General news

Senate says MDAs yet to remit over N3trn

Published

on

Senate says MDAs yet to remit over N3trn

By Kingsley Okoye

Ministries, Departments and Agencies (MDAs)are yet to remit over N3 trillion to the Consolidated Revenue Fund (CRF) of the Federal Government between 2014 and 2020, says the Senate.

Chairman, Senate Committee on Finance, Sen.Solomon Adeola (APCLagos), made the revelation in a statement by Kayode Odunaro, his Media Adviser, on Sunday in Abuja.

The senator spoke at the ongoing investigation of remittances of revenue by MDAs and payment of 1 per cent stamp duty on contracts between 2014 and 2020.

The Minister of Finance, Budget and National Planning, Ms Zainab Ahmed, and Director-General of Budget Office, Mr Ben Akabueze, appeared before the committee.

Adeola said the unremitted revenue may have been trapped with the MDAs or spent on frivolous expenditures.

He said this is contrary to the 1999 Constitution of the Federal Republic of Nigeria and the Fiscal Responsibility Act (FRA) 2007.

He said the minister, director general, budget office, and the Accountant General of the Federation, were invited to speak on the unremmited funds which was revealed from investigations of the committee.

According to Adeola, the investigation has so far revealed that many agencies were involved in illegalities relating to expenditure of funds that should be remmited into CRF.

He said many of the agencies abused the concept of operating surpluses to shortchange government, relying on ministerial circulars over and above the constitution and FRA-2007 as passed by the National Assembly.

The Minister said the huge budget deficits accompanying our yearly budgets has forced government to resort to huge borrowing to finance these deficits.

“The committee decided to probe the revenue remittances by agencies of government.

“The government cannot continue to borrow yearly while the revenue from agencies that the government is financing with the borrowings are spent contrary to the laws of the land.

“From submissions already made and calculations from the Fiscal Responsibility Commission, about 60 Government-Owned Enterprises (GOEs)may have about N3 trillion of government revenue still unremitted in their coffers. Or already spent on frivolous expenditure contrary to the Constitution and FRA 2007,” Adeola said.

He said since the commencement of the investigation, some agencies had complied in paying back millions of naira with receipts from the Office of the Accountant General of the Federation.

The senator said if these revenues were paid to the CRF for proper appropriation by the parliament during budget considerations, the size of the nation’s deficit would be reduced and hopefully minimise borrowing.

“We cannot continue to run government business as we used to do in this time when there are huge demands for government to fund needed infrastructure and other socio-economic programmes” he said.

Adeola also revealed that the investigation has also led to the willing exit of some agencies from the budget of the government, while relying on their generated revenue to fund aspects of their operations.

He noted that this would reduce their dependence on the federation budget and assist in reducing budget deficits.

Responding, Ahmed commended the committee for the ongoing probe of revenue remittances.

She noted that in recent times, there had been a noticeable increase in revenue from agencies to the CRF as required by law.

The minister, however, explained that the executive arm is also examining the application of the template of calculating and deducting operating surpluses by agencies of government.

She said this is to ensure that the right amount was paid to government. (NAN)

(NAN)

Short Link: https://wp.me/pcj2iU-3zwq

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

Insecurity: Imams demand religious leaders inclusion in national security architecture Buhari committed to economic diversification – Lai Mohammed FG to revitalise, reposition 6 zonal sickle cell centres Yoga key to community development, unity – Envoy Ooni sues for unity as Oluyin, Onibeju-Lekki visit palace Kogi Govt. unveils website to showcase achievements Police arrest bandit, recover AK47 rifle in Kaduna Truck crushes 2 persons on motorcycle to death in Ogun AfCFTA: Forum calls for integration of gender in trade services negotiation Bauchi residents lament erratic power supply Groups advocates safe environment, sexual education for children Abductions: International NGO tasks FG on safe, uninterrupted education Customs CG lauds Apapa Command for drug seizure Education, health, others to achieve 90% budget implementation through USAID project- Stakeholders New TCN transmission region to boost economic activities in Kano -Official Voter apathy characterise bye-election in Kaduna Navy arrests vandals with 210,000 litres of diesel NEMA advises residents as another tanker crashes, spills content in Lagos Physicians want states to curb GBV COVID-19 cases in Africa increase by 52% — WHO U.S. administered 300m COVID-19 vaccines in 150 days – Biden Rainfall: NiMet cautions aviation stakeholders on precautionary measures By Gabriel Agbeja Cardiologist says stress management crucial to tackling HBP Refugee Day: Abuja gets ‘City with Refugees’ status Students laud army’s selflessness in tackling security challenges Sports Ministry appoints Mikel Obi as Ambassador 95% of UTME candidates attain NIN requirement — JAMB 41m people under risk of famine, says WEP NiDCOM, NDLEA to build rehabilitation centers in Nigeria Gurin replaces Sani as aide to First Lady Turin replaces Sani as SSA to First Lady China-Nigeria cultures, civilisation contributes to world sustainable development – Envoy By Fortune Abang 46th Birthday: Stakeholders laud Gov. Bello’s giant strides in security, governance UNHCR applauds Nigeria’s “huge” contributions to catering to refugee’s needs Nigeria, APC is proud of you, Omo-Agege lauds Gov. Yahaya Bello Paradise estate residents demand title documents from developer Court discharges, acquits Delta Sen. Nwaoboshi of N322m laundering charge INEC begins online voter registration on June 28 – official WHO says 146,000 Africans die yearly from tobacco-related diseases Insecurity: Nigerian Army tasks officers, soldiers on critical thinking Insecurity: AU-ECOSOCC urges women involvement in peace mediation, resolution LPG tanker explosion: Lagos govt begins investigation Association to build judges capacity to tackle maritime cases FBNH harps on importance of financial statement to drive investments Expert recommends preferential COVID-19 vaccination for SCD patients under 16 My administration will promote culture through tourism – Diri Angola registers over 5,500 deaths from malaria in first 5 months INEC confirms arrival of sensitive materials for Kaduna by-election 3 bodies recovered from Lagos LPG tanker explosion scene– NEMA N/East: 21 communities, 5 IDPs camps benefit from Mercy Corps’ peace initiative