FG reassured commitment to thwart revenue leakages  

FG reassured commitment to thwart revenue leakages

The federal government has blamed Nigeria’s poor revenue generation on leakage and corruption in the nation’s tax system.

The Director in charge of Special Projects in theMinistryy, Mr Victor Omata, stated MinistryMonday at the zonal sensitisation workshop in Kano.

The Federal Ministry of Finance, Budget and National Planning has reaffirmed its determination to block revenue loopholes and debt recovery drive. The Director in charge of Special Projects in theMMinistryyy, Mr Victor Omata, stated this at the zonal sensitisation workshop on the Federal government debt recovery drive through Project Lighthouse Programme held in Kano.

FG reassured commitment to thwart revenue leakages

Represented by the deputy director of special projects, Malam Mohammed Sa’idu, said that Ministrystry initiated the lighthouse program to block leakages and loopholes in the aspect of Tax Paying from contractors and other related stakeholders.

He said the essence of the sensitization workshop was to enlighten MDAs on how to block revenue leakages so that no one would escape from paying Tax.

“Government was committed to enhancing revenue, especially tax revenues; some companies would make contracts with government and refused to tax; with this Lighthouse program government would be able to recover those revenues to strengthen budget and revenue geared towards enhancing infrastructure….”

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The Director noted that the recoveries were made through this lighthouse program, and it has been credited to the federal inland revenue account, which benefits states and local Governments.

” over 5,000 companies and individuals spread across 10 Ministries Departments and Agencies are owing the Federal Government N5.2trn.”

FG reassured commitment to thwart revenue leakages

“In a bid to block revenue loopholes and increased revenues, especially from non-oil revenue sources, the Ministry initiated “Project Lighthouse”Ministryis one of the portfolio projects under the Strategic Revenue Growth Initiative (SRGI).

Omata further explained that Data from Project Lighthouse revealed that many companies and individuals who owe government agencies have refused to honour their obligations were still being paid especially through the government platforms.

The director explained that DMinistrye in the form of debt liabilities to the Federal Inland Revenue Service (FIRS).

According to him, part of the majors taken by the Ministry to curb revenue leakages include; the issuance of a Ministerial directive on26 Septe26 Septembero all MDAS, withMinistryegate view of all Government debt across the Public Finance space as well as to have a Single Window on the credit profiles.

Some of the participants who spoke to Radio Nigeria Applauded the foresight of the ministry for organizing the workshop and promised to step down the knowledge with others.

The workshop was attended by government officials and other stakeholders.

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