Remit operating surplus promptly, FRC charges NTDC, FAAN, NERC, NOSDRA

Remit operating surplus promptly, FRC charges NTDC, FAAN, NERC, NOSDRA

Mr Victor Muruako, Acting Chairman, FRC

 

 

Mr Victor Muruako, the Acting Chairman, Fiscal Responsibility Commission (FRC), has charged some Federal Government agencies to remit operating surplus into the Consolidated Revenue Fund (CRF) promptly.

A statement issued by Mr Bede Anyanwu, Acting Head, Strategic Communication Directorate, FRC on Monday in Abuja said Muruako gave the charge at a stakeholders’ meeting with the managements of the said agencies.

The concerned agencies are the Nigerian Tourism Development Commission (NTDC), Federal Airport Authority of Nigeria (FAAN), National Electricity Regulatory Commission (NERC) and National Oil Spill Detection and Response Agency (NOSDRA).

According to Muruako, the listed agencies have not been submitting their annual audited accounts, receipts of their remittances, budgets and Medium Term Expenditure Framework (MTEF), thereby hampering prompt and accurate determination of operating surplus liabilities.

He added that the independent revenue drive of the Federal Government was not encouraging.

According to him, NTDC, FAAN, NERC and NOSDRA have not been complying fully with the provisions of Section 21, 22 and 23 of the Fiscal Responsibility Act (FRA), 2007.

The statement also quoted Mr Ola Tijani, the Head, Monitoring and Evaluation of FRC as saying “the aforementioned agencies may have been doing some things right to ensure compliance’’.

But however, said that there must be proof of prudence, accountability and transparency in financial reporting to be in line with the FRA.

“Compliance entails that the agencies prepare and publish their audited financial statements not later than 90 days after the financial year.

“Without audited financial statements, there is no way the commission can determine appropriate liabilities.

“There is therefore the need for agencies to reposition their operations to comply with the provisions of the Act.’’

Tijanni said that the commission was ready to offer capacity building on the provisions of the FRA, particularly on the preparation of MTEF and the correct application of FRC Operating Surplus Template.

According to the statement, Mr Adegbesan Abiodun, Director, Finance and Accounts, FAAN, pleaded for time to enable them make all the necessary documentations that will henceforth make it possible for them to pay operating surplus.

He also said there was the need for the preparation of improved estimation of MTEF with efficient narratives to highlight the activities of the agencies.

According to him, the figures submitted in MTEF are not adequate to satisfy the need for prudence, transparency and accountability.

He, however, assured the commission that FAAN was ready to collaborate with the FRC in its efforts to improve the independent revenue generation drive of the Federal Government.

 

 

 

 

Source: NAN

Photo Source: Google

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