Slash Archives — Business Bells

Tag: Slash

  • FG Set To Merge MDAs, Slash Personnel Cost, Says Finance Minister

    FG Set To Merge MDAs, Slash Personnel Cost, Says Finance Minister

     

    The Federal Government is set to merge some of its ministries, departments and agencies and cut personnel cost as part of measures to reduce cost of governance.

     

    Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, gave the hint on Tuesday at the ongoing ‘National Policy Dialogue on Corruption and Cost of Governance in Nigeria’ held in Abuja.

     

    It was organised by the Independent Corrupt Practice Commission (ICPC).

     

    The minister said the FG would also remove some items from the budget in order to reduce government’s expenditure.

     

    She said that the measure had become imperative because “we still see government’s expenditure increase to a terrain twice higher than our revenue.

     

    “We need to work together, all agencies of the government to cut down our cost. We need to cut down unnecessary expenditure; expenditure that we can do without.

     

    “Our budgets are filled year in year out with projects that we see over and over again and also projects that are not necessary. “Mr President has directed that the salaries committee that I chair, work together with the Head of Service and other members of the committee to review the government payroll in terms of stepping down on cost.”

     

    She also said government agencies with the same mandate would be merged.

     

    The Steve Oronsaye Committee on restructuring of government MDAs submitted its report many years ago but had not been implemented due to lack of political will.

     

    Chairman of the ICPC, Mr Bolaji Owasanoye, identified the cost of governance as a major “driver of corruption in Nigeria”.

     

    He said that “payroll padding” and the “phenomenon of ghost workers” were clear cases of corruption and bloated personnel cost of the MDAs.

  • Slash On Imported Vehicles’ Duties Begins Next Week – Customs

    Slash On Imported Vehicles’ Duties Begins Next Week – Customs

    The planned reduction in the duties on vehicles and tractors from 35 to about 10 per cent may take off next week, the Nigeria Customs Service said on Tuesday.

     

    Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was expecting an official communication from the finance ministry on the matter any moment from now.

     

    He said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria.

     

    He said, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria.

     

    “Now, it has become a law. We are now waiting for the finance minister to give us a formal conveyance of that Act. Once we receive it, we commence implementation immediately and inform our commands.

     

    “We are hoping that latest by next week, it will become operational.”

     

    On the African Continental Free Trade Agreement, Ali said all aspects that concerned the NCS had been adhered to.

     

    He, however, noted that the service would need certain inputs from the AfCFTA secretariat, such rules of origin, as this should not be left to chambers of commerce alone, adding that the NCS should part of the team.