BY Jonathan Nda-Isaiah, GEORGE OKOJIE, Lagos, OLAJIDE FABAMISE, Lagos and Achor Abimaje, Jos –
President Muhammadu Buhari yesterday said his government was saving the country a total of about N25 billion monthly through the stoppage of unnecessary allowances for government officials and blockage of other financial leakages in all agencies.
Buhari stated this in Jos at the graduation ceremony of Senior Executive Course 39 of the National Institute for Policy and Strategic Studies, NIPSS, Kuru, Plateau State.
Represented by Vice President YemiOsinbajo, Buhari said that among the workable measures put in place to tackle corruption and diversion of public funds is the Treasury Single Account (TSA).
He blamed the slow development of the nation and the poverty of millions of Nigerians on corruption and mismanagement of public resources, saying that it was the reason the administration of President MuhammaduBuhari gave priority to the fight against corruption.
Osinbajo listed some of the policies the Buhari administration had taken to revive and put the economy on the path of sustainable growth.
He said: “We must pay attention to what we are seeing today, and some of the shameless noises of those who brought our nation to its knees, many of whom still have looted funds in their possession, trying to rewrite history and hoodwink the populace again. We say never again.
“But with 60 per cent less revenue, we started a series of bailouts for the states, to enable them pay salaries and pensions. With 60 per cent less revenue, we were able to provide about N1.3trillion for capital expenditure, the largest amount for capital in our nation’s history.”
“For the first time in five years we saved $500million and invested another $500million in the Sovereign Wealth Fund. Today our external reserve stands at $35billion, the highest in the past four years.”
According to him, the administration put in place structures that would ensure prudent and transparent management of resources.
He continued: “In July 2015, the president ordered that all MDAs funds should be paid into the Treasury Single Account. This ended years of MDAs keeping secret bank accounts, in some cases putting public funds in fixed deposit for interest far below market rates.”
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