Due to the recent allegations by the by Chairman, Senate Committee on Finance, Senator Solomon Adeola (APC- Lagos), that some Ministries, Departments and Agencies (MDAs) are yet to remit over N2 trillion to the Consolidated Revenue Fund (CRF) of the Federal Government between 2014 and 2020, the Integrity Youth Alliance has called on Ministries, Departments and Agencies (MDAs) to emulate the NNPC’s Monthly Financial And Operations Report template.
This call was made on Wednesday when the National Coordinator of the Alliance, Kelvin Adegbenga was responding to the allegations of non-remittance of CRF by some MDAs.
“We were shocked with the report that some Ministries, Departments and Agencies are yet to remit over N2trillion to the Consolidated Revenue Fund of the Federation between 2014 and 2020”.
“A robust finance report communicates crucial financial information that covers a specified period through daily, weekly, and monthly financial reports. These are powerful tools that you can apply to increase internal business performance.
“A data-driven finance report is also an effective means of remaining updated with any significant progress or changes in the status of your finances and help you measure your financial results, cash flow, and financial position.
The Alliance Boss further said, “We want to extol the Senate Committee on Finance for investigating and bringing this issue to public knowledge but we would be right to say this is the best time Ministries, Departments and Agencies emulate the NNPC’s Monthly Financial and Operations Report template which began in August 2015 and has recorded the 69th publications to date”.
“There is no doubt that NNPC’s Transparency, Accountability and Performance Excellence initiative is indeed commendable as it aims to ensure that no room exists for the kind of under-hand dealings that were associated with the NNPC operations in the past.
“The Agenda has been ensuring that both management and operations staff carries out their duties with the highest level of ethical standards in order to break away from the old perception of the Corporation as a centre of sleaze.” Adegbenga said.
It will be recalled that Chairman, Senate Committee on Finance, Senator Solomon Adeola (APC- Lagos) spoke on the heels of the ongoing investigation of remittances of revenue by MDAs and payment of 1 percent stamp duty on contracts between 2014 and 2020.
Adeola was quoted as saying “the unremitted revenue may have been trapped with the MDAs or spent on frivolous expenditures. He said this is contrary to the 1999 Constitution of the Federal Republic of Nigeria and the Fiscal Responsibility Act (FRA) 2007.
He said the Minister, Director General, Budget Office, and the Accountant General of the Federation, were invited to speak on the unremitted funds which was revealed from investigations of the committee.
The investigation has so far revealed that many agencies were involved in illegalities relating to expenditure of funds that should be remitted into Consolidated Revenue Fund (CRF)”.
