DG Budget Office lambast GOEs; 2019 Budget Threatened By Revenue Shortfall

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Things are not well with the Federal Government financial inflow, according to Director-General of the Budget Office, Mr. Ben Akabueze. Akubueze, disclosed that the nation is facing financial challenges, with the Federal Government budgeted Independent Revenue performing at a mere 36 per cent, as of September. 

Akabueze said the country was battling a shortfall in revenue which is worsened by failure of Federal Government organizations to remit about N2.810 trillion. Akabueze said: “Nigeria faces significant medium-term fiscal challenges, especially with respect to revenue generation. The FY 2017 and Jan-Sept 2018 budget performance clearly reveal that we have a serious revenue challenge.”

He listed 50 defaulting GOEs with unremitted revenues in the current year, as well as those brought forward from previous years. He insist on payment of outstanding unremitted surplus to Consolidated Revenue Fund, CRF, as well as, set up a task team from the Budget Office and the Office of the Accountant General of the Federation to monitor revenue accruing to the GOEs.

The Petroleum Products Pricing Regulatory Agency, PPPRA, top the list with N1.343 trillion; followed by Central Bank of Nigeria, CBN, with N801 billion; Nigeria Ports Authority, NPA, with N192. 102 billion; Nigerian Maritime Administration and Safety Agency, NIMASA, N66.081 and Federal Airports Authority of Nigeria, FAAN, N51.991 billion. Others among the largest debtors were NIPOST, N37.744 billion; Nigeria Communications Commission, NCC, N30.853 billion, National Inland WaterWays Authority, NIWA, N30. 834 billion, National Information Technology Development Agency, NITDA, N30.709 billion and Nigeria Airspace Management Agency, NAMA, N22.799 billion. 

“The record shows that few of the GOEs declare surpluses. In effect, the Nigerian tax payers/general public have not benefited much from these investments in the agencies.” 

“Out of the total projected sum of N847.95 billion Independent Revenues in 2018, only N302.66 billion, representing 36.8% performance, had been achieved by September this year.” 

The D-G said that annual GOE capital budgets would now be “mainstreamed into the Federal Government’s Capital Budget in order to ensure that they are subjected to the same level of scrutiny, procurement and monitoring processes. 

He also said, henceforth, there would be mandatory submission of annual budget of GOEs for review at the Budget Office of the Federation and to be submitted to the National Assembly by Mr. President along with national budgets. “Consideration and passage of budgets of GOEs should be scheduled with the rest of the annual national Budget,”

Meanwhile, the 2019 Budget has been threatened as oil price drops. The Federal Government’s budget for 2019 pegged at $60 per barrel, yesterday threatened as crude oil price dropped from $66.00 to $57.00 per barrel in the international market, indicating $3.00 below the $60 benchmark of the 2019 budget. 

Following the drop in the international market, OPEC stated: “Following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, hereby decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. 

“The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively.”

Less than two weeks to the end of the year, Director-General of the Budget Office, Mr. Ben Akabueze, has said that the nation is facing financial challenges, with the Federal Government budgeted Independent Revenue performing at a mere 36 per cent, as of September. Addressing chief executive officers of Government-Owned Enterprises, GOEs, in Abuja, yesterday, the D-G put revenue not remitted by Federal Government organizations at about N2.81 trillion.

Read more at: https://www.vanguardngr.com/2018/12/fg-facing-serious-financial-challenges-akabueze-budget-boss/

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