OGFZA asks FG to suspend funding, says it can survive on its IGR

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The Managing Director of the Oil and Gas Free Zones Authority (OGFZA), Mr. Umana Okon Umana, has formally written to the Minister of Finance, Mrs. Kemi Adeosun, to suspend the funding of the recurrent expenditure of the Authority from the treasury, Independent reports.

A memo to the ministry dated December 6, 2017 notified that OGFZA could now meet its staff salaries and overheads from internally generated revenue (IGR), and requested the “Federal Government to suspend the funding of the recurrent expenditure of OGFZA from treasury funds.”

The agency said in a statement that financial independence that permits self-funding was one of the six goals that the Authority set for itself under the Umana-led management in its three-year roadmap which became operational at the beginning of last year.