Economy

Ibadan Residents Frown At New Pump Price Of Petrol

By Web News 803

The level of compliance to the new increase in pump price of premium motor spirit, PMS, from one hundred and sixty naira to one hundred and seventy naira per liter by filling stations in Ibadan has not taken effect.

The new price which was announced last night by the Petroleum Products Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC.

Our correspondent who monitored the situation in Ibadan observed that a good number of filling stations sold at one hundred and fifty-nine naira per litre.

However, many major marketers had not changed their price from one hundred and twenty five to the new price.

One of the major marketers who spoke on the condition of anonymity said they were waiting for directive from the headquarters.

Some motorists and commercial drivers who spoke with Radio Nigeria on the new pump price frowned at the development and enjoined the federal government to make the country refineries work so as to put an end to incessant increase of the petroleum products.

They, however, commended the independent marketers for taking their time before effecting the new price.

Olukemi Akintunde

News Analysis

Examining the Proposed Reforms in Revenue Generating Agencies

By Web News 1089

As a way of addressing the country’s dwindling economy and heavy debt burden, the federal government moved to boost its resources by directly taking control of revenue management of its ten most lucrative enterprises.

These enterprises include Nigerian National Petroleum Corporation, NNPC, Nigerian Ports Authority, NPA, Nigeria Maritime Administration and Safety Agency, NIMASA, Federal Inland Revenue Service, FIRS and Nigeria Customs Service, NCS.

Others are Corporate Affairs Commission, CAC, Department of Petroleum Resources, DPR, Nigerian Communications Commission, NCC, Federal Airports Authority of Nigeria, FAAN and Nigeria Shippers’ Council, NSC.

Commenting on the development, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed noted that the initiative was in compliance with the presidential approval conveyed through the Secretary to the Government of the Federation’s circular on the approved revenue performance management Framework for Government-Owned Enterprises, FGOEs.

Mrs Ahmed expressed optimism that the presence of Directors of Revenue at the enterprises will ensure strict adherence to extant rules and regulations in the areas of approved budget as well as due process mechanism in procurement and payments.

Furthermore, the directors would be involved in the revenue operations of the agencies, have a better understanding of business processes and operations leading to improved transparency and accountability in the revenue reporting of the FGOEs.

In addition, they are expected to seek opportunities and avenues for revenue improvements which is the ultimate aim of the government.

It will be recalled that the federal government introduced the Treasury Single Account, TSA, ostensibly to ensure effective monitoring and collection of its revenue.

The minister added that, the duties of the directors would be aided with the deployment of Information Technology to ensure transparency and accountability.

Accountant General of the federation, Mr Ahmed Idris opined that the initiative is to achieve transparency and accountability of government revenue with special focus on FGOEs, improved revenue performance and ultimately provide a sustainable source of funding for government budget execution.

The policy is a reform initiative aimed at generating more revenue and associated remittances into the government coffers and also improve the operational performances of all FGOEs.

Unfortunately, it has been discovered that a number of government owned enterprises remitted less than the operating surplus to the consolidated revenue fund as required by law of financial regulations.

To ensure the success of this measure, auditors both internal and external should be proactive by ensuring that the government does not lose any revenue through leakages, wastages and corrupt practices.

It is of utmost importance that the Directors of Revenue in the FGOEs, discharge their duties as expected which will in turn translate to economic growth for the nation.

Titilayo Kupoliyi