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Era of diverting revenue is over, NASS warns MDAs

The National Assembly has issued a warning to all revenue generating federal ministries, departments and agencies (MDAs) engaging in diversion of revenues to desist from the act.

Chairman, Senate Committee on Finance, Sen. Solomon Adeola, cautioned that the era of diverting revenues generated by MDAs was over.

A statement issued by his Media Adviser, Chief Kayode Odunaro, quoted the senator as saying this on Sunday after a meeting with the Chairman, House of Representatives Committee on Finance.

According to the statement, the National Assembly would ensure that the Federal Government generated enough revenue to implement people-oriented policies and programmes.

“It has been observed that year in year out, the Federal Government has not been able to meet its targets on independent revenue sources.

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“Findings indicate that the major culprit in this shortcoming is the inadequacies of MDAs, coupled with their penchant for diversion of revenue on recurrent expenditure under frivolous excuses,” he said.

Adeola said that the National Assembly would not tolerate unauthorised expenditure by the ministry of finance or agencies of government not backed by law or relevant acts of the National Assembly guiding such expenditure.

He said all expenditure must henceforth be in compliance with the Fiscal Responsibility Act and other applicable laws in Nigeria.

“Reports show that over the years, the Federal Government has not been able to surpass 30 per cent of its revenue targets.

“This has resulted in low level of budget implementation for critical capital projects.

“We need to reverse this trend. Indeed, we intend to introduce quarterly review of targets so that needed revenue can come to the federal purse”, he stated.

Ripples Nigeria

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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