FG Moves To Boost Revenue Generation From Mines, Steel Sector, Adopts IPSAS E-collection

The Federal Government has commenced ‘aggressive’ revenue generation from the Mines and Steel sector to increase the nation’s internally generated revenue.

To this end, the Ministry of Mines and Steel Development as a revenue generating organ of the Federal Government has adopted an International Public Sector Accounting Standards (IPSAS) Accruals for its Revenue Collection across the 36 states of the Federation.

Minister of State for Mines and Steel Development Hon Abubakar Bawa Bwari, disclosed this after a 3-day Capacity Building training for officers who would drive the project held on 22nd to 24th May, 2019 at Digital Bridge Institute, Abuja.

Bwari, who was represented by the Permanent Secretary of the ministry, Dr. Abdulkadir Mu’azu while declaring the training open, informed the participants that considering the backdrop of report by NBS on revenue generated by agencies of government in the last quarter of 2018, MMSD performed below expectation which made Federal Government to call the ministry for explanation.

A statement by Sunny Eweama, for Director (Press and Public Relation Unit) Ministry of Mines and Steel Development, Abuja on Sunday, quoted Mu’azu as saying that consequent upon the federal government desire to generate more revenue from MMSD, the ministry has resolved to re-double its effort in revenue generation.

According to him, the ministry cannot afford to dash the confidence the FG reposes on it as a key sector for diversification of the economy.

However, Bawa Bwari expressed confidence in the sector as the recent revenue report by National Bureau of Statistics recorded that the revenue from MMSD in the 1st quarter of 2019 is appreciably higher than that of the last quarter of 2018.

Bwari charged the participants to utilize the training opportunity as veritable means to acquire the relevant skills to discharge their duties in line with global best practices in revenue collection.

The Minister said, “I am optimistic that with the adoption of International Public Sector Accounting Standard (IPSAS) Accruals and E- Collection, the issue of revenue leakages will be a thing of the past”

In his remarks, the Director of Finance and Accounts (DFA) of the Ministry Mr Ikotun Ebenezer Oluseyi thanked the Minister and the Permanent Secretary for giving his department opportunity to organize such training that would no doubt empower the Accounting officers of the ministry to discharge their duties professionally.

He thanked the Assistant Director Accounts, Mrs Obenachi Jumbo, her planning team and the resource persons for their contributions to the success of the programme.