Tanzania State-Owned Companies Pay Record Dividends

Tanzania companies dividends 2018-2019

The President of Tanzania, Hon. John Magufuli recently received, on the behalf of the Government, TZS 1.05 trillion (USD 455 million) in dividends and contributions from institutions, public entities, and companies in which the Government owns shares.

The reception ceremony was held on 24th November 2019 at Chamwino State House in the capital Dodoma and was attended by the Speaker of the Parliament Hon. Job Yustino Ndugai, Ministers and Deputy Ministers, Chief Secretaries and Deputy Secretaries Heads, Chiefs of Security and Security Instruments, Ambassadors, Parliamentary Committee on Public Investment (PIC), religious leaders and the leaders of the Dodoma Region led by the Regional Commissioner Dr. Binilith Mahenge.

In his statement, the Registrar of Treasury Athuman Mbuttuka said the dividends and contributions submitted to President Magufuli are from the financial year 2018/19 and come from 79 public agencies and institutions that showed positive performances.

President Magufuli praised those companies but wondered why 187 public agencies failed to submit dividends and indicated that unless they correct the situation, their boards will be dissolved and the appointment of senior executives revoked.

The Minister of Finance and Planning, Dr. Philip Plan has promised to work on the instructions of President Magufuli noting that on the current national budget the government relies for 70% on domestic revenues and insisted that the Tanzanian economy will be built by Tanzanians themselves.

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