Home Finance MDAs pocketed N1.2 trn – Fiscal Responsibility Commission

MDAs pocketed N1.2 trn – Fiscal Responsibility Commission

by Business News Report

The Fiscal Responsibility Commission (FRC) has said that Ministry, Department and Agencies of the federal government pocketed the sum of N1.2 trillion by illegally holding and refusing to remit them to the federation account as required by law. The Commission cited failure of MDAs to remit 80 per cent of operating surpluses to the Consolidated Revenue Funds (CRF) of the Federal Government in line with the Fiscal Responsibility Act. Mr. Victor Muruako, Chairman FRC said this in an interview with Newsmen. The FRC Chairman 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.

“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. He said that since the establishment of the FRC, the sum of N2.15 trillion has been received as payments of operating surpluses. It will be recalled that the Senate had 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.

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