![\"This](\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/thisday180.jpg\" "\\"Visit")
<\/a><\/p>\n18 December 2011<\/p>\n
\n
As part of overall measures to plug leakages and bolster its revenue drive in 2012, the federal government will audit all revenue generating agencies in the country.<\/p>\n
The move, a top government official told THISDAY, would be executed to the letter in order to ensure that the macro-economic policies of the 2012 budget are fully realised.<\/p>\n
A hint that the agencies will come under the searchlight was dropped by the Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, who disclosed in Abuja Thursday that all revenue generating parastatals had been communicated in writing on the impending audit.<\/p>\n
According to her, the move to audit the agencies had received presidential approval, as President Goodluck Jonathan was said to have given his full support.<\/p>\n
As part of efforts to boost government’s internally generated revenue, the agencies, which currently remit 20 per cent of the net collectible revenue, will in 2012 be mandated to pay 25 per cent of the gross revenue generated as opposed to the 20 per cent paid after sundry deductions.<\/p>\n
About 31 agencies of the government are mandated by law to remit 20 per cent of their operating profit to the government. Among the major revenue generating agencies are the Nigeria Customs Service (NCS) and Federal Inland Revenue Service (FIRS).<\/p>\n
Director General, Budget Office of the Federation, Dr. Bright Okogu had recently lamented that the revenue agencies were remitting less than they were supposed to put into government coffers, citing a particular agency, which generated about N82 billion, spent 80 per cent of the gross revenue and remitted only 20 per cent of the net.<\/p>\n
Piqued by this development, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) had also recently said it was seeking ways to check revenue collecting agencies, which fail to remit all monies to the coffers of government.<\/p>\n
A former Minister of Finance under the administration of the late Gen. Sani Abacha, Chief Anthony Ani, revealed that out of federally collected revenue of N452 billion in 1997, only N208 billion was paid into the Federation Account. In 1998, according to him, N424 billion was collected, while only N189 billion was made available for sharing among the three tiers of government.<\/p>\n
The diversion of federally collected revenues is believed to be encouraging massive corruption and looting at the federal level.<\/p>\n
In the 2012 Budget presented to the Joint Session of the National Assembly by President Jonathan on Tuesday, based on an exchange rate of N155\/US$; a projected GDP growth rate of 7.2 per cent, and inflation rate of 9.5 per cent, the gross federally collectible revenue is projected at N9.406 trillion.<\/p>\n
Of this, the total revenue available for the federal government’s Budget is forecast at N3.644 trillion, representing an increase of 9 per cent over the estimate for 2011.<\/p>\n
“Non-oil revenue is projected to grow significantly in 2012 as recent efforts to reform revenue collecting agencies and the implementation of initiatives to further develop non-oil sectors are expected to yield results,” Jonathan said while presenting the appropriation bill to the lawmakers.<\/p>\n
Meanwhile, Okonjo-Iweala has disclosed that about N170 billion is outstanding as corporate tax payable to the federal government, adding that companies with complaints have been given a window to ventilate such.<\/p>\n
AllAfrica – All the Time<\/p>\n
<\/p>\n