Unremitted Revenue: FG Recovers N793m From MDAs

The federal government yesterday  announced that it has recovered additional sum of N793billion from three  agencies.

The funds were recovered by the Recovery Committee set up two weeks ago by the Minister of Finance, Mrs.  Kemi Adeosun.

According to a statement that was signed by director of information in the ministry of finance, Salisu Dambatta, the recoveries were made from the Raw Materials Research and Development Council (RMRDC) N278 million; Nigeria Shippers Council (NSC) N407 million and Nigeria Export Promotion Council (NEPC) N108 million.

The latest recovery brings the total money recovered under the operation to N1.44 billion. The sum of N650 million was earlier recovered from the Nigeria Shippers Council. Dambatta also disclosed that several other agencies were in the process of submitting repayment plan for approval.

The Minister of Finance had accused many of the federal government agencies of not remitting a huge part of their operating surpluses of about N450 billion for the period of 2010 to 2015 fiscal year to the federation account.

Adeosun who had threatened the defaulting agencies with prosecution said, “We expect greater compliance in the weeks ahead.”

The agencies are required to pay the operating surpluses to the Consolidated Revenue Fund of the Federal Government not later than one month following the statutory deadline for publishing each corporation’s account as provided in  Section 22 (2) of the Fiscal Responsibility Commission Act 2007.

Meanwhile, the federal government has announced the restructuring of the Youth Enterprise with Innovation in Nigeria (YouWin) programme into a multimedia-based programme and relaunched it as YouWinConnect,  with a focus on supporting young entrepreneurs with fresh business management ideas for sustainability.

Adeosun had hinted that the government, which was a brain child of the previous administration, would be restructured to improve its performance and sustainability of small and medium businesses start-ups.

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