• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
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
    • ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

  • Fact-Check
  • Economy
    • Customs Partners US Mission to Prevent Expanded Visa Ban

      Nigeria Customs Partners China on Smarter Ports, Officer Training, Reforms

      Comptroller General Nigerian Customs Bashir Adewale

      Customs Moves Against 223 Importers in N379bn Permit Breach

      Bashir Adewale Adeniyi Customs Boss

      How Customs is Tightening Borders to Stop Illicit Cash Flows –…

      Customs boss, CGC Bashir Adewale Adeniyi with NAFDAC DG Professor Moji Adeyeye

      Codeine, Tramadol Worth ₦20.5bn Seized as Customs-NAFDAC Cooperation Deepens

  • National
    • JUST IN: Tinubu Appoints Olumode Adeyemi New CG of Fire Service

      Okello Oculi

      Okello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is’haq Modibbo…

      Coordinated Security Efforts Making Nigeria Safer Under Tinubu’s Administration – NSA…

      Abike Dabiri CEO NIDCOM

      NiDCOM Urges Restraint as Ghanaians Protest Against Nigerians Over Alleged Crimes

      Minister of Information and National Orientation, Mohammed Idris, with the Minister of Foreign Affairs, Ambassador Yusuf Tuggar with the President of NIPR, Dr. Ike Neliaku during the unveiling of the National Reputation Management Group at Abuja on 15th October 2024.

      NRMG Charged to Lead Battle Against Fake News, Reframe Nigeria’s Image

    • Government
      • Troops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover Firearms

        nipr logo

        NIPR Slams Fake News Peddlers over Alleged Lafia Flyover Collapse

        Tinubu Offers Automatic Jobs, Gifts N250k to 210 Ex-Corpers

        Alhaji Ahmed Maiyaki, Commissioner of Information, Kaduna State

        Kaduna Governor Appoints Strategic Communicator, Ahmed Maiyaki as Information Commissioner

        Okello Oculi

        Okello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is’haq Modibbo…

  • Security
    • JUST IN: Tinubu Appoints Olumode Adeyemi New CG of Fire Service

      Troops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover Firearms

      Police Officer

      Police Nab Woman Linked to Murder of Pregnant Nurse, Mutilation in…

      Coordinated Security Efforts Making Nigeria Safer Under Tinubu’s Administration – NSA…

      3,000 Terrorists Killed, 120,000 Surrendered in Two Years — Defence Chief

  • Features
    • Okello Oculi

      Okello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is’haq Modibbo…

      Leon Usigbe

      Death, you can’t be Proud of this By Abdulrahman Abdulraheem 

      Tinubu’s Plateau Gambit – Yilwatda, 2027, and the Return of the…

      Ozumi and a recipient of a wheelchair

      Wheels of Hope: How a Simple Gift is Reshaping Lives at…

      Late Ex-President Muhammadu Buhari and Mansur Liman

      “Buhari: A Blunt, Honest Leader Who Laughed at His Own Predicament”

  • State
    • Troops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover Firearms

      nipr logo

      NIPR Slams Fake News Peddlers over Alleged Lafia Flyover Collapse

      Alhaji Ahmed Maiyaki, Commissioner of Information, Kaduna State

      Kaduna Governor Appoints Strategic Communicator, Ahmed Maiyaki as Information Commissioner

      Kaduna State Governor, Uba Sani

      Gov Sani sacks Commissioner, Announces New Appointment

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

  • Event
    • Founder Image Merchant Promotion Ltd, Yushau Shuaib, Nigeria Customs CG, CGC Bashir Adewale Adeniyi and the IPRA representative during the 2024 GWA awards in Belgrade, Serbia

      IPRA Celebrates 70th Anniversary, Hosts 2025 Golden World Awards in Ghana

      IMPR Interns

      Unpacking Dr. Fatima Binta’s NIPR Vision: A Candid Chat with PRNigeria…

      Dr. Ahmadu Fatimah Binta

      Beyond the Clinic: Dr. Fatimah Binta Reveals PR’s Impact on Medicine

      FGC Yauri schoolgirls

      Kidnapped FGC Yauri Schoolgirls Defy Odds, Graduate with Distinction from Top…

      Super Falcons wins WAFCON Trophy

      VON Apologizes for Erroneous WAFCON Report, Cites Possible Security Breach, Identifies…

    • PR Nigeria Award
  • E-Paper
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

Customs Partners US Mission to Prevent Expanded Visa Ban

Nigeria Customs Partners China on Smarter Ports, Officer Training, Reforms

Comptroller General Nigerian Customs Bashir Adewale

Customs Moves Against 223 Importers in N379bn Permit Breach

Bashir Adewale Adeniyi Customs Boss

How Customs is Tightening Borders to Stop Illicit Cash Flows – CG Adeniyi 

Customs boss, CGC Bashir Adewale Adeniyi with NAFDAC DG Professor Moji Adeyeye

Codeine, Tramadol Worth ₦20.5bn Seized as Customs-NAFDAC Cooperation Deepens

Acting Controller General of Customs, Nigerian Customs Services, NSC, Ag. CG Bashir Adewale Adeniyi

Adeniyi Inaugurates Lagos School Renovated by Nigeria Customs 

Abdullahi Aliyu Maiwada

Customs’ Maiwada Named Among Nigeria’s 50 Most Influential PR Voices

Acting Controller General of Customs, Nigerian Customs Services, NSC, Ag. CG Bashir Adewale Adeniyi

Customs Exposes Scam Over Form M Migration to B’Odogwu Platform

CBN

The Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri Idakwo Laruba

Ibrahim Yahaya Dandakata of Arewa Economic Forum AEF

AEF Slams CBN’s New BDC Policy, Cites Threat to Northern Economy and National Security

Google Search Tech Digest

7 Smart Google Search Tips That Will Save You Hours By Shuaib S. Agaka | Tech Digest

U.S. VISA

REVEALED: Why US Reduced Visa Validity for Nigerians to 3 Months in Reciprocal Policy Shift

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • JUST IN: Tinubu Appoints Olumode Adeyemi New CG of Fire Service
  • Troops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover Firearms
  • Police Nab Woman Linked to Murder of Pregnant Nurse, Mutilation in Anambra 
  • NIPR Slams Fake News Peddlers over Alleged Lafia Flyover Collapse
  • Tinubu Offers Automatic Jobs, Gifts N250k to 210 Ex-Corpers
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
JUST IN: Tinubu Appoints Olumode Adeyemi New CG of Fire ServiceTroops Neutralise 6 Terrorists in Coordinated Operations Across Borno, Recover FirearmsPolice Nab Woman Linked to Murder of Pregnant Nurse, Mutilation in Anambra NIPR Slams Fake News Peddlers over Alleged Lafia Flyover CollapseTinubu Offers Automatic Jobs, Gifts N250k to 210 Ex-CorpersKaduna Governor Appoints Strategic Communicator, Ahmed Maiyaki as Information CommissionerCustoms Partners US Mission to Prevent Expanded Visa BanOkello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is'haq Modibbo KawuCoordinated Security Efforts Making Nigeria Safer Under Tinubu's Administration - NSA RibaduGov Sani sacks Commissioner, Announces New AppointmentICPC Secures Conviction of Rector for Running Unaccredited Degree ProgrammesPalestinian Statehood Is a Right, Not a Privilege - UN Boss, GuterresNiDCOM Urges Restraint as Ghanaians Protest Against Nigerians Over Alleged Crimes3,000 Terrorists Killed, 120,000 Surrendered in Two Years — Defence ChiefNRMG Charged to Lead Battle Against Fake News, Reframe Nigeria’s Image
X whatsapp