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Fiscal Commission investigates NIMASA, others

By Godwin ORITSE

THE Fiscal Responsibility Commission, FRC, said it is investigating six ministries, departments and agencies, MDAs, for allegedly contravening various sections of the FRC Act.

The Chairman of the Commission, Dr Aliyu Yelwa, disclosed this to the News Agency of Nigeria (NAN) in Abuja.

He gave the names of the organisations as: the Nigerian Maritime Administration and Safety Agency (NIMASA), the Bureau of Public Enterprises (BPE), and Nigerian Tourism Development Corporation (NTDC).

Others are the Federal Airport Authority of Nigeria (FAAN), Presidential Implementation Committee on the Sales of Government Landed Property (PIC), and the Niger Delta Development Corporation (NDDC).

MMA Lagos.
MMA Lagos

Yelwa said that the MDAs offences ranged from non-submission of Audited Annual Financial Reports to non-remittance of the agreed percentage of their profits to the national treasury.

According to him: “Every year, every corporation must produce an audited financial report, it is from that report we check to see if they made profit or loss. If they made profit, 80 per cent of that profit is to be returned to the Consolidated Account of the Federal Government, and 20 per cent can be in the organisation’s books.”

Yelwa specifically said that NIMASA was on investigation because it claimed to have remitted US$ 2 million (about N314 million) as operating surplus for the Year 2009, but had no evidence to substantiate the claim.

“NIMASA is also yet to redeem its pledge to submit its audited financial reports from 2007 till date. In view of the flagrant disregard of all FRC’s requests by NIMASA, the Commission’s legal unit is getting the legal backing to compel NIMASA to comply,” he stated.

With regard to the BPE, Yelwa said the Bureau has refused to remit the sum of N81.8 million being its operating surplus for 2007 to the national treasury.

He added that the act was against the FRC law, which stipulates that each corporation must prepare and publish its audited financial reports not later than three months after the end of each financial year.

“BPE is also said to have flouted the FRA (2007) Act, for its late submission of Medium Term Expenditure Framework (MTEF) and approved budgets and financial accounts.”

However, in the case of FAAN, Yelwa disclosed that the Commission was currently compiling evidence against the agency to enable it to take action.

Also, the chairman said that NTDC was facing the Commission’s searchlight for over spending without supplementary budget provisions, which violated FRA Act on financial regulation.

On the sale of government landed properties, the chairman said: “The commission is awaiting response from the Central Bank of Nigeria to furnish it with bank statements of the PIC accounts, to enable it to begin full investigation of lodgements and withdrawals made by PIC.”


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