The Minister of Finance, Mrs. Kemi Adeosun has informed members of theHouse of Representatives that the federal government spent N64 billion on foreign trips. The minister, who addressed the lawmakers at plenary on theongoing sectorial debates on how to diversify the economy, said governmentwas trying to reduce the huge amount of money being spent on foreign tripson government officials.
She revealed that government spent N4 billion yearly on rent, pointing out
that they would turn all its agencies that deal on rent to recovery
agencies. The minister disclosed that government inherited N60 billion as
a result of fertiliser supplied and were not paid for.
Adeosun lamented that while N165 billion were being spent monthly on
personnel cost, N18 billion had been spent on road construction thus far.
She said in view of the dwindling economy, government had started growing
the non-oil sector of the economy, adding that the country could not
continue relying on oil proceeds. The minister hinted that over 99.6
percent of what government agencies generate was spent, stressing that
what they were doing at the moment was to block unnecessary spending and wastages.
While saying they were trying to control these government agencies to
really know how much they generate, Adeosun admitted that they do not know
the true size of government revenue. She wondered why some of the oil
companies they pay subsidy were not paying tax to the Federal Inland
Revenue Service, FIRS. On capital projects, the minister assured the
lawmakers that they would invest more on power, housing, transport and
roads.
Adeosun, however, expressed optimism that investing in capital projects
would drive industrialisation and grow the economy. She further disclosed
that government was trying to reduce the counterpart funding to states
from 50 percent to 10 percent. The minister noted that they were cleaning
up the pension reform to ensure that as people retire, they get their
pension as at when due. – Nigerian Pilot.
