Breaking News

FG Raked N2.15tn From MDAs Operating Surplus In 11 Years—FRC

Ebuka Daniel

The Fiscal Responsibility Commission said it caused 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, said this on Monday 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.

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.

He 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 said, “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.”

Akume expressed the readiness of his ministry to work with FRC to ensure prudent and transparent management of resources by all tiers of government.

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 councillors.

About Editor

Check Also

SEC to crackdown on Ponzi schemes, illegal fund managers

The Securities and Exchange Commission has vowed to continue to crack down on Ponzi schemes …

Leave a Reply