Friday, February 3, 2023
More

    Latest Posts

    Give me seven days to resolve naira woes- Buhari

    The President, Major General Muhammadu Buhari (retd), on Friday, urged citizens to give him seven days to resolve the cash crunch that has become...

    Allow new, old Naira co-exist, APC govs urge Buhari

    Members of the Progressives Governors’ Forum on Friday urged the President, Major General Muhammadu Buhari (retd.), to prevail on the Central Bank of Nigeria...

    Two ex-SARS officers bag death sentence for murder

    A High Court sitting in Port Harcourt has convicted and sentenced to death by hanging, two former members of the disbanded Special Anti-Robbery Squad...

    Timi Dakolo tells Nigerians the kind of religious gatherings to attend

    The popular Nigerian singer Timi Dakolo has advised Nigerians to be cautious of the religious groups in which they find themselves. Dakolo admonished that people...

    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

    Give me seven days to resolve naira woes- Buhari

    The President, Major General Muhammadu Buhari (retd), on Friday, urged citizens to give him seven days to resolve the cash crunch that has become...

    Allow new, old Naira co-exist, APC govs urge Buhari

    Members of the Progressives Governors’ Forum on Friday urged the President, Major General Muhammadu Buhari (retd.), to prevail on the Central Bank of Nigeria...

    Two ex-SARS officers bag death sentence for murder

    A High Court sitting in Port Harcourt has convicted and sentenced to death by hanging, two former members of the disbanded Special Anti-Robbery Squad...

    Timi Dakolo tells Nigerians the kind of religious gatherings to attend

    The popular Nigerian singer Timi Dakolo has advised Nigerians to be cautious of the religious groups in which they find themselves. Dakolo admonished that people...

    Don't Miss

    ‘BBTitans’: Marvin warns Blue Aiva not to touch him as girlfriend is watching the show

    Big Brother Titans housemate Marvins has told fellow housemate Blue Aiva to refrain from touching him. Aiva made a move to touch Mavin's lower body,...

    Obi not quitting presidential race, LP insists

    The media arm of the Labour Party Presidential Campaign Council has described as fake, reports linking its presidential candidate, Peter Obi to quitting the...

    My wife battled for survival as hospitals refused treatment –Slain lawyer’s husband

    Gbenga, the husband of late Lagos lawyer, Omobolanle Raheem, on Thursday, told a Lagos State High Court sitting at the Tafawa Balewa Square, Lagos...

    Burna Boy’s ‘Last Last’ set to receive RIAA certification

    According to news published by reputable chart news platform Chart data, Burna Boy's 'Last Last' is now eligible for an RIAA platinum plaque after...

    Naira notes swap: Gbajabiamila threatens Emefiele with arrest

    The Speaker of the House of Representatives, Femi Gbajabiamila, has declared his readiness to issue a warrant of arrest on the Governor of the...

    Stay in touch

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