The Federal Government has said that the Central Bank of Nigeria and sixteen other government agencies are to refund the sum of N450 billion which represents outstanding and recoverable operating surpluses in line with the Fiscal Responsibility Act (FRA).
Finance Minister, Kemi Adeosun disclosed this while briefing newsmen in Abuja on the Fiscal Responsibility Act, adding that the Act was designed to provide guidelines and controls to elicit greater accountability and transparency in fiscal operations.
The other government agencies include Nigeria shippers Council, Nigerian Export Promotion Council, National Health Insurance Scheme, Nigeria Civil Aviation Authority, Nigeria Communication Commission and Nigeria Postal Service.
Others who must make refunds to the government coffers include National Information Technology Development Agency, Nigeria Television Authority, Bureau for Public Enterprise, National Pension Commission, Nigeria Bulk Electricity Trading Plc, Raw Materials Research and Development Council, Nigeria Ports Authority, Nigerian Export Processing Zones Authority. Federal Radio Corporation of Nigeria and Council for the Regulation of Engineering In Nigeria.
Mrs Adeosun noted that an audit had been carried out 33 MDAs which revealed that actual compliance with the provisions of the Act has been poor resulting in revenue leakages.
She posited that these leakages include but not limited to non–remittance and under-remittance of operating surpluses due to the Consolidated Revenue Fund (CRF), Operating without an approved budget, Overstating of budget and spending above budgeted amount, Under-reporting of revenues, Making payments without invoices and absence of payment receipts; Failure to retire cash advances, Loans and grants to parent companies without prior approval;
Other reasons for leakages are: Poor book keeping; Failure to reconcile accounts and existence of irreconcilable differences; Lack of a fixed asset register and sale of assets to staff; Fixed asset register not updated with all items purchased; Purchase of fixed assets directly from IGRs; Inadequate internal audit process and weak internal controls; Failure to submit audited financial statements among others.