Fiscal Responsibility Commission recovers N350bn from MDAs

monjola sotubo

May 8, 2015 4:00 PM

This was disclosed on Wednesday, May 6, 2015, by FRC Acting Chairman, Victor Murako, during a press conference in Abuja.

Former President, Goodluck Jonathan

Nigeria’s Fiscal Responsibility Commission (FRC) has recovered N350bn from Ministries, Department and Agencies (MDAs) of the Federal Government in the last six years, an official says.

This was disclosed on Wednesday, May 6, 2015, by FRC Acting Chairman, Victor Murako, during a press conference in Abuja.

“The commission assessed and ensured the remittance of about N350bn operating surpluses by scheduled corporations to the Consolidated Revenue Fund between 2009 and 2014, while the government has only funded the commission to the tune of N3.6bn,” Murako said.

“So, the argument that the commission should be scrapped in order to save cost cannot hold water. The Fiscal Responsibility Act, 2007 is a veritable winning strategy to fight corruption. Corruption festers where there is idle fund to nibble at by unpatriotic public officials especially where the budgeting process is shoddy and shambolic,” he added.

The Fiscal Responsibility Act, 2007 compels the MDAs to pay 80 per cent of their operating surpluses to the treasury. The FRC implements the law and often summons the MDAs that contravene the provisions of the Act.

monjola sotubo