CBN, SEC, others fingered in N450bn un-remitted operating surpluses

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It was gathered that the Federal Ministry of Finance said it constituted a committee to recover unremitted operating surpluses of agencies of government, running into N450billion.

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The committee led by the Accountant General of the Federation, Alhaji Ahmed Idris, was mandated to reconcile the operating surpluses of 31 revenue-generating agencies of government for the period 2010-2015.

A statement from ministry of finance signed by Festus Akanbi, Special Assistant, media to the finance minister said “the findings of the committee so far, have shown under-remittance of over N450 billion, which has accrued within the period.”

The Finance Ministry stated that staff of the Office of the Accountant General of the Federation have critically reviewed the accounting statements of these agencies, which include the Central Bank of Nigeria (CBN), Petroleum Technology Development Fund, (PTDF), National Agency for Food and Drug Administration and Control (NAFDAC), Nigerian Television Authority (NTA), and the Securities and Exchange Commission (SEC), among others.

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The Committee will therefore be inviting the management of these agencies to explain why their operating surpluses have not been remitted as mandated by the Fiscal Responsibility Act 2007.

Some of these agencies the ministry said “have incurred huge expenses on overseas training and medicals, and huge expenses on behalf of supervisory ministries and/other organs of government involved in oversight or regulatory functions without appropriate approval.”

Other infractions include payment of salaries and allowances to staff and board members, governing councils, and commissions which are outside or above the amount approved by the Revenue Mobilisation and Fiscal Allocation Commission (RMFAC) and the National Salaries, Income and Wages Commission.

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The list also includes unacceptable expenses incurred on donations, sponsorships, etc; unfavourable contract signed for revenue collection by a third party; granting of staff loans that have not been repaid as well as sale and transfer of assets to board members, among others.

According to the Finance Ministry, the overall effect of these practices is that operating surpluses of these agencies are lower than should be.

As a result of this, the Minister of Finance, Mrs. Kemi Adeosun, has directed the Accountant General of the Federation to issue a circular that will limit allowable expenses that can be spent as part of measures to ensure these agencies face strict monitoring.

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This development the statement said is part of the resolve of the Minister to ensure that leakages are tackled.

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