UNREMITTED REVENUE: SENATE UNCOVERS N640 BILLION!

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SENATE UNCOVERS N640 BILLION UNREMITTED REVENUE: The Senate has uncovered N640 billion government revenue by 24 federal agencies including Nigeria Customs Service, NPA and FIRS not remitted into government coffers. This information was contained in the interim report of the Senate Adhoc Committee on Alleged Misuse, Under-remittance and other Fraudulent Activities in the collection, accounting, remittance and expenditure of IGR by revenue generating agencies. The committee recommends that the Fiscal Responsibility Act be amended in a manner that will compel all government agencies and institutions on compliance with financial regulations with regards income generation, accounting and remittance. And that the proposed amendment act should make all revenue generating agencies (RGAs) to pay 30% of their income generated monthly to the Consolidated Revenue Account before expenditure.

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