Revenue generating agencies of the Federal Government failed to remit to the Consolidated Revenue Fund of the Federal Government the sum of N256.6bn out of the expected N512.117bn revenue between 2009 and 2012, according to the National Assembly’s Budget Research Office.
The details are contained in a report issued by the office on the review of the performance of the agencies spanning four years.
The NABRO puts the actual total Internally Generated Revenue remittances of the agencies at N24.75bn within the period under review.
The Fiscal Responsibility Act, 2007 allows 56 agencies of the government to generate revenues and spend part, while remitting 80 per cent of their operating surpluses to the CRF.
The office reported that from 2009 to 2012, the agencies generated internally a total of N12.24tn, while N4.44tn was their total expenditure within the same period.
It also indicated that most of the agencies received subventions totalling N709.31bn from the Federal Government within the period despite their status as revenue generating agencies.
The report stated, “Although, the agencies were expected to remit the sum of N512.11bn between 2009 and 2012, they only paid N264.74bn into the Consolidated Revenue Fund of the Federal Government.
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