Finance Minister, Mrs.

The Special Media Adviser to the Minister, Mr Festus Akanbi, disclosed this in a statement issued on Tuesday, November 15.

The Fiscal Responsibility Act, 2007 stipulates that any Federal Government funded agency that generates revenue must remit 80 per cent of its profit as operating surplus into the Consolidated Revenue Funds accounts.

The Fiscal Responsibility Commission that is in charge of executing this, has always called attention to the fact that many of the Federal Government MDAs short change the government by not remitting or under remitting their operating surplus.

The commission has had cause to challenge agencies such as the NNPC for not remitting operating surplus in nine years, by claiming operational losses.

The agencies under review include the Central Bank of Nigeria (CBN), Petroleum Technology Development Fund, National Agency for Food and Drug Administration and Control, Nigerian Television Authority and the Securities and Exchange Commission.

Others are, Nigeria Ports Authority, Bureau of Public Enterprises, Nigeria Maritime Administration and Safety Agency, Debt Management Office and the Nigeria Inland Revenue Service among others.

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According to the statement, the committee, headed by the Accountant General of the Federation, Mr Ahmed Idris, will reconcile the operating surpluses of the 31 revenue-generating agencies of government for the period 2010 to 2015.

"The Committee will therefore be inviting the management of these agencies to explain why their operating surpluses have not been remitted as mandated by the Fiscal Responsibility Act, 2007.

"Some of these agencies have incurred huge expenses on overseas trainings, medicals and huge expenses on behalf of supervisory ministries and other government organs involved in oversight functions without appropriate approval.

"Other infractions include payment of salaries and allowances to staff and board members, governing councils, and commissions which are outside or above the amount approved by RMAFC and Salaries and Wages Commission," it stated.

It also said some of the infractions the committee will be looking at, are donations, sponsorships, unfavourable contract signed for revenue collection by a third party; granting of staff loans that have not been repaid.

Also sale and transfer of assets to board members in these agencies will also be looked into.

Adeosun has directed the Accountant General of the Federation to limit allowable expenses of MDAs as part of measures to ensure they face strict monitoring.