FRC Disclosed MDAs Failed to Remit N1tn

Financial Reporting Council of Nigeria (FRCN)

The Fiscal Responsibility Commission announced on Wednesday that Ministries, Departments and Agencies of the Federal Government are in deficit of over N1tn to the Consolidated Revenue Fund.

FRC also announced that the commission and the Independent Corrupt Practices and other related offences Commission had resolved to partner in the recovery of assets and capital projects tracking in the fight against corruption. Both organisations also committed to the exchange of ideas and resources in prosecuting the fight against corruption in public finance management across the country.

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In a statement issued in Abuja, the Head, Communications, FRC, Bede Anyanwu said that these formed part of the outcomes of a courtesy call by the management team of the PRC to the ICPC head office.

The PRC Chairman, Victor Muruako who led his team to the meeting was received by the ICPC management and its Chairman, Bolaji Owasanoye.

At the meeting, Muruako told his host that while the FRC had caused over N1.75tn to be remitted to the Consolidated Revenue Fund in the last 11 years, agencies of government were in deficit of over N1tn.

The statement read in part, “Muruako revealed that while the FRC has caused over N1.75tn to be remitted to the Consolidated Revenue Fund in the last 11 years. Agencies of government are in deficit of over N1tn, which a close working relationship with the ICPC can help retrieve and further block loopholes in public finance management.”

Muruako said the relationship of FRC with the ICPC must be rejigged for better results against inefficiency and corruption. According to him, the FRC was statutorily charged with the mandate to monitor the implementation of the Fiscal Responsibility Act 2007.

The FRC helmsman was quoted as saying, “The commission is an institutional response to the quest for a regime of prudent, ethical and efficient management of public finances at all tiers of the government in Nigeria.

“In order to ensure that the FRA is adhered to, the commission had to devise alternative strategies to nudge the ministries, department and agencies to discharge their functions through stakeholders’ interactions and bilateral engagements geared towards increasing awareness and understanding the requirements of the FRA 2007.”

In his opinion, a close working relationship with the ICPC could help retrieve the over N1tn from the MDAs and further block loopholes in public finance management.

While contributing to the discussion, Owasanoye identified assets recovery and capital projects tracking as areas of immediate cooperation between his agency and the FRC.

He said the mandates of both organisations had made it expedient for both organisations to work together to eliminate impunity and corruption in public office.