THE Parliamentary Public Investment Committee (PIC) is today expected to start scrutinising government investments in private entities amid President John Magufuli\u2019s recent demand for dividends.<\/p>\n
A statement issued by the National Assembly here yesterday noted that among other things the PIC, which convenes from today in the Capital, will receive detailed report over government shareholding of below 50 per cent in private entities.<\/p>\n
\u201cThe committee will receive a report on how the shares in the entities have been manned,\u201d the communiqu\u00e9 revealed.<\/p>\n
On November 24, last year, President John Magufuli issued a 60 days ultimatum to board of directors and chief executive officers of 187 entities to pay dividends to the government or face dissolution.<\/p>\n
The president, who has won accolades for his tough stance on corruption and public funds mismanagement, threatened to shut down public parastatals that would not heed the call come January 23.<\/p>\n
He spoke shortly after receiving dividends from 79 public agencies, institutions and authorities to the tune of over 1.05trn\/-.<\/p>\n
According to miscellaneous amendments through the Finance Act, 2011 public entities are required to remit 15 per cent of their gross revenues to the national Treasury.<\/p>\n
The government, noted President Magufuli, has spent a whopping 59.6trn\/- investment capital into 266 institutions and that it was expecting nothing but sound returns from the investment.<\/p>\n
The Public Investments Committee is responsible for the examination of the working of the public investments; thus ensuring that the affairs of the public investments are being managed in accordance with sound financial or business principles and prudent commercial practices.<\/p>\n
With the 18th parliamentary session scheduled to kick off later this month, various committees are meeting here to deliberate on various reports ahead of the two-week sitting.<\/p>\n
A schedule released late yesterday indicated that the committees will receive various statements over the implementation of the state budget through its ministries and institutions.<\/p>\n
The parliamentarians will also work to resolve such auditing queries as reported from the Controller and Auditor General (CAG) reports for the financial year ending June 2018.<\/p>\n
The Parliamentary Public Accounts Committee (PAC) will be travelling across the country to examine taxpayers spending on some projects.<\/p>\n
\u201cAll the committees, however, are required to prepare implementation reports between January 2019 and January 2020,\u201d it said.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE Parliamentary Public Investment Committee (PIC) is today expected to start scrutinising government investments in private entities amid President John Magufuli\u2019s recent demand for dividends. A statement issued by the National Assembly here yesterday noted that among other things the PIC, which convenes from today in the Capital, will receive detailed report over government shareholding […]<\/p>\n","protected":false},"author":84,"featured_media":1900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[24,1248],"class_list":["post-1899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-john-magufuli","tag-pic"],"yoast_head":"\n