The Fiscal Responsibility Commission, FRC, has revealed the that the Federal Government may be losing over N1 trillion as a result of the non-remittance of operating surplus by revenue generating agencies.
The FRC Acting Chairman, Victor Muruako, who spoke on Thursday, May 26, at the first edition of the Nigerian Economic Stakeholders Summit in Abuja, said government agencies had perfected their art of defrauding the country through deliberate wrong computations, express diversion of funds, and application of wrong accounting standards.
He said the commission “will ensure that every kobo of government is well utilised; we have decided to monitor the payment of operating surpluses by revenue generating agencies into the CRF.”
Muruako said has attracted N367 billion into the Consolidated Revenue Fund (CRF) from operating surplus of revenue generating agencies since 2009.
