THISDAY Awards: Nominees for Government Agency of the Year

CENTRAL BANK OF NIGERIA (CBN)

Perhaps, one of the greatest achievements of the Central Bank of Nigeria (CBN) under Mr. Olayemi Cardoso, was the restoration of confidence in the apex bank and the economy in general.

At the inception of the current leadership of the bank, there was Foreign Exchange (FX) liabilities to the tune of $7 billion which remained unsettled, thereby eroding confidence of international investors in the country.

The CBN had also directed banks to raise their minimum capital thresholds by March 31, 2026 through a range of options including equity issuance, mergers, or license adjustments as well as deployed crucial  monetary policy tools to unlock economic potential and achieved key macroeconomic successes that had eluded previous administration.

Among other things, the CBN had liberalised the Foreign Exchange (FX) segment, anf floated the Naira, allowing market forces to determine the value of the local currency leading to price discovery, and further serving as incentives for foreign investors.

NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was established shortlty after President Muhammadu Buhari signed the Petroleum Industry Act (PIA) in 2021 to replace the Department of Petroleum Resource (DPR). It is a department under the Federal Ministry of Petroleum Resources. It monitors the oil and gas industry to ensure compliance with petroleum laws, regulations and guidelines in the sector. It also oversees the safety and other regulations that relate to the exportation and importation of the products into the country. Mr. Gbenga Komolafe who heads the commission, is ensuring that it discharges its responsibilities of monitoring operations at drilling sites, production wells, platforms and flow stations, crude oil export terminals, and all pipelines carrying crude oil, natural gas effectively.

NIGERIA CUSTOMS SERVICE (NCS)

No doubt, the Nigeria Customs Service (NCS) leadership under the current Comptroller-General of Customs (CGC), Mr. Bashir Adeniyi, has continued to live up to its key mandate of trade facilitation and revenue mobilisation for the government to meet its development aspirations.

Recently, the services said it realised its N5.07 trillion revenue target for 2024, having collected N5.10 trillion as of November 12, and barely 48 days to the end of the fiscal year. The historic performance was projected to exceed its target by 10 per cent by the end of 2024.

The revenue success was attributed to the strategic engagements and collaborative approaches introduced by the leadership at the inception of office which had yielded remarkable results across customs’ core statutory responsibilities.

NOA

The National Orientation Agency (NOA) is the body tasked with communicating government policy, staying abreast of public opinion, raising awareness, positively changing attitudes, values and behaviours; accurately and adequately inform; and sufficiently mobilise citizens to act in ways that promote peace, harmony, national unity, hard work and patriotism and development of Nigerian society. The main objectives of the agency, as provided in Decree 100 of 1993, are to ensure that government programmes and policies are better understood by the general public. The agency, which had been dormant in recent years, has been revived by the new Director General, Lanre Issa-Onilu, and it is discharging its core functions effectively now.

FIRS

Federal Inland Revenue Service (FIRS) is the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the federal government. The organisation contributes 70 per cent of the total revenues for the federation. In 2023, it witnessed unprecedented progress in revenue collection, culminating in a remarkable achievement of N12.3 trillion. It set an ambitious revenue collection target of N19.4 trillion for the year 2024. The Chairman of the agency, Mr. Zacch Adedeji, in early 2024, stressed that the target was achievable with the emplacement of an effective tax collection system and creating of a viable economic environment for businesses to prosper.