NIMASA Gets FG Backing on Increased Remittances to Fed Account

Peterside, DG NIMASA

The Federal Government has lauded the Nigerian Maritime Administration and Safety agency (NIMASA) for the vast improvement it has made in its revenue remittances  to the Federation Account.

The Finance Minister, Kemi Adeoshun who made the commendation  said NIMASA had significantly improved on its level of revenue generation to the Consolidated Revenue Fund like the  Joint Admission and Matriculation Board(JAMB) which she stated has remitted N5 billion asking that other Federal Government bodies should emulate them.

She encouraged other agencies to urgently review their operational cost and revenue with a view to increasing remittances to Government coffers.

Adeoshun spoke at a one day workshop on “Compliance with Fiscal Responsibility Act 2007 (As Amended) and Presidential Executive Order No.002 of 18th May, 2017 held at the Federal Ministry of Finance Auditorium for heads of Public Revenue Generating Agencies (PRGA) yesterday

The Minister urged Government Agencies to recognize the current financial priorities of the nation and cut their costs, eliminate wastages and block revenue leakages.

She warned agency heads that “under the President Muhammadu Buhari led administration, ‘Every Naira Counts’ and that “whether funds were generated from oil or from fees” the same standard of accountability for public money would apply.”

Adeosun explained that many agencies were engaged in quasi commercial activities on behalf of government and were therefore expected to manage those organisations in a manner that maximized operating surplus.

She noted that in other countries like United Kingdom and United States of America, government functions such as VISA processing, Passport issuance, Company Registration and regulation were major revenue earners adding that in Nigeria many agencies were operating in such a manner that returned minimal funds to Government.

Adeosun said the cause of these dwindling revenue include wastage, illegal recruitments, bloated expenses, loans to staff and use of expensive consultants reminding Agencies that a Circular had been issued which restricted allowable expenses in line with reforms occurring across Government businesses.

She further said that compliance checks would be undertaken regularly to ensure that all agencies adhere to the new requirements informing  the participants that the Ministry of Finance planned to publish the performance of agencies.