Nation
FG Boosts Debt Recovery Measures, Blocks Revenue Loopholes
The Federal Ministry of Finance, Budget and National Planning, has stepped up efforts to block revenue loopholes and debt recovery drive.
The Director in charge of Special Projects in the ministry, Mr Victor Omata, stated this on Monday at the zonal sensitisation workshop in Kano State.
The workshop was on the Federal Government debt recovery drive through Project Lighthouse Programme.
Represented by the Deputy Director, Special Projects, Malam Mohammed Sa’idu, he said the lighthouse initiative was initiated by the ministry to put an end to revenue leakages in the country.
According to him, over 5,000 companies and individuals spread across 10 Ministries, Departments and Agencies are owing the Federal Government N5.2trillion.
He explained that the debt came to the spotlight from data aggregated from ongoing debt aggregation efforts from over 5,000 debtors across 10 MDA’s by the ministry.
“In a bid to block revenue loopholes and increase revenues, especially from non-oil sources, the Ministry initiated ‘Project Lighthouse’, which is one of the portfolio projects under the Strategic Revenue Growth Initiative (SRGI).
“This initiative has enabled the aggregation of relevant economic and financial information from multiple agencies who hitherto did not share data. Revenue loopholes have been aided by poor information sharing and enforcement”, he said.
Omata said data from the initiative revealed that many companies and individuals, who owe government agencies, have refused to honour their obligations but were still being paid especially through the government platforms.
The Director explained that debts were in the form of debt liabilities to the Federal Inland Revenue Service (FIRS).
According to him, part of measures taken by the Ministry to curb revenue leakages include; the issuance of a Ministerial directive on Sept. 26, 2019 to all MDAS.
The directive aims to aggregate all Government debt across the Public Finance space as well as to have a Single Window on the credit profiles.
“The Federal Executive Council (FEC) regulatory approval on Wednesday 31st March, 2021, to extend the functionalities of Debt recovery Capability of Lighthouse to enable the ministry fully automate the debt recovery process and make settlements of debts as seamless as possible”, he added.
He then charged stakeholders on providing quality and relevant information- debt-related- to support the Federal Government Economic Recovery and Growth Plan (ERGP), in improving revenues by targeting and increasing non-oil sources.
Some of the participants who spoke to The Tide source commended the ministry for organising the workshop and promised to step down the knowledge with others.
Nation
Rivers Deputy Governor Hails PH City One Love For Humanitarian Gesture
Rivers state Deputy Governor Professor Ngozi Nma Odu has commended “The Port Harcourt City One Love,”a Port Harcourt based humanitarian orgnisation For it’s commitment towards alleviating the sufferings of the poor and vulnerable in the society.
Professor Ngozi Nma Odu said this while speaking at this year’s edition of “operation feed the needy” a yearly outreach program of “The Port Harcourt City One Love ” in Port Harcourt.
The Deputy Governor said by feeding more than sixty thousands hungry people within the past six years, the Port Harcourt City One Love Movement has distinguished itself as a club that cares for the less privilege in the society.
She commended the , organization for listing eleven thousand persons to be fed in the current exercise.
Meanwhile The Port Harcourt City One Love has planned a permanent solution to the problem of feeding the poor in the state.
The leader of the group Mr Idaere Gogo Ogan who said this in an interview with newsmen during the distribution of food items to the poor and vulnerables in Port Harcourt said the organization is planning a permanent food kitchen where poor and vulnerable persons can work in anytime and get fed.
Idaere Gogo Ogan said more than sixty thousands poor and vulnerable persons across Port Harcourt City and environs have been fed since the inception of “The operation feed the needy” program six years ago,adding that so far sixty thousands poor and vulnerable persons have beneffited.
He described the group as a platform to promote friendship, brotherhood, community development empathy and feeding the less privilege and hungry people
“That’s what we are doing today here,so we started the exercise six years ago”.he said.
Ogan said the effort was a private sector driven initiative but added “it also involves people in Government because the platform does not recognize any division,we bring everybody together in unity , friendship and brotherhood”he said.
He said the effort will go along way in alleviating hunger especially following the prevailing hunger in the country.
According to him “you know the country is very tough, people are hungry people are starving, there is a whole lot of economic hardship,so for us, this is just our own way of reaching out, our own social contribution to what is very difficult”he said.
Over eleven thousand persons were fed in the just concluded exercise.
Areas of coverage include, Isaac Boro park, Port Harcourt prison/Macoba, Borokiri/Enugu waterside Bundu areas Waterlines and others.
Some of the beneficiaries including an 80 years old widow commended the movement for the annual programm and urged other organizations to emulate them
John Bibor,/Esuuk Oyet/Suotor Memoye /Jeremiah Hannah
Nation
We’ll Partner Private Sector to Industrialize Rivers State – Fubara …Hints Revitalization of Ahoada, Trans Amadi Industrial layout
Nation
SheVentures Open Zero-interest Loan Applications for Women Entrepreneurs
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers.
“This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs”, Edun said.
Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB), Nnenna Jacob-Ogogo said access to affordable finance remains a major constraint for women entrepreneurs.
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