Nigeria In One Minute
Govt agencies remitted N687.82bn operating surplus in nine years
Agencies of the Federal Government have remitted a total of N687.82bn to the Consolidated Revenue Fund in nine years, the Fiscal Responsibility Commission has said in a report.
It stated in the report obtained by our correspondent on Monday that the amount was remitted as operating surplus between 2007 and 2015.
The FRC Act 2007 requires listed government agencies to remit 80 per cent of their annual operating surpluses to the Consolidated Revenue Fund.
The operating surplus as conceptualised by the FRA 2007 is made up of revenues accruing to government agencies above what it is approved to spend at the beginning of the budget year.
Among the 30 agencies listed as qualifying to remit operating surpluses, the Central Bank of Nigeria made the highest return of N497.63bn in a period of eight years but the organisation did not remit any surplus in 2015.
The Nigerian National Petroleum Corporation did not remit any surplus within the nine-year period.
Punch, August 22, 2017
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