President
Muhammadu Buhari-led federal executive council has approved the $500
million Eurobond from the international capital market to fund the 2016
budget.Kemi Adeosun, minister of finance, made this known on Wednesday,
saying the next steps about the issuance will be released later in the
day.Last week, the senate approved the request of Buhari to raise additional $500 million Eurobond to fund the 2016 budget.Adeosun said FEC had also given a directive to contractors and those
doing business with the government to ensure that names of company
directors and registered offices are listed on their letter headed
papers.She said this is to enable tax authorities to be able trace and collect revenue.Adeosun said the accountant general of the federation had been told not to pay companies that did not comply with the directive.“FEC gave a directive to the SGF to remind companies that there is an
existing provision in the law that companies are supposed to have on
their letter headed papers the names of their directors and their
registered offices but what we have seen is that many bodies that are
transacting business with government simply have the names of the
company and no details of who the directors are,” she said.
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