The minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed says the quarterly remittance of federal agencies is gradually driving economic growth.
Before now, an operating surplus of the over 122 revenue agencies is usually done annually. However, the finance minister says a quarterly remittance is now in place to drive economic growth.
Asked why agencies don’t remit their operating surplus on a monthly or quarterly rather than annually which allows for a non-transparent process, Ahmed said that the federal government has brought a number of policies which has led to significant improvement.
“Three years ago, the total performance of revenue-generating agencies was about 25 per cent in 2017, in 2018 it was 40 per cent and half year 2019 it is up to 54 per cent.
“What we have done is that we are tracking their performance and their remittances are now done quarterly.
“The president has also given a directive that all Ministries, Departments and Agencies of government must remit what they have budgeted on a quarterly basis as operating surplus and must remit based on management account.
“Any agency that refuses to comply, the accountant general has the power to go into their accounts and take the surplus of their projected revenue budget.
“The president has also set a presidential revenue and reconciliation committee which has reconciled our revenues from 1999 till date and they are reconciling on a monthly basis,” she added.
Ahmed further stated that minsters have signed to key performance indicators and have ‘deliverables’ which they have mandated all agencies under their ministries to meet up.