Presidency: Every Kobo Spent Will Count

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Special Adviser to the President on Revenue, Zacch Adedeji, has pledged that every penny spent by the current administration, even down to the least kobo will count.

He gave the assurance during the one-day hybrid sensitisation workshop on “Guidelines for Private Sector Response to Illicit Financial Flow (IFF) Vulnerabilities in Nigeria” organised by the Independent Corrupt Practices and other related Offences Commission (ICPC) in Abuja.

Adedeji said the President believes in fiscal discipline and he would therefore ensure judicious utilisation of the country’s revenue and resources, pledging that the government would strengthen the fight against illicit financial flows (IFFs).

The presidential aide admitted that IFFs had significantly eroded domestic revenues and impeded all efforts of the government to mobilise resources, thereby threatening economic stability and development.

In his welcome remarks, the ICPC boss, Prof. Bolaji Owasanoye, noted that IFFs were draining the nation’s potential revenue accretion and foreign exchange reserves.

According to him, this has resulted in exchange rate depreciation, inflation and increase in cost of servicing external debts; in addition to negatively impacting the cost of imported goods like petrol, with its attendant radical consequences on daily livelihood experiences of ordinary citizens.

To successfully pull out of this situation, the ICPC boss canvassed diverse measures to improve the country’s quest for domestic revenue increase relative to size of its economy amid the volatile global economic and financial system.

Programme Director (Africa) of Centre for International Private Enterprise (CIPE), Mrs. Lola Adekanye, in her presentation reviewed the guidelines, as the Chief Compliance Officer/Company Secretary of Oando Plc, Mrs. Ayotola Jagun, outlined the private sector’s response to the rules.

 

 

 

 

 

 

 

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