Revenue and Investment

The Revenue and Investment Department is responsible for Revenue Monitoring, Accounting and Managing of Federal Government Investments, Maintaining and Operating the Accounts of the Consolidated Revenue Fund.

Functions:
  • Collecting revenue in the form of loan repayment, dividends from investments, directors fees in respect of civil servants who are members of the boards of companies/paratatals and operating surpluses from non profit oriented organisations;
  • Attending Annual General Meetings (AGMs) and Extra-Ordinary General Meetings (EGMs) of companies/parastatals as representatives of the Federal Government;
  • Monitoring of Government owned companies on the utilization of loans/grants from the Federal Government to ensure that funds are applied for the intended purposes;
  • Advising Government on matters relating to restructuring of capital base and funding of companies/parastatals;
  • Making equity investment either through direct fund release or conversion of loan into equity upon approval by the Federal Executive Council (FEC);
  • Keeping record of Government investments in equities/loans of the Federal Government;
  • Revenue Monitoring, Reconciliation, Tax Refund, Custom Refund, NCS REVENUE, Reconciliation, Distribution of Appropriated Funds for Grants and Loans;
  • Reconciliation of equities and loans records with those of companies on panel of investigation, liquidation or management Audit Committee in the event of government directives for such exercise;
  • Responsible to the Accountant-General of the Federation for government equities and loans, including guaranteed loans and special funds through the submission of the following statements on an annual basis.
  • Statement No. 7 (Statement of Equity and Loans),
  • Statement No. 10 Statement of Guaranteed Loans,)
  • Various Funds Statements,
  • Representing the Government on the boards of companies either as a member or in an observer capacity;
  • Collaborating with the Bureau of Public Enterprises (BPE) on matters relating to the Privatization and commercialization of government owned companies/parastatals;
  • Issuing of Power of Attorney to the Bureau of Public Enterprises (BPE);
  • Hosting of monthly meetings of the Federation Revenue Reconciliation Committee (FRRC) held to reconcile statutory collections and remittances made by NNPC, FIRS, NCS and DPR to CBN and reports were submitted to the committee in respect of actual collections by the respective organisation

 

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