Home BUSINESS BANKING & FINANCE Federal Government Recovers N793 Million From Agencies’ Unremitted Revenue

Federal Government Recovers N793 Million From Agencies’ Unremitted Revenue

Kemi Adeosun Finance minister

The Federal Government has recovered the sum of N793 million from three Federal Government Agencies by the Recovery Committee set up two weeks ago by the Minister of Finance, Mrs. Kemi Adeosun.

The recovery which it said was made possible by intensified efforts to recover unremitted operating surpluses by Agencies and increase Independent Revenue is a follow up to the N450 Million earlier recovered.

The Director of Information, Ministry of Finance, Salisu Dambatta who disclosed these in a statement on Wednesday, said that the Committee was tasked to recover unremitted N450 billion operating surpluses from Federal revenue-generating Ministries, Departments and Agencies (MDAs), adding that the surpluses are legally classified as a Federal Treasury Revenue.

He said that the recoveries totaling N793 million were made from the Raw Materials Research and Development Council (RMRDC), N278 million; Nigeria Shippers Council, N407 million and Nigeria Export Promotion Council,N108 million.

“The Committee immediately swung into action by issuing demand notices to 17 of the initial 33 affected Agencies, out of which it met with 10, namely National Shippers Council, Nigeria Export Promotion Council, National Health Insurance Scheme, Nigeria Civil Aviation Authority and the Nigeria Communication Commission.

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“The rest were Nigeria Postal Service, National Pension Commission, Nigeria Bulk Electricity Trading Company, Raw Materials Research and Development Council and the Federal Radio Corporation of Nigeria” he said.

He said that the cumulative total amount recovered so far is N1.44 billion given the earlier recovery of N650 million from the Nigeria Shippers Council, adding that several other Agencies were in the process of submitting repayment plan for approval.

He said that the Central Bank of Nigeria (CBN),National Pensions Commission (PENCOM), Nigeria Television Authority (NTA) and the National Information Technology Development Agency (NITDA) have rescheduled to appear before the  Recovery Committee.

It would be recalled that the Minister of Finance announced on December 1, 2016 that many revenue generating Federal Government Agencies have not remitted the operating surpluses from the revenues they generated totaling N450 billion from 2010. [myad]

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