Categories: Economy

MDAs Failed To Remit N1.2 Trillion – Fiscal Commission Says

The non-remittance of revenue by most ministries, departments and agencies of government to the Consolidated Revenue Funds of the Federal Government is currently N1.2tn, the Fiscal Responsibility Commission said on Monday.

Fiscal Responsibility Commission is responsible for mobilising funds from government-owned organisations through the payment of operating surplus to finance the government’s budget.

The Acting Chairman of FRC, Victor Muruako, said the unremitted N1.2tn could be used to fund part of this year’s budget.

He called for the strict enforcement of the Fiscal Responsibility Act 2007, saying this could help to stop borrowings by the government.

Muruako spoke at the opening session of a three-day management retreat for employees of the commission in Abuja.

He said, “Today, our records still show that most of the 122 agencies of government are in default of more than N1.2tn which can fund a substantial portion of the Federal Government of Nigeria budget deficit if remitted in line with FRA 2007.

Read Also: “President Buhari Is Incompetent & Useless” – Islamic Cleric, Adam Albani (Photos, Video)

“These sums are calculated from the already submitted end of year audited accounts of the defaulting agencies, which means the monies can be traced and recovered.”

He said the FRC had insisted that if the government could implement the commission’s recommendations of reigning in more government-owned corporations in the Schedule of the FRA 2007, there might be no need for government to borrow to fund the budget.

Muruako said there was a need to add more agencies to the net of payment of operating surplus.

Sponsored

He said almost all government organisations generate funds one way or the other, but they equally spend on items that were unnecessary, while the government continues to seek for loans to fund its budget.

The FRC boss said, “Notably, from the initial 31 corporations in the Schedule of the FRA 2007, another 92 has been added by the Ministry of Finance as recommended by the commission.

“This action has made it possible for the commission to have caused these GOEs (government-owned establishments) to pay in over N1.7tn to the Consolidated Revenue Funds.”

He added, “This was from payment of operating surplus by government-owned organisations with far less than N5.8bn government investment in the commission comprising overhead, capital expenditure and personnel for the past 11 years of the commission’s existence.”

He said these funds were hitherto spent by these agencies without tracing through unorthodox accounting systems and all forms of financial manipulations.

On the retreat, Muruako said it would focus on the best ways to utilise available resources so that the economy would not be allowed to fall to the predictions of international financial institutions.

Source

SPONSORED
Alex Enemanna

A print journalist with vast knowledge of political developments in Nigeria. Passionate about equity and fairness through robust developmental journalism.

Recent Posts

Lassa Fever Outbreak Worsens As Over 1,150 Cases,190 Deaths Recorded In 2024 – NCDC

Nigeria recorded a total of 1,154 Lassa fever cases with 190 deaths this year, the…

38 minutes ago

Governor Otti Appoints Additional Members To ABSU Governing Council

In a bid to strengthen the leadership and management of Abia State University, Uturu (ABSU),…

54 minutes ago

” I’ve Hit Rock Bottom ” – Mbappe

Kylian Mbappe has described his penalty miss against Athletic Club as a pivotal moment in…

4 hours ago

Okpebholo Preaches Unity At Edo Christmas Carol

Edo State Governor, Monday Okpebholo, said Christmas represents the values that unite us as a…

4 hours ago

Africa Magic Opens Entries For 11th AMVCA

Africa Magic, in partnership with MultiChoice, has called for entries for the 11th edition of…

4 hours ago

Stocks Surge As US Inflation Data Eases Pressure

Asian markets rose after big gains on Wall Street, with traders welcoming below-forecast US inflation…

4 hours ago