Breaking News
Translate

Fiscal Responsibility Commission recovers N21b, Commissioner

The Fiscal Responsibility Commission (FRC) recovered more than N21 billion as “operating so plus” from 18 corporate organisations in 2009. The Commissioner for Strategic Communications, Mr Adewunmi Abitoye, made the announcement on Tuesday in Kaduna shortly after officials of the commission paid a courtesy visit to Gov. Namadi Sambo.

He said the amount was subsequently remitted to the Federal Government’s consolidated account. Abitoye said that “operating so plus” was the fund generated by corporate agencies outside the budgeted amount for a particular year.

The commissioner, who represents the West geo-political zone on the commission, said the agencies were expected to remit 80 per cent of such fund to the Federation Account. He said the funds were recovered after the agencies failed to remit the excess funds to the federation account.

The Chairman of the Commission, Alhaji Aliyu Yelwa, said members of the commission were in the state to sensitise government officials on the need to imbibe best practices to fast-track the socio-economic development of the area. “We were established by an Act in 2007 to ensure standard practices for greater efficiency in allocation and management of public expenditure,” he said.

Yelwa stated that Lagos, Kebbi, Bauchi, Gombe, Abia and Imo states were already implementing the fiscal responsibility policy to enhance productivity and transparency in their ministries. He explained that the policy would enhance equity in the distribution and application of economic resources, if effectively implemented.

Responding, Sambo said the state government had adopted various policies, including the Procurement Act, to ensure prudence in its fiscal applications. Sambo, represented by Mr Waje Yayok, Secretary to thCBN decries under-funding, inefficiency of cash handing services e State Government, said government was collaborating with the World Bank and other institutions to ensure transparency in allocation of funds.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.