• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Economy FG Moves To Control Spending In MDAs
  • Economy

FG Moves To Control Spending In MDAs

By
Marshall Gundu
-
December 13, 2015
kemiThe Minister of Finance, Mrs Kemi Adeosun, has issued a circular on guidelines regarding budgeting, revenue and expenditure aimed at ensuring that MDAs remit revenue and generate operating surpluses which by law ought to be credited Consolidated Revenue Fund (CRF).
 
The circular is aimed at compelling Boards and Agencies who currently operate outside of budgetary control to comply with the law. Sec 22(2) of the Fiscal Responsibility Act (FRA) lists agencies including NPA, NIMASSA, NAFDAC, JAMB, NTA, NCC, CAC, NECO, who should remit 80% of their operating surplus into the Consolidated Revenue Fund.
 
Minister of Finance stated that records show very poor compliance with the provisions of the Fiscal Responsibility Act. Some agencies have never credited the Consolidated Revenue Fund despite having salary, capital and overhead financed by the Federal Government. Indeed, cost to income rates of 99.8% have been the average, meaning that they spend all their internally generated revenue and subventions released to them.
 
The Minister said such practices are not sustainable in any economic climate and with the current serious economic challenges being faced by Nigeria, can no longer be tolerated. Accordingly, all revenue generating agencies must comply with the circular and cut their costs.
 
In the circular sent to MDAs, the Minister said revenues generated by all Ministries, Departments and Agencies (MDAs) must be reported on a gross basis prior to any deductions. Also, all self funded Federal Agencies are to limit their annual expenditures from their internally generated revenues to not more than 75% (Seventy Five percent) of their total gross revenue, while fully funded agencies are to remit all their internally generated revenue (IGR) to the Consolidated Revenue Fund (CRF)..
 
The Circular said that henceforth, 80% of the resulting operating surplus by MDAs should be remitted into the Consolidated Revenue Fund (CRF) on a quarterly basis, in accordance with the Fiscal Responsibility Act.
 
To ensure continual monitoring, the circular required all MDAs funded through the annual budget must submit monthly Expenditure Transcripts and Revenue Returns, to the Office of the Accountant-General of the Federation (OAGF), while agencies not funded through the annual Federal Government budget are to prepare and submit Quarterly Management Accounts including Revenue Returns to the OAGF.
 
 
The Minister reminded all MDAs that in line with Financial Regulations (FR) 107, the Accountant-General of the Federation shall carry out routine revenue monitoring and inspection visits to the MDAs to verify compliance with the new guidelines. The circular said any Accounting Officer/Chief Executive Officer of MDAs that defaults in remitting revenues as appropriate and as when due shall be sanctioned accordingly and the renewal of the tenure of appointment of Accounting Officers/Chief Executive Officers shall be tied to their compliance with the content the new guidelines.
 
 
 
Marshall Gundu
Director (Press)
Federal Ministry of Finance
VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
Previous articleArmy’s Statement on Shiite Sect Incident in Zaria
Next articleArmy Update on Zaria Incident
Marshall Gundu
Marshall Gundu
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

L-R: Partner Seismic Consultant, Dr Olusoji Adeniyi; Senior Special Assistant to the President on Entrepreneurship Development, Chalya Shagaya; Founder of Women Enterprise alliance (WenA), Her Excellency Hajia Aisha Babangida; Head Fiscal and Tax Reforms Implementation FIRS, Olufemi Olarinde; during the 5th WenA Conference in Abuja.

Aisha Babangida Seeks Actionable Gender Reforms, as Women Entrepreneurs Share ₦10m WenA Awards

CG Customs Bashir Adewale Adeniyi

Customs Tasks New Comptrollers on Discipline, Innovation

Nigeria Customs Service Warns Public Against Fake Recruitment Shortlist

Aliko Dangote

FG Brokers Truce in Dangote–PENGASSAN Dispute

Governor Abba Kabir Yusuf, Kano State

Gov Yusuf Launches N800m Youth Empowerment Scheme in Kano

Customs Pledges Stronger CSR, Assures Support for Sister Agencies

CG Customs Bashir Adewale Adeniyi

Customs Launches One-Stop-Shop, Targets 48-Hour Cargo Clearance

L-R: Director at the Security Exchange Commission (SEC), Mr Abdukadir Abbas; CEO of CANAG Communications, Senator Iroegbu; Founder of WANA Foundation, Hajia Aisha Babangida; Managing Partner of Metropolitan Law Firm, Hajia Ummahani Ahmad Amin; Associate Director at First Trustees, Mr Abimbola Ajinibi, during the 7th African International Conference on Islamic Finance (AICIF) Pitch Competition in Abuja…Yesterday PHOTO KINGSLEY ADEBOYE

20 Startups Vie for N5m Grants in Africa’s Leading Islamic Finance Pitch Challenge

Zaccheus Adedeji FIRS Chairman

FIRS Urges Citizens to Embrace Voluntary Tax Compliance for National Development

Sule Y. Sule @60: Celebrating a Master of Strategic Communication

Customs PR Workshop in Kano

Customs Opens PR Workshop in Kano, Tasks Officers on Integrity

CG Customs Bashir Adewale Adeniyi

Customs, MAN Renew Ties to Deepen Economic Collaboration

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Still on the Misleading Global Story About Nigeria’s Insecurity, By Mukhtar Ya’u Madobi
  • Celebrities, Brands Shine as Nigeria Digital PR Summit Clocks 10 Years of Ethical Storytelling
  • Court Dismisses Suspended NCAA Boss Suit Against ICPC
  • Tinubu Seeks Senate Confirmation of Bernard Doro as Minister
  • Nnamdi Kanu’s Lawyer, Brother, 11 Others Remanded in Kuje Prison Over Protest
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Still on the Misleading Global Story About Nigeria's Insecurity, By Mukhtar Ya’u MadobiCelebrities, Brands Shine as Nigeria Digital PR Summit Clocks 10 Years of Ethical StorytellingCourt Dismisses Suspended NCAA Boss Suit Against ICPCTinubu Seeks Senate Confirmation of Bernard Doro as MinisterNnamdi Kanu’s Lawyer, Brother, 11 Others Remanded in Kuje Prison Over ProtestPSC, NECA Partner to Develop AI-Enabled Complaint System for Ethical PolicingICPC, UBEC Partner to Promote Transparency in Basic Education SectorCritical Appraisal of Mike Arnold’s Findings on Alleged Christian Genocide in Nigeria, By Prof. Adam Abba-AjiCustoms, EFCC, KACCIMA Collaborate to Boost Trade Compliance in KanoBUK Launches 10 Solar-Powered Tricycles to Boost Campus TransportationNDLEA Unveils Online Portal for Drug Integrity Test, Visa Clearance CertificationIn Lagos, Army Clarifies Ojo Shooting Incident, Denies Killing Inside CantonmentTerrorist Peace Dialogue Leads to Release of Over 120 Captives in Northwest, But New Mass Abduction ReportedArmy Arrests 88 Suspects, Recovers Arm, Rescues Hostages NationwideCustoms Moves Against Vehicle Smuggling, Launches Verification System
X whatsapp