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Magufuli: I give you 60-day ultimatum to remit dividends, contributions

PRESIDENT John Magufuli has ordered 187 public parastatals, agencies and other institutions to remit dividends and contributions within 60 days.

Speaking shortly after receiving dividends and surplus contribution from 79 government institutions, authorities and agencies worth over 1.05trn/- in Dodoma,  President Magufuli said that the government had invested at least 59.6trn/- to some 266 institutions.

"Unfortunately only 79 institutions are returning the favour," he said and added: "The time to plead with each other is over and we cannot tolerate seeing the government continue to lose."


He accused the non-performing firms of embezzlement of public funds by spending in luxury vehicles, hotels as well as expensive board meetings that had limited their ability to generate profits and pay dividend.

No matter the sum of shares, President Magufuli wants to see the government benefit from its decades-long investment.


Full story will be published in the Daily News (tomorrow). 

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