The FG payroll bill in January 2016 was 5billion naira less than that of December 2015. This was the report of the Minister of Finance, Mrs Kemi Adeosun who was speaking at a Chief Finance Officers Forum on Thursday
Mrs Adeosum gave the reason for the savings as the fact that many fraudulent ghost accounts had been delisted.
She added that her Ministry plans to achieve a N10bilion monthly savings due to this ongoing process. She further said that 400 accounts opened in a Bank same day and put on the payroll are now inactive due to BVN.
Regarding the Budget, the Minister said her Ministry plans to reduce domestic borrowing to fund budget deficit as to ‘force’ banks to lend to the productive sector. 50% of 2016 budget borrowing will be from external sources. The 30% Capex budget in 2016 is to stimulate the economy.
On Government spending on Stationery and office consumables in 2015 the Minsiter expressed disbelief that a total of 18.5billion was spent while total spend on capital expenditure was 18.9billion
She however announced that Government is re-negotiating all contracts of supply for more efficient spending.
Speaking on the return of looted funds, Adeosun said the FG is currently in negotiation with a former public official to return $1billion (equivalent of 199 billion naira at CBN rate) of stolen fund. This however, she said, is just one of many who are still under the radar of the FG