The Fiscal Responsibility Commission (FRC) afresh recommended the amplification of the account of Federal Government’s Ministries, Departments and Agencies (MDAs) that are appointed to pay operating surplus to the Consolidated Acquirement Fund. Though the Ministry of Finance is yet to accord approval for the amplification of the MDAs’ list, we anticipate that this is a acceptable plan that will accommodate insights into the bulk of acquirement anniversary Ministry, Administration and Agency generates and how abundant they should abode to government treasury in band with the FRC Act 2007.
According to the Acting Chairman of FRC, Mr. Victor Murako, it has become all-important to aggrandize the account of the MDAs and accompany them beneath one assurance net. The operating surplus is fabricated up of revenues accruing to government agencies aloft what they are accustomed to absorb at the alpha of the account year.
The FRC Act requires listed agencies to pay 80 percent of their operating surpluses into the Consolidated Acquirement Armamentarium according to Section 162(1) of the Constitution. As at the aftermost count, there are a absolute of 122 MDAs that are allowable to pay their operating surpluses into the Federation Account. The antecedent cardinal was 30.
The accession of 92 agencies by the Ministry of Finance was allotment of government’s efforts to bank up its revenues. Those on the account included the National Drug Law Administration Agency (NDLEA), the Nigerian Investment Promotion Commission (NIPC), the Nigerian Railway Corporation (NRC), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Federal Radio Corporation of Nigeria (FRCN).
There is no agnosticism that there are abounding added agencies that are not yet aural the assurance net. Perhaps added important is the adumbration by FRC that afterwards their expenditures, abounding of the MDAs attention unspent acquirement as asset to be aggregate amid the administration heads, thereby causing bribery and underdeclaration of the acquirement they generated. Government needs added revenues to abode basement deficits and ensure the abundance and aegis of the people.
Besides, there is charge to ysis the agencies and ensure accountability in their operations. There should be acceptable ascendancy and ecology of all acquirement acquiescent agencies. It is aerial time the apart ends at these agencies were anchored and ensure that all revenues are remitted to the Treasury Single Account (TSA).
The present absence of revenues to armamentarium the account will be essentially arrested with the amplification of the account of MDAs that will pay operating surplus to the Federation Account. It is not in agnosticism that some MDAs are arresting government’s efforts to accommodated projected acquirement for accessible expenditure.
Expanding the account and ecology them carefully will bung the loopholes in their operations. In accomplishing this, government should ysis the arrangement for the operations of these organisations, including their assured amount and what they should abode to the Consolidated Acquirement Fund.The Office of the Accountant General of the Federation, the Auditor-General of the Federation and the FRC should advice assignment this out.
It has become expedient to bind the apart ends at these agencies. They should no best be accustomed to bankrupt government of the acquirement to armamentarium budgets, account debts, and pay salaries of workers and pensions of retirees.
It is not tidy that some of the MDAs are complex in bribery and under-remittance of acquirement to the Consolidated Acquirement Fund.
There is charge for austere acquiescence and administration of laid bottomward rules by all government corporations, commissions, authorities and agencies.
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