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FRC recovers N120bn from Nigeria’s revenue agencies

11 April 2014, 17:02

Abuja - The Fiscal Responsibility Commission (FRC) recovered N120 billion from Federal Government’s revenue generating agencies within seven years.

Victor Muruako, Chairman of FRC, made the disclosure in Abuja at a reconciliation meeting between FRC and the Nigeria Communication Commission (NCC) over the latter’s non-remittance of operating surplus from 2007 to 2012.

He said the money was recovered from 2007 to date, adding that the recovery was made possible through enforcement of prudence and accountability principles in the agencies.

According to him, the recovered amount included N20 billion remitted by NCC in 2010 and another N2 billion it remitted on Wednesday.

“For the past years, we have been able to recover up to N118 billion from government agencies, and if you add it up with the payment that NCC just made, you will find that the money we have recovered is now N120 billion.

He said that most of the agencies were not responding to the commission’s appeal to them to remit their operating surpluses.

“They do not want to accept that you don’t just get money and spend it directly, because out of that money, you are to remit 80 per cent of it first to the CRF account.

"But now, I can tell you that a lot of them are coming around on this,’’ he said.

He added: “For now, NCC has done well. By this time last year we were still in dispute with them based on the discrepancies found in the financial statements they submitted to us between 2007 and 2010.

In her speech, NCC’s Director of Finance, Iyabo Sholanke, said that Wednesday remittance by the commission was a demonstration of its commitment to pay what it owed the government.

Sholanke said the commission’s earlier remittances to the CRF included N9.3 billion for 2013 and N10 billion for 2012.

She reiterated the commission’s commitment to contributing to government revenue generation through prompt remittance of its operating surplus.

-   NAN

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