Chairman of Senate Committee on Finance, Solomon Olamilekan Adeola has revealed that over N3 trillion may have been spent on frivolous expenditures by Ministries, Departments and Agencies of government.
Adeola who represents the Lagos West Senatorial district in a statement signed by his Media Adviser, Chief Kayode Odunaro on Sunday noted that the ongoing committee investigation of over 700 MDAs showed serious financial infractions with respect to the provision of Fiscal Responsibility Act, 2007.
He said the quoted amount was already generated by the agencies before it was spent as revealed in the ongoing investigation into revenue remittances by MDAs between 2014 and 2020 as well as the payment of 1% Stamp Duty on all contract awards by the MDAs within the same period.
Senator Adeola said he invited the minister, the DG, Budget Office and the Accountant General of the Federation to get their full buy-in and to brief them on the revelation by the over four weeks long investigation with many agencies committing all manner of illegalities relating to the expenditure of government funds.
He lamented the abuse of operating surpluses by not remitting funds into the Consolidated Revenue Fund, (CRF).
The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed alongside the Director-General of Budget Office, Mr. Ben Akabueze and the Auditor General of the Federation, Mr. Idris Ahmed with other heads of agencies also appeared before the committee over the weekend, where he told them that
the ongoing investigation into revenue remittances of MDAs was between 2014-2020.
Senator Adeola said he invited the minister, the DG, Budget Office and the Accountant General of the Federation to get their full buy-in and brief them on the revelations by the over four weeks investigations with many agencies committing all manner of illegalities.
“Honourable Minister in view of the huge budget deficits accompanying our yearly budgets and the resort to huge borrowing to finance these deficits, the committee decided to probe into the revenue remittances by agencies of government as the government cannot continue to borrow yearly while the revenue from agencies that the government is financing with the borrowings are spent contrary to the laws of the land.”, he stated.
“From submissions already made and calculations from the Fiscal Responsibility Commission, about 60 Government Owned Enterprises (GOEs), may have about N3 trillion of government revenue still unremitted in their coffers.
He said most of the agencies abuse the concept of operating surpluses to shortchange government as well as relying on ministerial circulars over and above the Constitution and FRA of 2007 as passed by the National Assembly.
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