We Forced MDAs To Remit N2.15tn To Govt Coffers In 11 Years-FRC

The Fiscal Responsibility Commission said it forces Ministries, Departments and Agencies to remit over N2.15tn into the Consolidated Revenue Fund of the Federal Government as operating surpluses over the past 11 years.

FRC Chairman, Victor Muruako, revealed this during a courtesy visit to the Minister of Special Duties and Inter-Governmental Affairs, George Akume, in Abuja.

‘Based on the Fiscal Responsibility Act 2007, about 122 agencies are required to pay their operating surpluses into the Consolidated Revenue Fund of the Federal Government.’

‘Some of them are the Petroleum Products Pricing Regulatory Agency, Central Bank of Nigeria, Nigeria Ports Authority, NIMASA, and Federal Airport Authority of Nigeria.’

There is also the Nigeria Postal Service,  Nigeria Communications Commission,  National Inland Water Ways Authority, National Information Technology and Development Agency and Nigeria Airspace Management Agency.

The list includes the National Examination Council,  Nigeria Television Authority,  Nigeria Shippers Council, National Health Insurance Scheme, National Pension Commission, Corporate Affairs Commission and Standard Organization of Nigeria among others.

Over the years, many of these agencies have been underpaying revenue into the coffers of government.

The development had made it difficult for the Federal Government to achieve its revenue target based on the annual budget approved for these agencies.

The Act requires listed government agencies to remit 80 per cent of their annual operating surpluses to the CRF Account.

The operating surplus is made up of revenues accruing to government agencies above what they are approved to spend at the beginning of the budget year.

The FRC Boss has sought the collaboration of the ministry to organise a National Fiscal Responsibility Forum for local government chairmen and councilors to inculcate in them, the principle of prudent management of resources, transparency and accountability.

He added, “Over N2.15tn was paid into the Consolidated Revenue Fund of the Federal Government over the past years as operating surplus from government corporations against just about N7bn government allocation to the agency since inception.

“With the collaboration of your ministry which oversights local government affairs, we propose a day national forum that will create an enabling environment to engage the leadership of LGs on the need to rise up to the challenge of using their positions to better the life of people.”

He said his ministry would set up a technical team while the commission should also constitute a similar team to work together for the realisation of the proposed national forum for LG chairmen and councilors.

About globaltellblog24

Check Also

With Naira Redesign, Dollar May Crash To N200 – EFCC Chairman, Bawa

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the …