SAN FRANCISCO, September 10, (THEWILL) – The Fiscal Responsibility Commission, FRC said it is worried about the non- remittance of over N1.7 trillion operating surpluses into the Consolidated Revenue Fund (CRF) by some agencies in line with the Fiscal Responsibility Act (FRA) of 2007.
Describing the development as unfortunate, the Commission noted that despite the increase from 31 captured corporations in 2007 to the current 123 in 2020, some of the agencies are still reluctant to remit their funds, but divert same to running costs in their various organisations.
The Acting Chairman of FRC, Victor Muruako, disclosed this while declaring open the Commission’s three-day Management Retreat, in Abuja.
He assured that the Commission will continue to monitor the implementation of the FRA 2007, including preparation of the Medium Term Expenditure Framework (MTEF) as well as the Fiscal Strategy Papers of Ministries, Departments and Agencies MDAs.
Mr Muruako, also used the occasion to solicit for increased budgetary allocation to the Commission, describing it as unfortunate that while agencies on the schedule of the FRA 2007, have been increased from 30 to 122, the appropriation of the budget of the Commission is consistently dwindling, thereby making it very difficult for the Commission to fully discharge its mandate.
He told participants that the Commission owes the country a sacred duty to rally round the government at this critical time to reposition the economy.
In his contribution, the Head, Directorate of Legal Investigation and Enforcement of the FRC, Charles Abana said the retreat is expected to come up with far- reaching recommendations that will assist government to stabilize the post Covid-19 economy.
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