FG begins audit of revenue generating agencies

Minister of Finance, Kemi Adeosun has disclosed that the Federal Government has commenced the review of the cost profile of all its revenue generating agencies.

She made this known on Thursday at a two-day National Revenue Retreat which was organized by the Ministry of Finance in Kano.

According to Adeosun, the measure will ensure that maximum operating surpluses were declared and remitted in compliance with the Fiscal Responsibility Act.

She said the ministry had commenced a number of audits of a range of agencies that would provide the government improved visibility into the revenue and cost profiles.

“This will enable us to generate an indicative cost profile that can be used to establish reasonable budget targets going forward,” she said.

The minister further noted that exploiting solid minerals and agriculture sectors of the economy was necessary in taking full advantage of the opportunities they possess, adding that the focus was now away from oil revenue generation.

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