Senate begins MDAs revenue remittance probe today

ads

Sunday Aborisade, Abuja

 The Senate Committee of Finance will on Wednesday (today) commence full investigation into all the revenue generating ministries, departments and agencies to establish their level of compliance to relevant laws on internally generated revenue.

The exercise was in a bid to ensure that more revenue accrued to the Consolidated Revenue Fund as well as to ensure future compliance with the laws.

The Chairman of the Senate panel, Senator Solomon Adeola, stated this on Tuesday during the 2021 budget defence of the Federal Inland Revenue Service.

He explained that the investigation was to have started on Tuesday but had to be deferred following the demise of a House of Representatives member and the suspension of legislative activities by the Senate.

READ  Court stops Islamic cleric debate organised by Ganduje

The chairman stated that the era of reliance on revenues from crude oil sale and a few other sources to finance government recurrent and capital expenditures was no longer sustainable stressing that the government had to look into other revenue sources for its activities.

He said, “There is no doubt that many MDAs are in default in their remittances of revenue generated during their operation as stipulated by the Fiscal Responsibility Act 2007 as well as the 1999 Constitution of Nigeria.

READ  $13bn Paris Club: States, LGs didn’t believe anybody could stop illegal front-line charge — Ned Nwoko

“In view of the dire straits that Nigeria is in now, this cannot be allowed to continue and the investigation is to get to the bottom of the non-compliance by MDAs.”

Adeola further stated that the investigation would also include the remittances or otherwise of the one per cent Stamp Duties accruing from all awarded contracts by all MDAs which were not remitted.

He said the investigation would cover the period between 2014 till date and that submissions already made by MDAs would be corroborated by the Office of the Accountant General of the Federation as well as the records with the Fiscal Responsibility Commission.

READ  Banditry: Secure your Forest Reserves, FG charges states

Copyright PUNCH.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: theeditor@punchng.com

<

p style="text-align: justify;">

<

p style="text-align: justify;">

<

p style="text-align: justify;">

<

p style="text-align: justify;">

ads

Be the first to comment

Leave a Reply