Friday, January 21, 2022
More

    Latest Posts

    FG charges not worth defending, Kanu tells court, gets Feb date

    The leader of the Indigenous People of Biafra, Nnamdi Kanu, on Wednesday, asked a Federal High Court sitting in Abuja to discharge...

    Buhari inaugurates three road projects in Kafanchan, Kaduna

    The President, Major General Muhammadu Buhari (retd.), has commissioned three road projects in Kafanchan, the headquarters of Jema’a local government area of...

    Osinbajo presides over NEC meeting in Abuja

    The National Economic Council chaired by Vice President Yemi Osinbajo is now holding its first meeting in 2022 at the State House,...

    Reps pass electoral bill without compulsory direct primary clause

    The House of Representatives passed the Electoral Act (Amendment) Bill on Thursday. However, the lawmakers revised the compulsory direct...

    Senate begins MDA’s revenue remittance probe Wednesday

    The Senate Committee of Finance will on Wednesday commence full investigation into all the revenue generating ministries, departments and agencies to establish their level of compliance to relevant laws on internally generated revenue

    The exercise was in a bid to ensure that more revenue accrued to the Consolidated Revenue Fund as well as to ensure future compliance with the laws.

    The Chairman of the Senate panel, Senator Solomon Adeola said this on today during the 2021 budget defence of the Federal Inland Revenue Service.
    He explained that the investigation was to have started yesterday but had to be deferred following the demise of a House of Representatives member and the suspension of legislative activities by the Senate.

    The chairman stated that the era of reliance on revenues from crude oil sale and a few other sources to finance government recurrent and capital expenditures is no longer sustainable stressing that Government have to look into other revenue sources for its activities.

    He said, “There is no doubt that many MDAs are in default in their remittances of revenue generated during their operation as stipulated by the Fiscal Responsibility Act 2007 as well as the 1999 Constitution of Nigeria.

    “In view of the dire straits that Nigeria is in now, this cannot be allowed to continue and the investigation is to get to the bottom of the non-compliance by MDAs.”

    Adeola further stated that the investigation will also include the remittances or otherwise of the 1 per cent Stamp Duties accruing from all awarded contracts by all MDAs which were not remitted to FIRS stressing that this includes all government agencies beyond the over 460 revenue generating MDAs.

    He said the investigation would cover the period between 2014 till date and that submissions already made by MDAs would be corroborated by the Office of the Accountant General of the Federation, as well as the records with the Fiscal Responsibility Commission who are part of the technical team of the senate investigation.

    copyright punchng.com © 1971-2021 The Punch newspaper

    Latest Posts

    FG charges not worth defending, Kanu tells court, gets Feb date

    The leader of the Indigenous People of Biafra, Nnamdi Kanu, on Wednesday, asked a Federal High Court sitting in Abuja to discharge...

    Buhari inaugurates three road projects in Kafanchan, Kaduna

    The President, Major General Muhammadu Buhari (retd.), has commissioned three road projects in Kafanchan, the headquarters of Jema’a local government area of...

    Osinbajo presides over NEC meeting in Abuja

    The National Economic Council chaired by Vice President Yemi Osinbajo is now holding its first meeting in 2022 at the State House,...

    Reps pass electoral bill without compulsory direct primary clause

    The House of Representatives passed the Electoral Act (Amendment) Bill on Thursday. However, the lawmakers revised the compulsory direct...

    Don't Miss

    Shoot dead any prison attackers, Aregbesola orders officers

    The Minister of Interior, Rauf Aregbesola, on Monday, ordered prisons officers to shoot dead anybody who attempts to attack any correctional centre...

    Terrorists killed in fresh Katsina attack, say police

    The Katsina State Police Command on Monday revealed that its operatives successfully repelled terrorists’ attack at Badole village, in the Kurfi Local...

    FG spends N1tn, $3m solid minerals fund on elections, drainage

    THE Federal Government may have turned the over N1tn Natural Minerals Resources Fund set up to develop the solid minerals sector to...

    I didn’t endorse Tinubu’s presidential ambition, says Momodu

    Ovation magazine publisher and presidential aspirant on the platform of the Peoples Democratic Party, Chief Dele Momodu, has taken a swipe at...

    Reekado Banks calls out Bolt on his producer’s missing bag

    Reekado Banks has called out online taxi service company, Bolt, for not coming to his producer’s aid after he lost his bag...

    Stay in touch

    To be updated with all the latest news, offers and special announcements.