The Fiscal Responsibility Commission (FSC) has revealed that 122 Federal Government agencies have failed to remit N1.2trn operating surpluses to the consolidated revenue fund.
The Fiscal Responsibility Commission Acting Chairman, Barr. Victor Muruako disclosed this on Monday at the commencement of a three-day management retreat by the Commission.
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He said these operating surpluses when not remitted to the FG are mostly mismanaged, adding that the operating surpluses help finance almost the entire budget deficits.
“Today, our records still shows that most of the 122 agencies of Government are in default of more than N1.2trn which can fund a substantial portion of the FGN budget deficit if remitted in line with FRA(2007).
“These sums are calculated from already submitted end of year audited accounts of the defaulting agencies, which means the monies can be traced and recovered,” he said.
He noted that so far the Commission has caused these government owned enterprises (GOEs) to pay in over N1.7trn to the Consolidated Revenue Funds (CRF).
The acting Chairman noted that the Commission is being starved of funds as only N380m has been budgeted for it in the 2020 budget for both capital and recurrent expenditure.
“The major target of the Fiscal Responsibility Commission is to mobilize funds for the Government to fund its budget from GOEs through the payment of operating surplus and ensure prudent spending and accountability,” he said.
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