for a country of 185 million people, but we are doing a lot of work in this regard. You also remember that VAIDS was implemented and terminated in June, although VAIDS is closed, the severity contained in the VAIDS program is still ongoing, ”she said.

Elections will not affect the economy

The minister also said that the upcoming elections will not affect the country's economy.

According to her, “The discussion we had with the managing director of the IMF included concerns about what would happen to the economy because of the elections.

“We assured them that we have a presidential directive to focus on the economy. There are several key functionaries in the government who were charged with focusing on maintaining the growth that we have in the economy and not being distracted by electoral processes.

"Some of us actually focus on the economy, and the IMF agrees, and they said it was a good strategy."

In his speech, Minister of Finance and National Planning Sen Udom Udo Udoma assured that funding for the two most important sectors of education and health has increased significantly under the current administration.

He said: “Where we are not where we want, but as a result of neglect of a long period of time. But one of the objects of ERGP is investing in our people, and we do it, but it takes time.

“As an illustration for the formation of the distribution of capital in 2015 amounted to N22. 52 billion. By 2018, we raised it to N102.9 b. In health care, the distribution of capital was N22.6 in 2015 by 2018 we accepted the allocation of N86.49 billion.

“In addition, in the budget of this year, we set aside N55.1billion in accordance with the provisions of the Law on National Health, as additional funding in the amount of 3.3 billion pounds sterling for GAVI Immunization, which is a vote of the service.

“I want to say that he was the center of attention in the ERGP. We have increased funding for these areas because we recognize the need to invest in our people, but it takes time to increase allocations. ”

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