The Fiscal Responsibility Commission has accused federal Ministries, Departments and Agencies of failing to remit operating surplus revenue.
The commission stated that it has begun the process of reviewing and updating the calculation template to check under-remittances of revenue by federal Ministries, Departments and Agencies.
The commission noted that many MDAs engaged in what it described as creative accounting in preparing their audited financial statements to reduce the remittable amount of operating surplus.
The Chairman of the commission, Mr. Victor Muruako, who disclosed this at a training for accounting officers of MDAs, explained that the calculation template would make the agencies know what they ought to remit to the government.
He said: “In spite of the progress made this year, it remains a fact that there is over N1.5tn of unremitted Operating surpluses out there.
“The continued default to remit what is due to the government cannot continue in the face of the severe revenue challenge confronting the country.
“The uniqueness of the calculation template is that it makes the operators, particularly, the DFAs (Director of Finance and Accounts), the heads of accounts, audit to know what they ought to remit. It would also help the chief executives to know allowable and disallowable expenditures such that as chief accounting officers, they would know when they are already violating the law.”
