The Nigerian House of Representatives has directed the Fiscal Responsibility Commission (FRC) to issue new circular on the remittance of 100 percent revenue generated by fully funded federal agencies, departments and commissions into the Consolidated Revenue Fund (CRF) forthwith.
Chairman, House Committee on Finance, Hon. Abiodun James Faleke issued the directive during the 2021-2022 budget defence and 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FPP) of News Agency fo Nigeria (NAN).
Speaking during the session, Hon. Faleke who queried the sum of N23 million (25 percent of revenue generated) out of the total sum of N92.4 million generated by the Agency for 2021, requested for details of the 2022 remittance due to Federal Government.
While noting that the Agency did well in 2021, Hon. Faleke observed that the Agency is trying to spoil that reputation in 2022.
Speaking on the update of remittances made so far, Mr. Ojo disclosed that the Agency remitted from January to May 2022.
He maintained that the Agency is remitting 25 percent of the revenue generated in compliance with the Fiscal Responsibility Commission provisions.
When asked to provide evidence of the 25 percent provision, Mr. Ojo observed that the detail was contained in Appendix 4 of the document submitted to the Committee.
While ruling, Hon. Faleke directed the Fiscal Responsibility Commission to meet with NAN management with a view to reconciling the Agency’s account and report back on Monday by 11am.
Emmanuel Ukoh
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