HIGHLIGHTS OF PRESENTATION BY THE HONOURABLE MINISTER OF FINANCE,
BUDGET AND NATIONAL PLANNING AT THE 6TH EDITION OF THE PMB
ADMINISTRATION SCORECARD SERIES (2015-2023)
1) Our borrowings have been practical, sustainable and guided by our
Debt Management Strategy. Our debt is 33% of the GDP, which is still
the lowest on the African Continent.
2) We don’t have any need to restructure our debt because debt
management is on the first line charge and we have not defaulted. We
have a projection of meeting our debt through short and medium term
strategies. We are comfortable in our ability to meet our debt.
3) Mr. President has been uniquely generous in his financial support
to states. A total of N5.03 trillion plus an additional US$3.4 billion
has been released to states by the Federal Government over the life of
this administration.
4) The support covers the 13% Derivation Refund to Oil Producing
States, refund for Construction of Federal Roads, Ecological Support,
Support from the Development of Natural Resources Fund, Paris Club
refunds, Support from the Stabilisation Fund, COVID intervention
amongst others.
5) We ensured full implementation of the Integrated Personnel and
Payroll Information System (IPPIS) by all MDAs, including Educational
and Security Agencies – A total of 723 MDAs has been enrolled into the
IPPIS with an outstanding 5 MDAs.
6) In respect of State Finances and Investment, the Ministry also
facilitated the implementation of various Federal Government
Intervention Schemes to Sub-nationals and facilitated Federal
Government’s Intervention facilities for sectoral development in the
States such as: the Commercial Agricultural Credit Scheme (CACs),
Health Care Support Facility, Differentiated Cash Reserve Requirement
(DCRR) Facility and Several Bonds Issuance Programme.
7) The Ministry collaborated with relevant stakeholders in getting Mr.
President to sign an Executive Order (Eo1) on the Ease of Doing
Business (EoDB), to achieve reduction of the documentation
requirements from 10 to 7 for exports and 14 to 8 for import
activities.
8) We have optimized fiscal incentives to boost productivity in
critical sectors, including Agriculture, Solid Minerals and
Manufacturing – The Federal Government has disbursed
N528,384,778,445.70 billion and supported a total of
233,974 MSMEs.
9) In collaboration with AMCON, the Ministry was able to resolve a
significant part of Eligible Bank Assets (EBA) disposable and
recoveries of Non-Performing Loans.
10) The Ministry coordinates and aligns the operations of Banking and
Financial Institutions by establishing financial relations among the
Federal, States and Local Governments as well as parastatals and
government owned companies.
11) Restructuring of the Ministry of Finance Incorporated (MOFI),
which manages GOEs and government-linked companies (GLCs) to drive
value creation from different asset classes or investments of the FGN.
MOFI’s current portfolio consists of 130 corporate entities valued at
about N19 trillion. The goal in the next 10 years is to grow MOFI’s
Assets Under Management (AUM) to about NGN 34 trillion and drive a
minimum annualized average return of 15%.
12) The Federal Government launched the Road Infrastructure
Development And Refurbishment Investment Tax Credit Scheme (RITCS) in
2019 to leverage private sector capital and expertise to construct,
repair and maintain critical road infrastructure in key economic
corridors and industrial clusters. The President has approved 33 Road
Projects, covering a total length of 1,564.95 km as of 2021. About
N78.7 billion (about US$190 million) in tax credits have been issued
thus far.
13) To support Domestic Revenue Mobilisation efforts, the Strategic
Revenue Growth Initiative (SRGI) was introduced in January 2019. The
non-oil revenue share of total FGN revenues to fund the budget
increased from 30% to 73%. In particular, revenues collected by FIRS
grew from N6 trillion for the 2021 fiscal year to N10 trillion from
January to September 2022.
14) The Ministry approved for Nigeria Export-Import (NEXIM) Bank to
increase its share capital from N121 billion to N500 billion over the
next five (5) years.
