• 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
    • 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…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

      WTO Lauds Nigeria Customs for Embracing Global Trade Standards

      Nigeria, Rwanda Sign Landmark Tax Treaty to Boost Cross-Border Investment

  • National
    • For Aminu Dantata to Sleep Well… By Abdullahi O Haruna Haruspice

      Nigerian Dignitaries, Business Leaders Attend Aminu Dantata’s Burial in Madinah Saudi…

      IGP Kayode Egbetokun Police Boss

      Police Rescue Trafficked Ghanaian Youth in Abuja

      Bashir Adewale Adeniyi Customs Boss

      Bashir Adeniyi: A Roadmap to Global Customs Leadership By Tahir Ahmad

      Arewa Discussion Group

      Arewa Discussion Group Launched to Tackle Northern Challenges

    • Government
      • Nigerian Dignitaries, Business Leaders Attend Aminu Dantata’s Burial in Madinah Saudi…

        Dantata laid to rest at Medina Cemetery

        Legendary Business Mogul Aminu Dantata Laid to Rest in Madinah Cemetery

        Tinubu Seeks Visa Waivers, Scholarships as Nigeria Establishes Diplomatic Ties with…

        Malam Yusuf Abubakar Dingyadi

        Dingyadi, PDP Chair’s Vocal Spokesperson, Resigns

        Ambassador Yusuf Maitama Tuggar

        Ambassador Tuggar’s Doctrine of Calm in a World on Fire By…

  • Security
    • Police Officer

      FCT Police Urges Influencers to Spotlight Heroism, Not Just Negativity on…

      Nigerian Police Force

      Anambra Police Launch Manhunt After Gunmen Kill 10 in Ogboji Attack

      MATAWALLE, cds, AND pERM SEC OF dEFENCE MINISTRY

      “You Are Now Nigeria’s Frontline Guardians in War Against Terrorism –…

      IGP Kayode Egbetokun Police Boss

      Police Rescue Trafficked Ghanaian Youth in Abuja

      Police Officer

      FCT Police Nab Notorious Kidnappers Linked to Killings, Mass Abductions in…

  • Features
    • For Aminu Dantata to Sleep Well… By Abdullahi O Haruna Haruspice

      Bashir Adewale Adeniyi Customs Boss

      Bashir Adeniyi: A Roadmap to Global Customs Leadership By Tahir Ahmad

      IGP Kayode Egbetokun Police Boss

      IGP Egbetokun: Leading the Charge for a Safer Nigeria By Danjuma…

      NDLEA Logo

      Drug Culture in Nigerian Music: When Art Imitates Harm By Arafat…

      Ambassador Yusuf Maitama Tuggar

      Ambassador Tuggar’s Doctrine of Calm in a World on Fire By…

  • State
    • For Aminu Dantata to Sleep Well… By Abdullahi O Haruna Haruspice

      Dantata laid to rest at Medina Cemetery

      Legendary Business Mogul Aminu Dantata Laid to Rest in Madinah Cemetery

      IGP Kayode Egbetokun Police Boss

      Police Rescue Trafficked Ghanaian Youth in Abuja

      Police Officer

      FCT Police Nab Notorious Kidnappers Linked to Killings, Mass Abductions in…

      Chief of Defence Staff (CDS), Gen. Christopher Musa

      Okuama 17: Court Orders Military Chief to Produce Detained Monarch in…

  • Event
    • NELFUND

      NELFUND Warns Students Against Fake Loan Application Portal

      EFCC Witness: Yahaya Bello Had No Property Dealings With EFAB

      Hon. Rukayat Motunrayo Shittu (RMS), with PRNigeria Ladies in PR I'm Abuja

      Rukayat Shittu Set to Publish Inspirational Book “Cracking the Glass Ceiling”,…

      Chief Cornelius Olatunji Adebayo

      Former Kwara Governor, Chief Adebayo, Dies at 84

      Managing Editor of Image Merchants, Mr Abdulrahman Abdulraheem, PR Expert, Celestine Achi and the Editor-in-chief, Yushau Shuaib presenting the book to PRNigeria center

      PRNigeria Commends New Book on Artificial Intelligence in Public Relations

    • 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 Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

Comptroller General Nigerian Customs Bashir Adewale

Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO Chair

WTO Lauds Nigeria Customs for Embracing Global Trade Standards

Nigeria, Rwanda Sign Landmark Tax Treaty to Boost Cross-Border Investment

Bashir Adewale Adeniyi MFR

Nigeria Customs, India Forge Deeper Bond on Trade Oversight

Managing Editor of Image Merchants, Mr Abdulrahman Abdulraheem, PR Expert, Celestine Achi and the Editor-in-chief, Yushau Shuaib presenting the book to PRNigeria center

PRNigeria Commends New Book on Artificial Intelligence in Public Relations

Nigeria Customs, ICPC Strengthen Anti-Corruption Collaboration

FG, States, LGAs Share N1.659trn Revenue in May 2025 – FAAC

DG NIPSS Ayo Omotola and Yushau A. Shuaib of PRNigeria

PRNigeria Founder Demands ₦1bn, Reinstatement in Legal Notice to NIPSS Over “Unjust Withdrawal”

PRNigeria Fellows and CEO IMPR Yushau A Shuaib

PRNigeria Fellows Express Solidarity with Publisher Over NIPSS Ordeal

Centre Commends CBN, Cardoso for Tackling Inflation, Boosting Reserves

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • FCT Police Urges Influencers to Spotlight Heroism, Not Just Negativity on Security
  • For Aminu Dantata to Sleep Well… By Abdullahi O Haruna Haruspice
  • Nigerian Dignitaries, Business Leaders Attend Aminu Dantata’s Burial in Madinah Saudi Arabia
  • Legendary Business Mogul Aminu Dantata Laid to Rest in Madinah Cemetery
  • Anambra Police Launch Manhunt After Gunmen Kill 10 in Ogboji Attack
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
FCT Police Urges Influencers to Spotlight Heroism, Not Just Negativity on SecurityFor Aminu Dantata to Sleep Well… By Abdullahi O Haruna HaruspiceNigerian Dignitaries, Business Leaders Attend Aminu Dantata's Burial in Madinah Saudi ArabiaLegendary Business Mogul Aminu Dantata Laid to Rest in Madinah CemeteryAnambra Police Launch Manhunt After Gunmen Kill 10 in Ogboji AttackProtesters Occupy Public Offices, Call for NMDPRA Boss Probe"You Are Now Nigeria’s Frontline Guardians in War Against Terrorism – Matawalle Tells Special Forces GraduatesPolice Rescue Trafficked Ghanaian Youth in AbujaFCT Police Nab Notorious Kidnappers Linked to Killings, Mass Abductions in Abuja, KadunaOkuama 17: Court Orders Military Chief to Produce Detained Monarch in DeltaUnexploded Military Ordnance Recovered in Damaturu by PoliceSeparate IED Explosions Kill Teenager, Injure 2, Destroy Bridge in BornoTroops Eliminate 8 Boko Haram/ISWAP Terrorists in BornoYouths Applaud Tsenyil’s Confirmation, Back Tinubu’s Regional Development Troops Eliminate 10 Terrorists in Fierce Battle Near Cameroon Border
X whatsapp