The Accountant General of the Federation (AGF), Ahmed Idris, has said the deployment of Treasury Revenue Directors to 10 Federal Government Owned Enterprises (FGOEs) is yielding results as Internally Generated Revenue (IGR) has improved.
While giving an assessment of the policy, the AGF said, “The federal government has seen the internally generated revenue tremendously increasing from N532.90 billion in 2020 to N1.250 trillion in 2021.”
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He spoke at a retreat for Chief Executives and Treasury Directors of Revenue of the Federal Government Owned Enterprises (FGOES), in Abuja.
According to him, the deployment of Treasury Revenue Directors to the FGOEs became imperative due to the challenges prevalent with regard to revenue generation and remittance by the FGOEs.
He mentioned some of the challenges to include non-remittance of operating surpluses by major revenue-generating agencies; over-bloated expenditure by agencies at the stage of budget preparation with the view to generating and spending IGR; payment of unapproved salaries and allowances; connivance with external auditors to prepare different audited financial statements to avoid tax payment.
Idris pointed out that the government is monitoring the 10 FGOEs that were involved in the first phase of the deployment, adding that the exercise will be extended to the remaining 55 FGOEs once it is approved by the Minister of Finance, Budget and National Planning.