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Nigerian govt received over N1.8trn remittances from MDAs in 12 years –FRC

Nigerian govt received over N1.8trn remittances from MDAs in 12 years –FRC

The Nigerian government took receipt of remittances topping N1.8 trillion in the last 12 years as operating surplus from Ministries, Departments and Agencies into its Consolidated Revenue Fund, the Fiscal Responsibility Commission (FRC) said Monday.

The income was earned against expenses of N5.8 billion, racked up by the organisation from overhead, personnel cost and capital projects over 13 years, the commission’s acting chair, Victor Muruako, told railway workers at a capacity building session on Fiscal Responsibility Act 2007.

Muruako observed that FRC’s synergy with government agencies towards deepening staff competence was instrumental in maximisation of government’s resources.

Read also: FRC report puts FG’s 2017 expenditure shortfall at N977.57bn

He lauded the Nigerian Railway Corporation for making swift intervention in collaborating with the fiscal authority for capacity development as organisations and firms restrategise and deploy innovations to stay adrift of the choppy waters of the coronavirus pandemic.

Meanwhile, the FRC has revealed the shoddiness of government’s contract award process, noting an absence of appropriate execution framework.

“Most government contracts are awarded in a hurry without proper design, Environmental Impact Assessment, execution plans, etc.

“This leads to both financial and time over-run and ultimately the failure and abandonment of such projects,” it disclosed in statement issued in Abuja on Monday.

Monitoring and assessment fees were offered to contractors, who manipulate officials like resident engineers to favour them, FRC said.

Ronald Adamolekun

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Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.

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