Fidelity bank card banner Emerald Energy Institute Camano banner

Adeosun has blocked revenue leakages, improved tax revenue — Spokesman

By Rachael Ishaya on 28/05/2018

Gmail icon

Views: 791

•Kemi Adeosun
•Kemi Adeosun

Mrs Kemi Adeosun, Minister of Finance, has succeeded in developing and implementing fiscal policies to curtail wastages in governance, thereby reducing fiscal leakages and boosting government’s non-oil revenue.

Mr Oluyinka Akintunde, Special Adviser to Adeosun on Media and Communications, said this in a statement on Sunday in Abuja, on the achievements of the Minister since her assumption of office in November, 2015.

He said the minister played a leading role in setting up the Presidential Initiative on Continuous Audit (PICA), which oversees the utilisation of public funds under the present administration.

Akintunde said Adeosun also introduced the Efficiency Unit, which succeeded in bringing down overhead costs in many Federal Government’s Ministries Department and Agencies (MDAs).

He said the implementation of the Treasury Single Account, which was conceived by the previous administration but implemented by the present, had made it easier to effectively track government’s revenues.

In addition, Akintunde said Adeosun introduced the Whistle-blower Policy launched in December 2016 to encourage public participation in the fight against corruption.

“Under the Whistle-blower Policy, the Federal Government has recovered N7.8 billion, 378 million dollars and 27,800 Pounds Sterling.

“In May 2018, the government paid about N439.27 million to 14 whistleblowers who gave specific tips on tax evasion,” he said.

Akintunde also said on June 29, 2017, the Federal Government launched the Voluntary Assets and Income Declaration Scheme (VAIDS) to improve tax compliance in the country.

He recalled that through VAIDS, taxpayers were offered a window of opportunity to regularise their tax status relating to previous tax periods, without incurring penalties.

“The robust implementation of VAIDS has seen an increase in the number of taxpayers from 13 million before the assumption of Office by the incumbent Administration to 14 million in 2016 and 19.3 million in 2018.

“It is instructive to note that some local and foreign companies are now disposed to the VAIDS initiative, and have started to regularise their tax status,” he said.

Furthermore, Akintunde said Adeosun had succeeded in clearing some of the pension liabilities it inherited from the previous administration.

“N41.5 billion was released by the Federal Ministry of Finance to pay off outstanding pensions arrears of 2014, 2015 and 2016, while N12.5 billion was paid out to clear pension claims for up to March, 2017.

“This brings the total payment of outstanding pension arrears by the current administration to over N54 billion; an unprecedented feat, which has been commended by the various workers’ unions,” he said.

Akintunde also said the establishment of the N396.5 billion Development Bank of Nigeria (DBN) was part of Adeosun’s achievements.

“Already, the DBN has a N5 billion line of credit to be accessed by MSMEs through its partner institutions,” he said.

Akintunde also said the minister was responsible for the debt refinancing strategy to better manage existing debt and the Fiscal Sustainability Plans and Budget Support Facility for States of the Federation.

“It is very evident that the Federal Ministry of Finance, under the dynamic leadership of Mrs Adeosun has stepped up the tempo in addressing the myriads of economic challenges.

“She has taken seriously, her job of reflating an economy that was badly battered by years of mismanagement, fiscal leakages, depleted reserves and poor budget performance.

“She has remained very innovative in churning out reform policies and initiatives that have helped, in no small measure, to stabilising the Nigerian economy, and putting it on the path of sustained growth,” he said. (NAN)


Source News Express

Posted 28/05/2018 05:06:46 AM





You may also like...
The divisibility of Nigeria, By Kazeem Olalekan Israel...

Navy arrests 19 illegal vessels

Ekiti Guber: Igbimo Ure Ekiti warns against violence,...

Esimone emerges new Unizik VC, beats 37 candidates...

Army has tightened noose against Boko Haram —...

Lagos airport car hire operator returns N888,000 to...

Ugwuanyi most popular governor in Nigeria — Catholic...

#PanamaPapers, Social Media and Fourth Estate of the...

Enugu killings: Militants give herdsmen 14 days ultimatum...

Sani Bello distributes 47 vehicles to Niger local...

Any man who says he has one wife...

Poor visibility, hazy conditions to prevail today: NiMET...


Latest News Biafra: Kanu leads delegation to UN Buhari vs Atiku: Activist seeks visa ban on Presidential Election Petition Tribunal Justices Association to set up vigilance groups in Igboland •Launches intelligence/surveillance unit Makinde drags Ajimobi before EFCC, ICPC UNILAG releases cut off marks for admissions into various courses Anxiety over Alaafin of Oyo’s absence at Oranyan festival Delta rehabilitates Federal roads I’ve passed through turbulent times since becoming Governor — Abiodun Health Management Board Director dragged to ICPC over certificate scandal Police confirms 3 killed in Akwa Ibom cult clash Imo Recruitment, Appointments Committee submits report We must talk about Peter Obi now — Cleric


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (540,146 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (442,789 views) Shameless Genevieve Nnaji exposes breasts in public (389,057 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (326,522 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (294,475 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,553 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (249,593 views) 10 cars more expensive than Jets (238,203 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,355 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,338 views) Lagos plane crash: Journalist releases victims’ names (195,742 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,347 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,443) Business Verdict (80) Columnists (1,108) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (809) Global Business Monitor (441) ICT Monitor (63) International (3,949) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (410) News (51,334) Opinion (1,357) Pidgin (17) Politics (11,441) Religion (1,102) Sports (2,166) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera