The Fiscal Responsibility Commission (FRC) has insisted that revenue generating agencies failed to remit N1.6 trillion to the Consolidated Revenue Fund (CRF) of the federation as operating surplus.
The acting Chairman of FRC, Barr. Victor Muruako, disclosed this at the capacity building on Fiscal Responsibility Act, 2007 for Nigerian Railway Corporation (NRC) in Lagos on Monday.
Muruako had recently reiterated this position in Abuja. He also said since FRC began in 2009, it has caused the remittance of over N1.8trn into the CRF with Government investment of N5.8 billion covering personnel, overhead and capital projects.
The Act was signed into law by former President Umar Musa Yar’Adua about after which FRC was established.
“It is 11 years running and the impact of the law is still permeating into the Nigerian system. That is simply to tell how bad our fiscal challenges have trailed.”
He also said the commission has faced some resistance by some agencies who take advantage of the toothless nature of the Act to resist implementation. “But today following the inter-agency relationship with ICPC, the EFCC and indeed the Federal Ministry of Justice, a lot will begin to change. “
However, FRC needs more support to engage the agencies on what constitutes operating surplus.
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