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Steady Improvement In Internal Revenue Generation

Steady Improvement in Internal Revenue Generation

The ministry in the period under review has continued to witness steady improvement in revenue generation in conjunction with the Benue State Internal Revenue Service from her serving units. Permanent Board of Survey has in line with the stores regulations been able to generate a total sum of N3,931,931.80 (three million, nine hundred and thirty one thousand, nine hundred and thirty one Naira, eighty kobo) only from disposal of unserviceable stores items between May 2015 and December 2016. This has helped clear Government office premises of unused stores items while simultaneously generating revenue for government. The board is also doing everything to ensure that at the end of 2017 there will be hardly any unserviceable item littering the premises of government offices. The State Tenders Board saddled with the responsibility of registration of contracts had over shot the targeted approved estimate of N50,000,000.00 (fifty Million Naira) only by generating a total sum of N259,038,997.65 (two hundred and fifty nine million, thirty eight thousand, nine hundred and ninety seven Naira, sixty five kobo) only for the period under review. Debt management; Government through the Ministry of Finance has been able to achieve:
  • The liquidation of N13 billion bond.
  • Liquidation of N1 billion Central Bank Nigeria CACS.
  • Training of 50 debt management officers form MDAs on public debt management.
There are also plans in the pipeline to put in place a semi-autonomous Debt Management office.
Final Accounts:
  • Financial Statement of the State have been produced and transmitted to the Auditor General of Benue State within reasonable time at the end of each accounting period.
  • His Excellency has inaugurated the implementation of the International Public Sector Accounting Standards (IPSAS) in the State and work is at an advanced level for the State to become IPSAS compliant.
  • The State Government has carried out capacity building for committee members domestication of the new chart of Accounts for Benue State.
  • The State Government has also carried out a sensitization of stakeholders on IPSAS implementation, capacity building and setting up of IPSAS Implementation Committee at MDAs and Local Governments levels.
  • The Benue State Government has successfully checked, confirmed and paid all salaries up to October, 2016.
Efficiency of Government Operations:
  • The State Government has commenced action aimed at setting up an efficiency unit with a view to ensuring that service delivery is not only effective but at a minimum cost comparable to private sector operations. When this becomes effective leakages and wastage will be reduced to the barest minimum and revenue generation and utilization will become most prudent, efficient and tailored towards public priorities based on goals set in consultation with the citizenries and civil society organizations.