The Minister of Finance, Mrs. Kemi Adeosun, at the weekend disclosed that investigation on 534 cases out of a total 1,231 communications on the whistle-blower policy has been concluded.

The Ministry, she said, undertook 791 investigations out of 1,231 tips the Ministry got, adding that 10 are presently under prosecution while four convictions have been secured.

Adeosun who spoke through her Special Assistant, Media, Oluyinka Akintunde, said the policy was designed to support the fight against graft by exposing financial crimes and rewarding credible informants who helped exposed such malfeasance.

“Working through PICA, the Ministry has received 8,373 communications as a result of the whistle-blower policy on contract inflation, ghost workers, illegal recruitment and misappropriation of funds.

“Under the whistle-blower policy, the Federal Government has recovered directly, as a result of tips received from whistle-blowers, the sum of N7.8 billion, $378 million and £27,800. In May 2018, the government paid N439,276,099.86 to about 14 whistle-blowers who gave specific tips on tax evasion. From the specific information provided on companies which underpaid their taxes, the government was able to recover the sum of N13.8 billion as a result of those specific tips. The whistle-blower policy has helped tremendously in facilitating recoveries of ill-gotten funds and assets,” he revealed.

On tax compliance, Akintunde said the robust implementation of the Voluntary Asset and Income Declaration Scheme (VAIDS) has seen an increase in the number of taxpayers from 13 million before the assumption of office by the incumbent administration to 14 million in 2016 and 19.3 million in 2018.

“It is instructive to note that some local and foreign companies are now disposed to the VAIDS initiative, and have started to regularise their tax status.”

Other critical areas where the Minister has made very commendable impact on the Nigerian economy include the creation of Efficiency Unit to plug wastage, creation of Treasury Single Account (TSA), establishment of Development Bank of Nigeria (DBN), among others. (Daily Sun)

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