Whopping N1.2 Trillion, That’s How Much they refused to remit!

Whopping N1,2 trillion – imagine what that could do to the Nigerian economy, that is the amount that Ministries, Departments & Agencies (MDAs) of government have refused to remit to the Consolidated Revenue Fund (CRF)

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

Victor Muruako is its Acting Chairman and he has made it known that if remitted, this staggering amount could go a long way in funding part of this year’s budget.

“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.

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

Muruaku who was addressing the opening session of a three-day management retreat for employees of the commission in Abuja, added that or him, the time has come for the strict enforcement of the Fiscal Responsibility Act 2007

–whopping 2–

The enforcement he said would help in checkmating borrowings by government, and that there was need to add more agencies to the net of payment of operating surplus.

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

 “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.”

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“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.”