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Home Business News

MDAs illegally withholding N1.2 trillion from FG – Fiscal Responsibility Commission

William UkpebyWilliam Ukpe
2 years ago
in Business News
MDAs illegally withholding N1.2 trillion from FG – Fiscal Responsibility Commission
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The Fiscal Responsibility Commission (FRC) revealed that the FG’s Ministries, Departments and Agencies (MDAs) are illegally holding N1.2 trillion, citing failure to remit 80% of operating surpluses to the Consolidated Revenue Funds (CRF) of the Federal Government in line with the Fiscal Responsibility Act.

This was disclosed by Mr. Victor Muruako, Chairman FRC, in an interview with Newsmen on Wednesday.

The FRC boss said the figure was based on annual audited accounts of the MDAs, as they did not remit surpluses to the Consolidated Revenue Funds, which the FG uses to achieve budgetary requirements.

READ: Senate instructs FRC to refund N94 million spent on unoccupied building, vouchers

What the FRC boss is saying

“Many MDAs still persist in defaulting and practically keeping money away from the Federal Government’s reach.

Much more is yet out there in the hands of MDAs that either have failed to dutifully audit their accounts or that have done so but chose not to forward copies of their audited financial reports to the Commission as required by law.

READ: Nigeria’s Buhari wants MDAs to publicly disclose transactions above N5 million 

This figure is not cheering, considering the importance of institutionalized fiscal responsibility measures and the quantum of effort that the Commission has expended in this regard,’’ he said.

He added that since the establishment of the FRC, the sum of N2.15 trillion has been received as payments of operating surpluses.

READ: Heads of defaulting revenue-generating agencies will be severely sanctioned – Buhari

What you should know

Nairametrics reported earlier this month that the Nigerian Senate said Ministries, Departments, and Agencies (MDAs) did not remit over N3 trillion to the Consolidated Revenue Fund (CRF) of the Federal Government between 2014 and 2020.

Tags: Consolidated Revenue FundsFiscal Responsibility Commission (FRC)Mr Victor Muruako

Comments 2

  1. Adewumi Pelumi says:
    May 20, 2021 at 2:31 pm

    what now the reason for the TSA put in place by the curent adminictration in the year 2015? fake policies.

    Reply

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