Nigeria’s Finance Minister, Kemi Adeosun, said measures introduced by the government have in the last three years helped the nation in recovering billions of naira in looted public funds, tax recovery and also in reducing the cost of running public offices.
A total of N283, 071,347,302 has been recovered as well as saved as a result of the government’s whistle blower policy, Voluntary Assets and Income Declaration Scheme (VAIDS), and reduction of costs of running public offices she said the government introduced.
Adeosun said in a statement over the weekend said that since 2015, her focus has been on the “initiation, development and aggressive implementation of innovative fiscal operations management policies and initiatives aimed at redressing the economic fortunes of the country.”
According to her, under the Whistleblower Policy alone, the Federal Government has recovered directly the sum of N7.8 billion, US$378 million and GBP27,800 or a total sum of N144,271,347,302.
The Minister said about two weeks after her assumption of office, an office known as the Efficiency Unit was established to reduce wastages, promote efficiency, ensure prudence and add value for money in all government expenditures.
About N91bn has now been saved from travels and transportation of government officials in 2016 and 2017 through the efforts of the Unit.
The Government also saved Twenty Four Billion N24bn in 2016 and as against the previous year and a further N10bn in 2017 compared to 2016 Expenditure on Office Stationeries and Computer Consumables, said the Minister.
A sum of N13.8bn has also been made through tax recovery from underpayment as a result of the introduction of VAIDS, as over 19 million Nigerians now pay taxes as against 13 million that paid in 2015.
Adeosun said her leadership of the Finance ministry has stepped up the tempo in addressing the myriads of economic challenges posed by the demands of reflating an economy that “was badly battered by years of mismanagement, fiscal leakages, depleted reserves and poor budget performance.”