FRC: 122 Agencies To Remit N1.8trn Surplus To Govt

The Fiscal Responsibility Commission (FRC) has compelled 122 agencies to remit N1.8 trillion surplus to the Consolidated Revenue Fund.

Its Acting Chairman, Victor Muruako gave the order when the Executive Director, Civil Society Legislative Advocacy Centre (CISLAC)/Transparency International Nigeria, Auwal Ibrahim Musa, visited the commission.

“The Commission has continued to record tremendous progress in the remittance of operating surplus by schedule corporations. At present, the Commission has caused over N1.8 trillion to be remitted to Consolidated Revenue Fund of Government.

“Before this time, the Commission had 31 schedule corporations, later 99 new agencies were added and this brings the total number of agencies in the schedule to 122.This is targeted at generating more independent revenue for the government,” he said.

While calling for more funding of the commission to enable it discharge its oversight functions on the 122 Schedule Corporations in line with the provision of the Fiscal Responsibility Act, 2007, he urged CISLAC and other well-meaning Nigerians to help the commission in pushing for the quick passage of the amendment of the Fiscal Responsibility Act, 2007, which was with the Seventh Assembly.

Musa reiterated the interest of CILAC to partner the commission to ensure economic stability.

He stressed the need for economic diversification instead of heavy reliance on oil revenue generation and lamented the external debt standing at $26.94billion, Excess Crude Account (ECA) barely $ 71 million, Balance of Trade (BoT) at $18.7 billion and widening fiscal deficit on account of lower oil revenue.

He said the fiscal space is constrained. Tax as a percentage of GD (eight per cent) has been suboptimal while debt service to revenue at over 50 per cent is high and worsening.