FG: Sell All Recovered Assets | BUHARI Direct Finance Minister

-

President Muhammadu Buhari has directed the ministry of finance, led by Zainab Ahmed, to sell all recovered and liability-free assets in six months.

A number of politicians and former government officials will be affected by this because some assets have been seized in the course of the war against corruption embarked on by the Buhari administration.

Speaking on Tuesday while briefing the house of representatives joint committee on finance, appropriation, planning and economic development, Udoma Udo Udoma, the minister of budget and national planning, said the federal government is determined to improve its revenue generation in 2019.

“The Ministry of Finance, working with all the relevant authorities, has been authorized to take action to liquidate all recovered, unencumbered assets within six months,” he said.


“The Department of Petroleum Resources has been directed to, within three months, complete the collection of past-due oil license and royalty charges, including those due from Nigerian Petroleum Development Company (NPDC) (a subsidiary of NNPC), which it had agreed to pay since 2017.”

Udoma told the lawmakers that the president has directed that work should be concluded on the deployment of the National Trade Window to enhance customs collections efficiency from the current 64% to up to 90% over the next few years.

He attributed the government’s inability to meet its revenue target in 2018 to the non-implementation of some one-off items.

According to Udoma, these items include the N710 billion from Oil Joint Venture Asset restructuring and N320 billion from the revision of the Oil Production Sharing Contract legislation/terms, which have now been rolled over to 2019.

Speaking on the production quota agreed on by the Organisation of Petroleum Exporting Countries, the minister explained that there is no quota set for condensates.

“Mr. President has directed the NNPC to take all possible measures to achieve the targeted oil production of 2.3 million barrels per day.”

He explained that in allocating funds in the 2019 budget proposals, priority was given to critical infrastructure projects.

Comments

Post a Comment

Popular posts from this blog

Communications Ministry: Delayed In Budget Approval Caused Projects Lateness. SHITTU

-
Image
                Communications Minister The Minister of Communications, Barrister Abdulraheem Adebayo Shittu on Sunday said contrary to reports and claims by the Senate Committee on Communication that he abandoned some federal government projects, he did not abandon any of the projects. Shittu who said that one of the reasons for the delay in executing the projects was due to the delay in the approval of the budget which took the National Assembly seven months to approve, however, insisted that he had saved the federal government six-hundred-million Naira (N600m) with the efforts he made to look critically at the petitions which were written against the procurement department in the ministry among other efforts in the contacts included in the 2018 budget of the ministry. On Thursday, Senate committee on Communication bemoans what it described as the ministry’s poor budget performance. The committee said it was difficult for the sum...
Read more

Speakership: Group Disagrees With Ajimobi Over Support For Gbajabiamila

-
Image
A group of youth in All Progressives Congress APC in Oyo state has frown at the Senator Abiola Ajimobi’s directive that House of Reps Members elect in the state should suppport a member of the National Assembly from Lagos state Hon Femi Gbajabiamila against wish of the state to produce the next speaker. Senator Ajimobi had at a private meeting held at his Oluyole resident with some members elect direct the lawmakers to support Hon Gbajabiamila as the speaker. But in a swift reaction, the group under the aegies of Itesiwaju Oyo said the governor’s directive is not only a bad decision but a further demonstration of his disdian for the growth of internal democracy in the party and the state. The group made their position known in a press statement signed by Adetunji Yaqub and Oluseyi Micheal and made available to journalists in Ibadan. It is quite absurd that Mr Governor who should be spearheading how Oyo state will produce the speaker 9th Assembly house of Rep speak...
Read more

BREAKING: Popular Evangelist, Reinhard Bonnke is Dead

-
Image
German Pentecostal evangelist, Reinhard Bonnke who is principally known for his gospel missions throughout Africa is dead aged 79. A post on his official Facebook page explained that he passed away peacefully and was surrounded by his family. “It is with sorrow that the Bonnke Family would like to announce the passing of our beloved husband, father, and grandfather, Evangelist Reinhard Bonnke,” the statement read. “He passed away peacefully, surrounded by his family, on December 7, 2019. For the past 60 years, he has preached the glorious Gospel of Jesus throughout the entire world. “We want to thank you on behalf of him and our family, for your kind love and unwavering support, which enabled him to preach the matchless message of salvation to countless people.
Read more