Chairman of the House Committee on Finance, Abdulmumin Jibrin (PDP, Kano), who made this known said that his committee was working on a comprehensive amendment to the FRA 2007 to expand its scope to cover all revenue generating agencies in the country for them to remit what is due to the federation account accordingly.
According to him, in the proposed amendment, the current 31 agencies covered by the act would be reviewed upward to include all ministries, departments and agencies operating in the country.
He maintained that to ease its work, the committee has categorized the MDAs with respect to the percentage of remittances they should make to the national coffers from their revenues.
According to him, in the proposed amendment, the current 31 agencies covered by the act would be reviewed upward to include all ministries, departments and agencies operating in the country.
He maintained that to ease its work, the committee has categorized the MDAs with respect to the percentage of remittances they should make to the national coffers from their revenues.
Rep Jibrin said: “All Ministries, Departments and Agencies (MDAs) of government raise one form of Internally Generated Revenue (IGR) or the other, the committee has resolved to expand the current schedule of the Fiscal Responsibility Act 2007, from 31 agencies to include all MDAs operating in the country.”
“To this end, the committee has decided to amend Section 22 of the act to reflect the following categorization: 100% Internally Generated Revenue remittance; 25 percent gross Internally Generated Revenue remittance; a80 percent of operating surplus remittance,” he said.
He added that there may be “special cases including dividend remittances, PPP proceeds and others” which maybe determined by the Ministry of Finance in conjunction with the Fiscal Responsibility Commission.
Jibrin disclosed recently that the Federal Government has been losing over N300 billion annually due to unremitted revenues from some of its agencies.
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