FG creates central database to track, manage assets in MDAs.

The federal government has launched an asset tracking and management project which will make it possible to locate, identify, assess and evaluate all its moveable and immovable assets.

In a statement on Sunday, Na’inna Dambatta, director of information, ministry of finance, said to achieve an effective tracking of government assets, a central asset register has been created and domiciled in the finance ministry.

The central asset register and the ATMProject, the statement said, were designed to enhance accountability, promote transparency and deepen efficiency in line with the change agenda of the Buhari administration.

It said these initiatives would afford the government to know and monitor its assets in real time online.

“For the first time a central and Unified National Database of Assets (Asset Register) would be generated and maintained for the purpose of recording, tracking and managing the huge investments in capital assets owned by government,” the statement quoted Kemi Adeosun, minister of finance, as saying.

“The Asset Tracking exercise and Register will make planning and control easier and improve accountability for assets. With the increased allocation to capital expenditure to 30%, it is important that all assets are recorded and accounted for.

“Where disposals occur, they must be in line with the laid down procedures and must be transparent.”

The statement also said that a circular has been dispatched to all ministries, departments and agencies (MDAs) requesting their accounting officers to prepare an inventory of all fixed assets held as at December 31, 2016.

“That any assets held by current and former staff are fully accounted for. In this regard, you may find it necessary to contact any former staff and /or political office holders to avail them the opportunity to return relevant assets in their possession.

“All inventory records submitted will be cross-checked to capital releases and project account purchases to ensure completeness. Where assets have been sold or otherwise disposed of, they must be recorded with supporting authorisation for sale and evidence of payment, where applicable.

“Any asset not accessible for physical inspection and not disposed of in accordance with financial requirements will be deemed to have been illegally withheld or converted. Please record such assets so as to enable the investigative agencies to be notified.”

Accounting officers of the MDAs were instructed to submit their reports not later than three weeks from the date of receipt of the circular.


Source: The Cable

Unremitted Revenue: FG Recovers N793m From MDAs

The federal government yesterday  announced that it has recovered additional sum of N793billion from three  agencies.

The funds were recovered by the Recovery Committee set up two weeks ago by the Minister of Finance, Mrs.  Kemi Adeosun.

According to a statement that was signed by director of information in the ministry of finance, Salisu Dambatta, the recoveries were made from the Raw Materials Research and Development Council (RMRDC) N278 million; Nigeria Shippers Council (NSC) N407 million and Nigeria Export Promotion Council (NEPC) N108 million.

The latest recovery brings the total money recovered under the operation to N1.44 billion. The sum of N650 million was earlier recovered from the Nigeria Shippers Council. Dambatta also disclosed that several other agencies were in the process of submitting repayment plan for approval.

The Minister of Finance had accused many of the federal government agencies of not remitting a huge part of their operating surpluses of about N450 billion for the period of 2010 to 2015 fiscal year to the federation account.

Adeosun who had threatened the defaulting agencies with prosecution said, “We expect greater compliance in the weeks ahead.”

The agencies are required to pay the operating surpluses to the Consolidated Revenue Fund of the Federal Government not later than one month following the statutory deadline for publishing each corporation’s account as provided in  Section 22 (2) of the Fiscal Responsibility Commission Act 2007.

Meanwhile, the federal government has announced the restructuring of the Youth Enterprise with Innovation in Nigeria (YouWin) programme into a multimedia-based programme and relaunched it as YouWinConnect,  with a focus on supporting young entrepreneurs with fresh business management ideas for sustainability.

Adeosun had hinted that the government, which was a brain child of the previous administration, would be restructured to improve its performance and sustainability of small and medium businesses start-ups.

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FG Releases N3.9tr To MDAs- Finance Minister

Finance Minister, Mrs. Kemi Adeosun, has said that at the end of September, N3.9 trillion out of the N6.1 trillion budgeted for the year has been released.

Mr Mohammed Dikwa, Director, Special Projects in the ministry, who represented the minister, made the statement at a stakeholders’ forum on reducing the cost of governance in Abuja.

In a paper entitled: ‘Public Sector Financial Management Reforms as a Strategy for Cutting Cost of Governance in Nigeria’’, Adeosun said only 18 per cent of the releases was for capital expenses as against 82 per cent for recurrent expenditure.

She, however, said that the releases to the productive sectors of the economy remained the highest in recent times.

She added that Nigeria’s inability to finance most of its development projects had been largely attributed to high cost of governance in the form of large recurrent expenditure.

“In order to grow the economy and fasten the rate of growth and development, there is the need to reverse the trend,’’ the minister said.

She stated that it was important to ‘’allocate through the budgeting process, a larger proportion of funds for massive investment in infrastructure and other capital projects.’’

Adeosun said in the last two decades, costs associated with the running of the government in Nigeria had increased dramatically.

She added that there was a decline in the proportion of the budget allocated to recurrent expenditure.

Adeosun said that from 60 per cent in 1990 to 36 per cent in 1998, the budget increased to 80 per cent in 2003 but dropped to 74 per cent in 2016.

She said that the rising cost of governance had been a vexed issue in economic discourse in Nigeria.

“Reasons for rising cost of governance in Nigeria are issue of inflation, misuse of public funds and corruption, increase in population, extra-large NASS, extra-large public bureaucracy and need for accelerated growth and development.

“Others are lack of economic efficiency and lack of well-defined rules and regulations,’’ Adeosun said.

She said it showed that all tiers of government in Nigeria spent far more than they earned such that between 2011 and 2015, Nigeria had a consistent annual deficit of over N1 trillion in budget execution.

Adeosun also said that the country’s external and domestic debts amounted to over 30 per cent of national revenue during the period

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MDAs To Benefit From Properties Seized From Looters

The Minister of Finance, Mrs Kemi Adeosun said the Federal Government plans to relocate some of its Ministries, Agencies and Departments (MDA) into some recovered looted properties.

Adeosun said this on Friday in Abuja while briefing newsmen after the Steering Committee of the Efficiency Unit meeting.

The Nigerian Institution of Estate Surveyors and Valuers had been advocating for adequate utilisation of confiscated properties.

Adeosun said that the move to relocate the agencies was to reduce waste since these properties were empty and thereby save government from paying rent.

The issuance of price guidelines and initiatives for reducing expenditure on rent on office and residential buildings will be the primary focus areas of the efficiency unit in coming months.

You may want to know that the average annual expenditure on rent for a three year period of 2012 to 2014 was N3.55 billion.

And to achieve that, we are already looking at using properties that were forfeited from recoveries and moving some of our agencies to occupy those properties rather than paying rent,’’ she said.

Adeosun said that the Efficiency unit had already recorded success in cutting government overhead cost in areas such as travels, welfare, honorarium, sitting allowance, training, adverts and publicity as well as refreshments.

Major savings are expected when on-going engagement with the Bureau of Public Procurement on the pooling of MDAs demands for standard products such as vehicles, computers, diesel and others.

We plan to secure large discounts from suppliers and the issuance of Price Guidelines are developed and implemented.

Price Guidelines will ensure uniformity in the price at which MDAs purchase items, as well as transparency and value for money in the procurement process.’’

Adeosun said she was working with the states to ensure that they all established Efficiency Unit since 47.32 per cent of revenue that accrued to the federation goes to the states and local governments.

She enjoined relevant stakeholders to collaborate with the unit to ensure it achievd its mandate of cutting cost and improving the efficiency of government.

Credit: Guardian

FRC Recovers Over N360bn From MDAs

The Fiscal Responsibility Commission (FRC) Monday said it recovered over N360 billion from the operating surpluses of Ministries Departments and Agencies (MDAs).

The chairman of the commission, Victor Muruako said this during a 2day training tour of Ebonyi State Fiscal Responsibility Commission to FRC Abuja.

His words: “As part of our mandates, we have gone out to look for these revenues from agencies that have been hiding their report and we have retrieved over N360billion by our activities from the consolidated revenue funds”.

Adding that the commission at present has embarked “on investigative visits to several agencies which prompt them to do what is right.”

According to him, “a lot of government agencies ordinarily won’t pay the operating surpluses which they are now paying.” While noting that the money is not being paid to them but they (MDAs) pushed it to the consolidated revenue funds of the federal government.

Credit: Nation