By Favour Nnabugwu
National Insurance Commission, Naicom and National Pension Commission, PenCom are among the 63 list of Government-Owned Enterprises (GOEs) expected to generate reveals significant revenue projections, expenditures, and remittances to the federal government for the year 2024.
But Naicom and PenCom are government owned agencies that has been from inception to regulate the companies in the sector and not to generate revenues.
From the time Naicom came into existence and PenCom, no government has unduly and mistakenly included the agencies to generate revenue because they were not meant to do so but to supervise and regulate the sectors under their jurisdictions.
The National Assembly’s approval of the 2024 appropriation bill on December 30, 2023, resulted in an increased budget size from the initial N27.5 trillion proposed by President Bola Tinubu to N28.7 trillion. This adjustment, totaling N1.2 trillion, is attributed to the optimistic revenue forecasts from these government enterprise entities
The detailed financial projections of these GOEs in a budget proposal submitted to the federal government by the Ministry of Budget and National Planning revealed that prominent organizations such as the Administrative Staff College of Nigeria, Corporate Affairs Commission, Federal Road Safety Corps, National Health Insurance Scheme, Nigerian Customs Service, and many more.
Each GOE has outlined its specific financial plan for the year, with entities like the Administrative Staff College of Nigeria projecting to earn N903,080,000.00 in revenue, expend N1,808,190,693.00, and transfer N363,080,000.00 to the federal government.
Similarly, the Corporate Affairs Commission has projected earnings of N28,518,447,500.00, expenditure of N14,259,223,750.00, and a remittance of N11,407,379,000.00 to the Federal Government. GOEs play a crucial role in the country’s commercial landscape, with substantial financial resources at their disposal.
Among the 63 GOEs are Administrative Staff College Of Nigeria, Corporate Affairs Commission, Council For The Regulation Of Freight Forwarding In Nigeria, Federal Airport Authority Of Nigeria, Federal Competition And Consumer Protection Commission, Federal Housing Authority, Federal Inland Revenue Service, Federal Mortgage Bank Of Nigeria, Federal Road Safety Corps, Financial Reporting Council Of Nigeria, Industrial Training Fund, Joint Admission And Matriculation Board, Lagos International Trade Fair Complex Management Board, National Agency For Food & Drug Administration & Control, National Automotive Design And Development Council.
Others include: National Broadcasting Commission, National Business And Technical Examination Board, National Examination Council, National Film And Video Censors Board, National Health Insurance Scheme, National Information Technology Development Agency, National Inland Waterways Authority, , National Lottery Regulatory Commission, National Lottery Trust Fund, National Office For Technology Acquisition And Promotion, National Space Research And Development Agency and National Sugar Development Council.
Others are Nigeria Civil Aviation Authority, Nigeria Deposit Insurance Corporation, Nigeria Export Processing Zones Authority, Nigeria Immigration Service, Nigeria Integrated Water Management Commission, Nigeria Meteorological Agency, Nigeria Social Insurance Trust Fund, Nigerian Agricultural Insurance Corporation, Nigerian Airspace Management Agency,
Nigerian Bulk Electricity Trading, Nigerian Communication Commission, Nigerian Communication Satellite Limited, Nigerian Content Development & Monitoring Board.
Others are: Nigerian Copyright Commission, Nigerian Customs Service, Nigerian Electricity Management Service Agency, Nigerian Electricity Regulatory Commission, Nigerian Export Promotion Council, Nigerian Film Corporation, Nigerian Investment Promotion Commission, Nigerian Maritime Administration & Safety Agency, Nigerian Midstream And Downstream Petroleum Regulatory Authority, Nigerian Nuclear Regulatory Authority, Nigerian Port Authority, Nigerian Postal Service, Nigerian Railway Corporation, Nigerian Shippers’ Council, Nigerian Television Authority, Nigerian Upstream Petroleum Regulatory Commission, Oil And Gas Free Zone Authority, Raw Materials Research And Development Council, Securities And Exchange Commission, Standards Organization Of Nigeria and Tertiary Education Trust Fund.