Daily Trust - FG rakes N603.78bn from whistle blowing as external reserve

Minister of Finance, Hajia Zaynab Ahmed

 

FG rakes N603.78bn from whistle blowing as external reserve hits $44.69bn

The whistle blower policy and the the Presidential initiative on Continuous Audit (PICA) activities has raked in NN603.78bn for the federal government.

The Minister of Finance, Mrs. Zainab Usman stated this in Abuja during a press briefing.

The minister said: “The Presidential initiative on Continuous Audit (PICA) has saved the Federation N603.78 billion from its inception in 2016 to date.”

Among this figure, she said is the savings of N8.30 billion during Q1 2019. She would later explain that the N603.78bn figure compromised recoveries from the whistle blowing policy as well. She didn’t say exactly the whistle blower component of the recoveries.

However, recall the whistle blower policy on its own has led to over N9.12bn recoveries as March 2018. The break down then showed that the recoveries comprised N7.8bn, $378 million and 27,800 pounds. No mew break down has been given.

She also noted that as part of this administration’s zero tolerance on corruption, PICA’s findings on ghost workers has been acted on by convicting some civil servants and also there are some that are undergoing trial in  the court while others are undergoing investigation by the EFCC.

Speaking on the external reserve she said that Nigeria’s external reserve now stands at $44.69 billion as at May 13, 2019, which grew from $28.3 billion in 2015.

The Minister also disclosed that states will soon receive their outstanding balance of the Paris Club debts refunds based on the verification made on a total sum of N649.434 billion by the Ministry.

“For the final phase of the Paris Club debts refunds, the total sum of N649.434 billion was verified by the Ministry as the outstanding balance to be refunded to the State Governments,” she said.

She explained that, “the payments made by the CBN as at March 2019, is N691.560 billion. The increase in CBN payments partly arose from exchange rate differential at the point of payment. Although, some states still have outstanding balances, which will be refunded in due course.”

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Minister of Finance, Hajia Zaynab Ahmed

 

FG rakes N603.78bn from whistle blowing as external reserve hits $44.69bn

The whistle blower policy and the the Presidential initiative on Continuous Audit (PICA) activities has raked in NN603.78bn for the federal government.

The Minister of Finance, Mrs. Zainab Usman stated this in Abuja during a press briefing.

The minister said: “The Presidential initiative on Continuous Audit (PICA) has saved the Federation N603.78 billion from its inception in 2016 to date.”

Among this figure, she said is the savings of N8.30 billion during Q1 2019. She would later explain that the N603.78bn figure compromised recoveries from the whistle blowing policy as well. She didn’t say exactly the whistle blower component of the recoveries.

However, recall the whistle blower policy on its own has led to over N9.12bn recoveries as March 2018. The break down then showed that the recoveries comprised N7.8bn, $378 million and 27,800 pounds. No mew break down has been given.

She also noted that as part of this administration’s zero tolerance on corruption, PICA’s findings on ghost workers has been acted on by convicting some civil servants and also there are some that are undergoing trial in  the court while others are undergoing investigation by the EFCC.

Speaking on the external reserve she said that Nigeria’s external reserve now stands at $44.69 billion as at May 13, 2019, which grew from $28.3 billion in 2015.

The Minister also disclosed that states will soon receive their outstanding balance of the Paris Club debts refunds based on the verification made on a total sum of N649.434 billion by the Ministry.

“For the final phase of the Paris Club debts refunds, the total sum of N649.434 billion was verified by the Ministry as the outstanding balance to be refunded to the State Governments,” she said.

She explained that, “the payments made by the CBN as at March 2019, is N691.560 billion. The increase in CBN payments partly arose from exchange rate differential at the point of payment. Although, some states still have outstanding balances, which will be refunded in due course.”

texem
More Stories