FG, states, others meet on economy as NACOFED opens in Ogun Tuesday

The National Council on Finance and Economic Development (NACOFED) 2016 conference, which opens in Abeokuta, Ogun State on Tuesday, will examine options available to government to improve its revenue streams especially in a period of low earnings from crude oil.

The conference, which is being hosted by the Minister of Finance, Mrs. Kemi Adeosun, has been themed: Enhancing Revenue Generation and Obtaining Best Value for Money in Expenditure. According to the Federal Ministry of Finance, the event will attract a diverse group of participants including Ministers, Governors, Commissioners of Finance and Budget from the 36 states of the Federation, as well as captains of industry from the private sector.

NACOFED was created as a forum for members to discuss current socio-economic issues, and proffer a way forward for the Nigerian economy on fiscal and monetary policies.

The conference will be declared open by Ogun State Governor, Senator Ibikunle Amosun. According to the Minister of Finance, Mrs. Kemi Adeosun, the policy thrust of the current administration informs the theme for this year’s conference.

She said the Federal Ministry of Finance has continued to discharge its numerous functions through well-articulated initiatives and policies to improve revenue generation, blocking leakages, tackling wastage and obtaining best value for money in government expenditure.

Some of the topics to be treated at the all-important event include: “The non-oil sector as a sustainable alternative in enhancing revenue generation” to be delivered by the Minister for Mines and Steel Development, Dr. Kayode Fayemi.

Others include “Harnessing Customs and Excise Duties for Improved Revenue Generation”, to be delivered by the Comptroller General of Customs, Col. Hammed Ali (rtd); and “Tax as a Source of Improved Revenue to the Federation Account”, to be led by the Chairman of the Federal Inland Revenue Service, Mr. Babatunde Fowler.

Business executives and economic analysts expected at the event include Managing Director, Guaranty Trust Bank, Mr. Segun Agbaje, Group General Manager, Nigerian National Petroleum Corporation, Dr. M.K. Baru, Managing Director, Financial Derivatives Limited, Mr. Bismarck Rewane and former Director General, Budget Office, Mr. Bode Augusto, among others.

The forum serves as an avenue for sharing ideas that will lead to the streamlining of activities in the finance ministries at the federal and state levels as well as other financial institutions of relevance, including government parastatals.

It is expected to enhance the ability of states to align with the Federal Government on various issues of economic concern in order to ensure policy consistency and effective implementation.