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Buhari Buhari gives finance ministry 6 months to sell off seized, recovered assets

- President Muhammadu Buhari gives the ministry of finance six months to sell off all recovered assets

- Former minister of finance, Udoma Udo Udoma, makes the revelation to the House of Representatives

- Udoma explains the reason the federal government could not meet its revenue target in 2018

President Muhammadu Buhari has asked the country’s finance ministry to sell off all recovered assets and liability in six months seized from former government officials in the anti-graft war.

The former minister of budget and national planning, Udoma Udo Udoma, said this when he briefed the House of Representatives joint committee on finance, appropriation, planning and economic development, on Tuesday, June 25.

The Nation reports that Udom said the federal government was determined to improve its revenue generation this year.

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“The ministry of finance, working with all the relevant authorities, has been authorised to take action to liquidate all recovered, unencumbered assets within six months.

“The Department of Petroleum Resources (DPR) has been directed to, within three months, complete the collection of past-due oil licence and royalty charges, including those due from Nigerian Petroleum Development Company (NPDC) (a subsidiary of NNPC), which it had agreed to pay since 2017,” Udoma said.

The former minister also disclosed that President Buhari had also directed that work should be concluded on the deployment of the national trade window to enhance customs collections efficiency from the current 64% to up to 90% over the next few years.

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Udoma said the government was unable to meet its revenue target in 2018 due to the non-implementation of some one-off items which include the N710 billion from oil joint venture asset restructuring and N320 billion from the revision of the oil production sharing contract legislation/terms which have now been rolled over to 2019.

Legit.ng earlier reported an indication that the battle for ministerial appointments peaked significantly in the last few weeks even as President Muhammadu Buhari is said to be preparing a final list of those he wants in his cabinet due for announcement anytime soon.

According to the report, the battle has been made particularly competitive, because of former ministers, who are itching to return to cabinet, former governors who have either completed their two terms in office or those who lost re-election bid or lost the ticket.

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