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FG to go after MDA’s over unremitted N450bn operating surplus


Federal Ministry of Finance has constituted a committee to recover unremitted operating surpluses of 31 agencies of government, running into N450bn.


This was made known in a statement made available to newsmen yesterday in Abuja by the Special Media Adviser to the Minister of Finance, Mr. Festus Akanbi.

It would be recalled that the Fiscal Responsibility Act, 2007 stipulates that any Federal Government funded agency that generates revenue must remit 80 per cent of its profit as operating surplus into the Consolidated Revenue Funds accounts.

The Fiscal Responsibility Commission that is in charge of executing this, has always called attention to the fact that many of the Federal Government MDAs short change government by not remitting or under remitting their operating surplus.

The commission has had cause to challenge agencies such as NNPC for not remitting operating surplus in nine years, by claiming operational losses.

The agencies under review included the Central Bank of Nigeria, Petroleum Technology Development Fund, National Agency for Food and Drug Administration and Control, Nigerian Television Authority and the Securities and Exchange Commission.

Others are, Nigeria Ports Authority, Bureau of Public Enterprises, Nigeria Maritime Administration and Safety Agency, Debt Management Office and the Nigeria Inland Revenue Service among others.

It stated that the committee, headed by the Accountant General of the Federation, Mr. Ahmed Idris, will reconcile the operating surpluses of the 31 revenue-generating agencies for the period 2010 to 2015.

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