Chairman of the Fiscal Responsibility Commission, FRC, Victor Muruako, has said the commission recovered N120 billion from the Federal Government’s revenue generating agencies within seven years.
Mr. Muruako 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 development was possible through the 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.
The News Agency of Nigeria reports that operating Surplus is 80 per cent of revenue generated by any government organisation, which should be remitted to the Consolidated Revenue Fund (CRF).
“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.
“Between 2007 and 2010, NCC failed to remit N22 billion as its operating surplus to the Consolidated Revenue Fund but after several meetings with them in three years, they made payment of N20 billion, last year,” Mr. Muruako said.
He said that most of the agencies were not responding to the commission’s appeal to them to remit their operating surpluses.
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