FG, States Contravene FRA Via High Interest Loans, Says FRC
The Federal Government and state governments have been violating the Fiscal Responsibility Act by borrowing high interest loans, the Fiscal Responsibility Commission has said.
In its 2017 Annual Report and Audited Accounts obtained by our correspondent...
FRC: Debts Exceed Statutory Revenues In 32 States
The consolidated debts of 32 states of the federation exceeded their gross statutory revenues in 2017, a report of the Fiscal Responsibility Commission has shown.
As of December 2017, the 36 states of the federation had total public...
FAAN,3 Others Fail To Remit Operating Surpluses - FRC
The Fiscal Responsibility Commission(FRC) has accused a number of agencies including the Nigerian Electricity Regulatory Commission and the Federal Airport Authority of Nigeria of failing to remit their operating surpluses to the Consolidated Revenue Fund of...
FRC: Lagos, Osun, Cross River’s Debts Exceed Revenues By Over 480%
The debt status of most states of the federation exceeds 50 per cent of their annual revenues. For 18 states, the debt profiles exceed their gross and net revenues by more than 200 per...
The Fiscal Responsibility Commission(FRC) says the debts include domestic debt (N9.73 trillion or 82.20%) and external debt (N2.11 trillion or 17.80%).
Of the debt stock, the Federal Government has about N10.29 trillion, comprising domestic debt of N8.84 trillion or 85.96% and external debt of N1.44...
The Fiscal Responsibility Commission (FRC) opened the Pandora’s Box on the activities of some Ministries Departments and Agencies (MDAs).
It accused the MDAS of producing two different accounting statements in order to manipulate their operating surplus and losses.
In the last seven years, according to the...
