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.
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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.