FG generated N2.15tn from MDA operating surplus, says FRC

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.

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.

Read:  2021 EMEA Awards: Access bank emerges best bank in Nigeria

“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.

Read:  How FG can harness private financing for $1trn NDP projects

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 councilors.

In another development, the FRC on Monday said it had entered into partnership with the Office of the Auditor-General for the Federation to block fiscal leakages in public offices.

It said both organisations reaffirmed their commitment to support each other in helping the Federal Government to fight corruption and waste in government agencies.

Read:  AfDB appoints Dunford vice president

The Head, Strategic Communications Directorate, FRC, Bede Anyanwu, said in a statement issued in Abuja that the organisations would also continue to use the instruments of their offices in helping the government to raise revenue for its operators.

This, he said, would be by improving checks on fiscal regulations and discouraging inadequate remittances and poor implementation of projects by government’s agencies.

Anyanwu said the position was made known during a courtesy visit by the FRC management led by its Chairman, Victor Muruako, to the Auditor-General for the Federation, Ughu Adolphus.


Related posts

BREAKING: CBN directs banks to pay N20,000 new notes over the counter


Expanding financial inclusion through non-interest banking


Stock market rises slightly as 28 firms gain


NIRSAL renews partnership with Morocco’s agric bank


African Alliance posts N5.67bn PBT


Fidelity Bank receives award for promoting trade


Leave a Comment