Why FGOEs Establishment Act must be amended – SGF

Boss Mustapha

Francis Kadiri

The Secretary to the Government of the Federation, Boss Mustapha has called for amendment of the Establishment Acts of Federal Government Owned Enterprises (FGOES) to reflect the current economic realities in the country.

He made the call in a keynote address delivered at a retreat for chief executives and treasury directors of revenue of Federal Government Owned Enterprises (FGOES), held in Abuja.

Director of Public Relations in the Office of the Accountant General who confirmed the development to our correspondent, Henshaw Ogubike quoted the SGF as saying: “Equally important is the amendment of the establishment Acts of some FGOEs to reflect current economic realities and policy thrust of the government in optimizing the revenues accruing from FGOEs through remittances of operational surpluses”, he said.

The SGF, whose address was read by the Permanent Secretary, General Services office (OSGF), Maurice Nnamdi Mbaeri, noted that there is need “for strong corporate governance reform, expenditure controls and strengthening of budgetary and financial reporting requirements of the FGOEs.”

In her address, the Minister of Finance, Budget and National Planning, Dr. (Mrs.) Zainab Shamsuna Ahmed, said domestic revenue mobilization is pivotal to meeting Nigeria’s development needs.

The Minister, who in 2020 approved the deployment of Treasury Revenue Directors to ten FGOEs, advised the Treasury Directors of Revenue and the FGOEs to work together to achieve the desired objective.

Accountant General of the Federation, Ahmed Idris said the deployment of Treasury Directors of Revenue to FGOEs impacted positively on IGR as it rose from N532.90 billion in 2020 to N1.250 trillion in 2021.

He expressed optimism that there will be greater improvement in government revenue inflows if the policy is sustained.

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