Federal Government takes measure to ensure collections of revenue from government-owned companies.

Federal government has announced new measures to ensure that all revenue accrued to the government from government-owned companies are effectively collected.

A circular from the office of the Secretary to the Government of the Federation has come up with new measures to ensure that all funds generated by these companies are correctly and efficiently swept in the Federation Account.

The new measures were also aimed at making the companies more efficient, reduce wastage and eradicate corruption.

The circular stipulated a re-categorization of the GOEs into self-funded, partially funded or fully funded, as is the practice in other countries in the world, to optimize their contributions towards funding the federal budget.

Office of the Accountant General of the Federation will be required to monitor revenue and expenditure performance of all GOEs and ensure that they are published monthly.

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