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FCTA Targets N250B IGR

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… To Train Revenue Officers 

The Economic  Planning, Revenue Generation and Public Private Partnership Secretariat  of the Federal Capital Territory Administration (FCTA) has set an annual target of over N250 Billion as  projected Internally Generated Revenue (IGR) for the Administration.

This is aimed towards the accelerated development of the FCT

The Mandate Secretary, EPRGPPPS, Rt. Hon. Barr. Charles Chinedum Elechi, who  made the proposal during an interactive session on revenue generation monitoring and tracking exercise held with revenue officers at the FCDA conference hall, Area 11, Abuja,  charged all heads and officers of revenue-generating Secretariats, Departments and Agencies (SDAs) to redouble their efforts in their revenue generation drive in order to boost the IGR profile of the Administration, in a  statement issued  by Head Information, EPRGPPPS Secretariat ,Nnachi Okafor.

“The objective of this meeting is to put heads together and lay down a kind of ground rules. Whatever happens or goes wrong in the EPRGPPPS, the Governor of the FCT, that is Mr. President, will hear about it through the Hon. Minister of the FCT, and he will not be pleased”, the Secretary emphasized in the news bulletin

Hon. Elechi explained that the meeting was critical in view of the dwindling revenue profile of the FCT Administration, and the need to provide adequate qualitative infrastructure in the FCT towards  accelerated development and economic transformation of the Territory. 

He reminded them that the days of oil boom revenue was over, giving way to the generation of IGR to drive the machinery of governance.

“The days of oil boom revenue have gone. What is in vogue is the generation of IGR to drive the machinery of governance in the FCT. A good IGR can do a lot of magic. As you are aware, revenue generation is critical to the development and sustenance of every economy and infrastructural development.  In this regard, it is very important to inform you that the FCT Administration is saddled with the responsibility of providing many basic infrastructural  facilities for FCT residents,” he noted.

The Secretary further explained that, “without revenue, government cannot provide public infrastructure such as good roads, hospitals, schools and other welfare services. Improved IGR is paramount to the funding of the Administration to augment the dwindling Federal Government’s Monthly Statutory Allocations for accelerated infrastructural development in the FCT. Therefore, there is a strong need for all us to redouble our efforts to attain our IGR targets and deliver on these enormous responsibilities.”

Barr. Elechi therefore, urged all heads of revenue-generating SDAs to brace up to the challenges ahead by working in synergy with other stakeholders for effective revenue generation and tracking. 

He charged every SDA to identify all revenue-yielding sources, pursue their revenue targets and block all loopholes and revenue leakages.

He further explained that the meeting was quite critical as it offered the opportunity to discuss the problems and challenges facing the various SDAs in revenue generation, collection and management in order to explore ways of improving revenue generation and reducing leakages in the system.

His words: “From all indications, part of the major challenges we face in revenue generation and collection is the problem of revenue leakage and inefficient harmonization of taxes and levies. However, I learnt that Management had made serious efforts in this direction through the creation of a tax and revenue harmonization committee to address the challenges”. He said the committee was

responsible for harmonizing all taxes, levies and revenues collectibles in the FCT, while rationalizing the tax system to reduce the incidence of multiple taxation and unnecessary conflicts that may arise from revenue collection in line with global best practices.

The Mandate Secretary also informed the revenue officers of the need to build their capacity for optimum performance in revenue generation and management as well  as achieving the mandate and target set for them by the Hon. Minister. 

“Beyond that, we need to explore ways of building the capacity of our revenue officers to improve their skills and knowledge in revenue collection and administration. This is very critical if we must achieve the mandate and target set for us by the Hon. Minister”, Barr. Elechi stressed.

To underscore his total commitment to achieving his mandate, the Secretary pledged to support all revenue collecting agencies in the discharge of their duties to ensure effective revenue collection for the FCTA. 

He also pledged to design ways of motivating revenue officers and Agencies for optimum performance.

 In his words, “There is no way we can generate revenue without providing incentives. Let’s work like a team to grow the IGR”.

The meeting agreed to create revenue optimization and harmonization framework, capacity building incentives, building a common data base of revenue collection agencies and tax payers to facilitate revenue generation and ease of doing business in the FCT. The forum also provided an opportunity for the various SDAs and other key stakeholders to share their experiences, challenges and achievements in their various workplaces.

The meeting was attended by heads of revenue and other representatives from the various SDAs of the FCT Administration. Some of the SDAs include Abuja Geographic Information System (AGIS), FCT Inland Revenue Service (FCT-IRS), Department of Outdoor Advertising & Signage (DOAS), the FCT Water Board, Health & Environmental Services Secretariat, Agriculture and Rural Development Secretariat, Abuja Environmental Protection Board (AEPB), Transport Secretariat, among others.

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Economy

TCN: Coalition Debunks Corruption Allegation Against Engr. Sule Abdulaziz

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A coalition of over 180 Civil Society Organisations in Nigeria, Civil Society Groups for Good Governance, CSGGG has debunked and exonerated the management of the Transmission Company of Nigeria, TCN of any corruption and underhand dealings.

Addressing newsmen in Abuja on Tuesday, the convener of CSGGG, Comrade Ogakwu Dominic, expressed concern over the accusations circulating against the management of the Transmission Company.

“As CSOs, we are duty-bound to investigate any information we receive and ensure none are unjustly punished without appearing sentimental, self-seeking, or unpatriotic.

“We have engaged the management of TCN, and it is on record that the MD/CEO is a man who has instilled a standing and verifiable tradition of prudent management of scarce resources, leading to notable achievements.

“These accomplishments will soon become visible as part of the Renewed Hope Agenda of the current administration, as the decades of rot in the sector can not be wished away overnight,” he said.

Dominic said the allegations revolve around claims made by an online news outlet, suggesting that TCN’s managing director purchased an exotic car for the Hon. Minister of Power as a bribe.

He, however, said TCN management clarified that the vehicle was procured as part of official responsibilities to support the minister’s office.

He further highlighted the challenges facing TCN, including disruptions caused by bandits, gas supply shortages, and unethical conduct by generation and distribution companies.

“We urge Nigerians to proffer solutions to the problems facing the power sector rather than politicizing them,” he said.

Ogakwu emphasized that the continuous harassment of TCN’s management is taking an unpatriotic turn. He cautioned against unjust intimidation and harassment, advocating for transparency and adherence to due process.

He said, President Bola Ahmed Tinubu’s endorsement of Engr. Sule Abdulaziz’s continuation in the office reflects a commitment to professionalism and diligence in the power sector.

“We commend and urge the management of TCN to remain committed to fast-tracking solutions to the challenges bedevilling the power sector,” he said.

The organisation’s stance underscores the need for collaborative efforts to address Nigeria’s power sector challenges and achieve stable electricity supply for all citizens.

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Economy

Tinubu’s Conditional Cash Transfer Programme Making Immediate Impact – Nigerians

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About sixty days after President Bola Tinubu launched the Renewed Hope Conditional Cash Transfer for 15 million households, beneficiaries of the programme are already expressing the enormous impact of the initiative.

A recent independent investigation carried out to ascertain the efficacy and practicability of the Federal Government’s Conditional Cash Transfer (CCT) programme across the country had attracted encomiums and applause by citizens.

Beneficiaries attested that the impact of the cash transfer programme has been immediate and far reaching in alleviating economic hardship to an extent. They also revealed that the N25,000 credited directly into their banks accounts was used for different purposes, including setting up of small businesses and to support existing ones, feeding, payment of school fees, medical bills, amongst others.
Recall that the Federal Government had emphasized that the Renewed Hope Conditional Cash Transfer programme is targeted at uplifting poor and vulnerable Nigerians, as well as an immediate intervention to cushion the effects of fuel subsidy removal and other economic shocks.

The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu had hitherto stated that: “61 million Nigerians stand to benefit from the scheme every month in October, November and December; 15 million households will be receiving 75,000 Naira over three months”.

Here are some testimonies of some beneficiaries of President Bola Tinubu’s Renewed Hope Conditional Cash Transfer programme:

Funke Ogungbesun said, “I thank the Federal Government for what the government has done for us. I use the money to open my shop”.

Precious Nwamaka: “Infact, I’m very happy to see such a huge amount of amount of money unexpectedly in my bank account because I did not expect it. I use it to support my business”.

Shedrack Willie: “I did not believe it, I received it in the night and it really helped me and my family. So I thank the Federal Government for this palliative”.

One of the beneficiaries of the Conditional Cash Transfer programme, who didn’t want his name on print had this to say: “I got alert of N25,000, before then I don’t know what to do about my child who was in the hospital, but as soon as the alert came I used it to pay my child’s hospital bill. So, I thank the Federal Government so much, this money really helped me”.

On her part, Sekinat Galadima, a resident of Kuje, FCT-Abuja said, I used the money to support my pure water business and school.

Alhaji Yusuf Baba, a leader of one the communities in the Federal Capital Territory revealed that beneficiaries in his community are using the money from the Renewed Hope Conditional Cash Transfer programme to support their businesses. He however expressed joy over the impact of the initiative.

It is noteworthy that the Renewed Hope Conditional Cash Transfer programme is not the only initiative the Tinubu administration has adopted to lift Nigerians out of poverty.

Recall, the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Edu had announced the Federal Government’s plan for provision of a special grant of N25,000 each under Conditional Cash Transfer Scheme to vulnerable pensioners in the country.

Dr Edu, also revealed that the Federal Government is working on a strategy to pull 50 million people out of poverty in the next 42 months, stressing that President Tinubu is deliberate in different poverty alleviation programmes to help the vulnerable in the country.

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Economy

New CBN Leadership ‘ll Work Towards Achieving Price Stability, Curbing Inflation- Cardoso

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“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that the current bank management will deal mainly and decisively to achieving price stability and curtailing inflation

He stated Thursday, November 2, 2023, when he received Impact Investing Community, led by the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi order of Nigeria and the neighbouring countries, Muhammadu Sanusi II, who is also a former Governor of the Central Bank of Nigeria in a courtesy visit, that they were determined to change the old story about the Apex Bank and make the institution more impactful in the lives of Nigerians by curtailing inflation and stabilizing Forex market price

“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”

Speaking further, Cardoso thanked the Impact Investing Community for visiting the CBN, noting that the community represented an excellent future for Nigeria and has the potential to transform the country’s economy by tapping into the investment opportunities available across the country and the world.

While commending the quality of leadership at Impact Investing Community and its effort to create awareness as well as build partnerships, the CBN Governor assured them that the Bank would collaborate with them in the direction of putting in place frameworks that will encourage investments that will positively influence the lives of Nigerians and contribute to economic growth.

In his remarks, Khalifa Sanusi expressed happiness at visiting the new CBN Governor. He noted that the Bank’s activities had a massive impact on the lives of Nigerians, adding that many people often “do not know the impact of a Central Bank’s works until a Central Bank fails.”

While expressing concerns about the inflation rate, he urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.

He also acknowledged the importance of long-term planning by the CBN in achieving its goals, just as he emphasised the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.

Khalifa Sanusi, therefore, pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.

Also speaking, the Chair of Impact Investing, Ibukun Awosika, said they were at the CBN to register their willingness to support what the Bank and the Federal Government were doing in terms of changing Nigeria’s investment climate by redirecting resources to areas where they will make the most positive impact.

According to her, over $200 trillion was available around the globe as investment funds, with $1 trillion of it with impact investing. She further stated that Impact Investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country. While stressing the importance of social investment, she sought the support of the CBN to enable the body to achieve its goal.

Equally speaking at the meeting, Bala Bello, deputy governor in charge of corporate services, underscored the importance of investment, noting that global capital was moving towards social investment. He thanked the team for its support, noting that collaboration and effective communication were vital to successfully navigating the current challenges in the country.

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