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Revenue: 122 Agencies Fail To Remit N1.2tn Surpluses

The Fiscal Responsibility Commission (FRC) has mentioned that 122 Federal Government agencies have refused to remit N1.2 trillion operating surpluses to the Consolidated Revenue Fund (CRF).

The Acting Chairman of the commission, Barr. Victor Muruako, disclosed this at a management retreat, saying the unremitted revenue are often mismanaged.

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“Today, our records still show that most of the 122 agencies of Government are in possession of more than N1.2 trillion which can fund a substantial portion of the FGN budget deficit if remitted in line with Fiscal Responsibility Act (FRA) 2007.

These amounts are calculated from the already submitted end of year audited accounts of the defaulting agencies, which means the funds can be traced and recovered,” he said.

Muruako said FRC has caused these Government-Owned Enterprises (GOEs) to remit over N1.7tn to the CRF, but noted that the Commission was starving of funds as it only has N380 million in the 2020 budget to operate with.

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