SGF calls for amendment of government owned enterprise acts to reflect current economic realities

Boss Mustapha, the Secretary to the Government of the Federation (SGF), has called for amendment of the Establishment Acts of Federal Government Owned Enterprises (FGOES) to reflect the current economic realities in the country.

Mustapha made this call during a retreat for Chief Executives and Treasury Directors of Revenue of the Federal Government Owned Enterprises (FGOES) held in Abuja.

According to him, such an amendment should also reflect government’s current policy thrust in optimizing revenues accruing from the FGOEs through remittances of operational surpluses.

“Equally important is the amendment of the establishment Acts of some FGOEs to reflect current economic realities and policy thrust of the government in optimizing the revenues accruing from FGOEs through remittances of operational surpluses,” he said.

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Representing the SGF, Maurice Nnamdi Mbaeri, the Permanent Secretary, General Services office (OSGF), noted that there was the need for strong corporate governance reform, expenditure controls to strengthen the budgetary and financial reporting requirements of the FGOEs.

In her address, Zainab Shamsuna Ahmed, the Minister of Finance, Budget and National Planning, said domestic revenue mobilization is strategically pivotal to sustainably finance Nigeria’s development needs.

The minister, who in 2020 approved the deployment of treasury revenue directors to ten FGOEs, advised the directors and staff of the enterprises to work together to achieve the desired objective.

Also speaking, Ahmed Idris, the Accountant General of the Federation, said the deployment of treasury directors of revenue to FGOEs has impacted positively on IGR as it rose from N532.90 billion in 2020 to N1.250 trillion in 2021.

Idris expressed optimism that there will be greater improvement in government revenue inflows if the policy is sustained.

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