Kemi Adeosun achievements as finance minister

The Minister of Finance, Mrs. Kemi Adeosun, resigned saying in line with the Buhari administration’s stance on integrity,
it was honourable for her to resign over allegations on her NYSC
exemption certificate.
Here is a brief highlights of her activities in office
Efficiency Unit:
One of her major initiatives is the Efficiency Unit (E-Unit)
established in November 25, 2015 to ensure that all government
expenditures are necessary and represent the best possible value
for money. Prior to her assumption of office, available records
showed that the nation’s recurrent expenditure completely dwarfed
capital expenditure by a ratio of 84/16. This included non-wage
related overhead expenditure such as travel costs, entertainment,
events, printing, IT consumables, and stationeries, among others.
Since its creation, the unit has been monitoring the MDAs,
identifying and eliminating wasteful spending, duplication and other
inefficiencies and identifying best practices in procurement and
financial management. The federal government currently saves at
least N15 billion annually from the services of the unit, according
to the ministry.
Presidential Initiative On Continuous Audit (PICA):
Adeosun was said to be instrumental to the establishment of the
Presidential Initiative on Continuous Audit (PICA), a critical
initiative in the implementation of a Continuous Audit Programme.
The Federal Executive Council (FEC) had on March 9, 2016,
approved the establishment of PICA to ensure full accountability of
all public funds expended under the Buhari administration.
Development of Whistle Blower Policy: The Whistleblowing policy,
which was developed by the Federal Ministry of Finance in
December 2016, empowers citizens to report public corruption. The
primary goal of the policy is to support the fight against financial
crimes and corruption by increasing exposure of financial crimes
and rewarding whistle blowers. According to Adeosun, over 2,500
reports have been made through various reporting channels as at
July 2017, with 365 being actionable tips. She disclosed that the
sum of N375.8 million had been paid as reward for 20
whistleblowers in the first batch payment.
Voluntary Assets and Income Declaration Scheme (VAIDS):
The Voluntary Assets and Income Declaration Scheme (VAIDS), an
initiative of the Kemi Adeosun in collaboration with the State Tax
Authorities, is a revolutionary programme that provides tax
defaulters a nine-month opportunity to voluntarily and truthfully
declare previously untaxed assets and incomes. As at May 2017,
the total number of taxpayers in Nigeria was just 14 million out of
an estimated 70 million who are economically active. VAIDS has
however yielded over $50 million in revenue between June 29,
2017 when it was launched and October 31, 2017. Two foreign
companies have also agreed to pay $110 million in regularizing
their tax status.
Treasury Single Account (TSA):
The TSA is another initiative towards efficient and transparent
management of federal government finance and revenue
collections that have been implemented in the past years, through
the Federal Ministry of Finance under Adeosun. The government
can monitor and manage revenue from revenue collecting and
revenue generating agencies of government, through a window. It
has so far mopped up over N3 trillion as revenue accruals since
the policy of Treasury Single Account commenced.
Capital budget releases:
Adeosun had said the Federal Government released over N1.580
trillion for capital projects to all its Ministries, Departments and
Agencies (MDAs). She said government released N1.58 trillion
capital cost to the MDAs for the 2017 budget, considerably higher
than the pre-PMB years.

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