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Kemi Adeosun, Nigeria’s Minister of Finance, resigned last Friday after discovering that an exemption certificate she received from the National Youth Service Corps(NYSC) had been improperly obtained. Here is a review of her tenure, which lasted nearly three years. Adeosun was sworn in as a minister in November 2015.
HITS
Intervention for states
One of Adeosun’s first duties was to arrange bailout funds for states in the country running into trillions of Naira. Without this, most of them would have run into crisis. In exchange, the states were required to adopt policies that would engender fiscal prudence.
Treasury Single Account (TSA)
While Ngozi Okonjo Iweala under the Goodluck Jonathan administration made a feeble attempt to implement the Treasury Single Account (TSA) policy, Adeosun embraced it and took it to a conclusion.
Though commercial banks in the country felt the pinch from the withdrawal of funds, and some departments and agencies complained of being starved of needed funds, the policy created prudence in the management of government revenue.
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Efficiency units
Adeosun also created an efficiency unit in the Ministry of Finance. The unit worked across Ministries, Departments, and Agencies (MDAs) to prevent duplication of expenses. This resulted in savings of over N10 billion annually.
Whistleblower policy
Adeosun actively pursued the whistleblower policy which led to the country recovering billions of Naira, most notably the Ikoyi gate. At the peak of controversy surrounding the nonpayment of the whistleblower, Adeosun stated that he would be paid and over 20 whistleblowers were paid so far.
VAIDS
The erstwhile finance minister was also instrumental in promoting the Voluntary Income and Asset Declaration Scheme (VAIDS). VAIDS resulted in the number of taxpayers increasing from 14 million to 19 million.
Increased excise taxes
During her tenure, excise taxes were increased on alcohol and tobacco. The increase in taxes which will be phased from now till 2020, are as a result of an ECOWAS policy and recommendations by the IMF.
MISSES
Debt service remained high
Under her watch, debt service remained high. Debt service as a percentage of the 2016 budget was 24.4%. For the 2018 budget, it only dipped marginally to 21.9% of the budget. In nominal terms, it rose from N1.48 trillion in 2106 to N2.0 trillion in 2018.
FAAC receipts dwindled
Despite the rebound in crude oil prices, FAAC receipts had dwindled in the months prior to her resignation. The dire situation led to FAAC meetings being deadlocked severally, as state commissioners of finance walked out in protest.
$426 million helicopter
The government’s decision to pay $426 million for helicopters without the approval of the National Assembly. Was a big query.
Failure to resign on time
In what is arguably her biggest miss, Adeosun failed to address the controversy surrounding how she obtained a certificate exempting her from the National Youth Service Core (NYSC). The scandal rid her of credibility, towards the end of her tenure and prevented her pushing with needed reforms.
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I don’t agree to what this writer is saying here… This is total lies and nonsense
This whack writer is talking about TSA, which rubbish conclusion, did she conclude? Can she even say it herself that she concluded it herself, you people should always find the fact, before you jump to your nonsense conclusion?
What I just don’t like about you people is this, must you involve someone in your stupidity, must you people involve Ngozi Okonjo Iweala (WORLDBEST) in your failure… There’s nothing you can do about it, she’s above you people by far, because she wasn’t the cause of your failure, please leave her out of this…
What else can we say when the political class and those that have benefited from corruption have blackmailed the larger society with the man made crises and always looking for how to cover up their mistake just to continuously deny us of social justice and freedom.
You people have come with your bias again. Dr. Okonjo-Iweala supervised Nigeria’s finances and her sterling record remains incontrovertible.
The TSA originally is the brain-child of this outstanding woman, and she made sure it was implemented across board, like we see today, up to 75% compliance level. It defies any logic if 75% performance can be termed ‘a feeble attempt’.
Thank you. I don’t know in what books 75% implementation is seen as feeble. I even read that N500bn was saved as at 2014. So I don’t know what this writer is high on. Even the present admin in all their fumblings, acknowledge the effectiveness of the TSA introduced, implemented by NOI
The so called TSA was introduced and implemented by Okonjo Iweala by the time the government came in, so I don’t know where you guys came about the story that it was Adeosun who embrace it and took it to a conclusion whereas she only worked with the template CME laid down.
Adeosun definitely embraced it, because she saw the ingenuity and potency of the idea and she ran with it. And for someone who had to resign after a protracted period of inglorious silience, amidst dwindling remittances into the TSA, you bet ‘she indeed took the policy to a conclusion
Your statement about Dr. Okonjo-Iweala is definitely flawed. 75% implementation of the TSA saved the country lots of money from being wasted during her tenure and there are facts and figures to back this up. In fact, it was the template she laid that Mrs. Adeosun merely worked with.
OBJ knew her achievement and vastness in financial matters, that it’s almost impossible to get someone of her caliber to help run the economy, that was why she was pulled in and she did commendably well.
The contributions and achievements of Dr. Okonjo-Iweala while in office can as well be done or even surpassed by someone who is equally up to the task, but you trying to water down her efforts and contributions betrays your bizarre and malicious agenda.
So, you people are telling me that her HITS are more than her MISS, you people are a joker…Someone, that bows down to pressure, that can withstand it… And now, you people will come and be comparing NOI to her, can she stand all the things NOI endured… I bet she can’t, because she’s obviously not strong.
You need to read her recent title on fighting corruption in Nigeria, and why corruption seems to be winning the fight back. Let us go beyond the headlines and hear from those who are in the know, why we are still losing this war on corruption
She indeed mentioned several instances in her book in most cases where she did what she could to fight corruption and impunity at the risk of her life and career.
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