The Federal Executive Council Wednesday gave a directive that former heads of JAMB and NIMASA among others should account for the unremitted funds following the huge disparity uncovered between what obtains now and the recent past.The FEC meeting was presided over by President Muhammadu Buhari.
This development was confirmed by the Minister of Finance, Kemi Adesoun while briefing journalists after FEC meeting.
“We spoke about revenue generation, the VIDE Programme is ongoing and we are having quite a positive response in terms of tax compliance” Adeosun said.
“We also reported on the progress made by a number of our agencies some of whom have reported very significant increases in the amount paid into the consolidated revenue fund.”
She said “Council discussed JAMB which recorded significant progress and NIMASA as well as others and gave us the charge to really go and look at these agencies, look in some cases the past management of those agencies and see where those agencies were leaking and to encourage agencies that haven’t done so to continue with efficiencies.
Answering a question she said “The highest amount that JAMB has ever remitted to the consolidated revenue fund before this management was N3 million. This year so far they have done N5 billion and the minister of education reported that they have additional N3 billion that they are ready to remit which will take this year’s figure alone to N8 billion.
“Now they have not increased their charges nor their fees. So the question that Council members were asking was that where were all these monies before? So the directive was given that we must called those who were the heads of those agencies and similar ones to account and that is what we intend to do.
She said earlier that it is “a similar stories with other agencies and these are the leakages which we are now blocking. These are the monies in the consolidated fund that are now being applied in the projects that really need to get the economy moving. These are the monies that are missing that have led us to the position we are in. It is the grandest looting that this administration action has come in to address.
Speaking about the economy, she said “in summary the outlook is positive. We did some comparative analysis in June 2014 with oil price of $109, federation allocations was N844 billion and in June 2017 it was down to N318 billion, just to give you an idea of how much income the country has really lost in the last few years.
“So we are adjusting very strongly and we believe if we continue with this trajectory not only will we stay permanently out of recession but more importantly we will have a positive and growing economy what works for all Nigerians which is our aim.
She also disclosed that “FEC approved for Nigeria to rejoin the African Trade Insurance Agency. This is an agency that is out to provide risk guarantee for private investors coming into Nigeria as well as exporters from Nigeria.
“It will provide risk guarantees so instead of projects asking for sovereign guarantees, we will be able to provide that risk mitigation through the African Trade Insurance Agency. Many other countries are already members so Nigeria will be also joining.
“This agency has an A rating international and is able to guarantee long term projects. So what we see as a result of this is that there will be increased level of investments particularly PPP where every often the investors want some guarantee from the government, instead the government issuing sovereign guarantee directly, this agency will step in and issue it. It is very similar to MIGA which is Multi-lateral Insurance Guarantee Agency that is owned by the IFC.
“My second activity was part of the briefing on the economy and to speak to the fiscal conditions and outlook.
“As you know we are on the part way of resetting the economy and adjusting permanently to a sort of lower oil pricing.
“The recent announcement of the exit from recession we see as statistically backed indicator that we are moving in the right direction.”