By Tony Obiechina, ABUJA
The Acting Chairman of Fiscal Responsibility Commission (FRC), Mr Victor Muruako has tasked the Nigerian Tourism Development Commission (NTDC), Federal Airport Authority of Nigeria (FAAN), National Electricity Regulatory Commission (NERC) and National Oil Spill Detection and Response Agency (NOSDRA) on the need for prompt remittance of operating surpluses into the Consolidated Revenue Fund (CRF) of the Federal Government.
He also slammed the agencies for not submitting their annual audited account, receipts of their remittances, budgets, Medium Term Expenditure Framework, (MTEF) thereby hampering prompt and accurate determination of operating surplus liabilities.
According to a statement by Head of FRC’s Strategic Communication Department Bede Anyanwu, the Acting Chairman stated this at a stakeholders meeting with the managements of the affected agencies at the Commission’s Headquarters, Abuja.
Muruako pointed out that the independent revenue drive of the Federal government was not encouraging and NTDC, FAAN, NERC and NOSDRA have not been complying fully with the provisions of section 21, 22 and 23 of Fiscal Responsibility Act of 2007.
While appreciating the representatives of the agencies for their presence, he implored them to inform their respective Chief Executives that the Commission will appreciate their presence to ensure a more robust discussion on specific areas of strategic nature to improve compliance.
In his remarks, the Head of Monitoring and Evaluation of FRC, Alhaji Ola Tijani pointed out that these agencies may be doing something right in a bid to ensure compliance but there must proof of prudence, accountability and transparency in financial reporting in order to be in line with the FRA 2007.
According to him, compliance entails these agencies preparing and publishing their audited financial statements not later than 90 days after the financial year and Operating Surplus thereafter determined in line of publishing Annual Financial Statement with the Operating Surplus calculating template within 30 days
Tijani emphasized that without Audited Financial Statement, “there is no way the Commission can determine appropriate liabilities. There is therefore the need for Agencies to reposition their operations to comply with the provisions of the Act”.
He further said that the Commission “is ready to offer capacity building on the provisions of Fiscal Responsibility Act, 2007, particularly on the preparation of MTEF and the correct application of Fiscal Responsibility Commission Operating Surplus Template”.
Responding, the leader of delegation Adegbesan Abiodun, who represented the Managing Director of FAAN, pleaded for time to enable them make all the necessary documentations that would henceforth make it possible for them to be paying operating surplus.
He assured the Commission that FAAN was ready to collaborate with the FRC in its efforts to improve the independent revenue generation drive of the Federal government.
He stressed the need for the preparation of improved estimation of Revenue and Expenditure (MTEF) with efficient narratives to highlight the activities of the Agencies.
He however noted that the figures being submitted in MTEF was not adequate to satisfy the need for prudence, transparency and accountability.