The Nigerian Federal Executive Council has risen from its meeting directing all government agencies that collect revenue in foreign currencies to remit the same money into the accounts of the country’s central bank.
They have also been directed to immediately stop remitting some of the revenues collected in foreign currencies as remittances are done in the country’s currency, the Naira.
The Minister of Finance, Mrs Kemi Adeosun stated this while addressing journalists soon after the meeting of the Federal Executive Council presided over by President Muhammadu Buhari.
The Finance Minister said that with the dwindling fortunes of the nation’s revenues due to the fall in prices of oil at the international market, all revenue generating agencies must work hard to collect money for the government.
”We have discovered that many agencies that generate money never credited anything and never generated surplus including some whose salaries, overhead capital is paid by the federal government.
In addition to that, they generate revenue which they spend without any real form of control. So one of the big initiatives of this administration is to bring all those agencies into line to insist that they must submit a budget. That budget must be subject to approval and that they must operate within that platform so that the surplus that is meant to come to federal government comes in to be used as appropriate.”
The government also warned government agencies to stop spending money they generate, rather, it should be sent to government coffers.
“We have done and we are still doing a comprehensive audit of all agencies that actually remit or collect money in foreign currency. The requirement is that money should go to the Central Bank of Nigeria. The bank should exchange the money into Naira.
What we discovered is some agencies have been doing that. We are now doing an audit to identify other agencies including our foreign embassies. So we are now doing a full audit of those accounts to ensure that all these revenues are converted in line with extant procedures and guidelines”, she concluded.