On Friday night, the Federal Government (FG) released a circular calling upon all Ministries, Departments, and Agencies (MDAs) to remit 80% of their operational surpluses to the Consolidated Revenue Fund account, according to Punch Newspaper.
On Friday night, the Federal Government (FG) released a circular calling upon all Ministries, Departments, and Agencies (MDAs) to remit 80% of their operational surpluses to the Consolidated Revenue Fund account, according to Punch Newspaper.
The order allegedly originated from the office of the Minister of Finance, Mrs. Kemi Adeosun. The order also called upon all MDAs to reduce operating costs as much as possible, in keeping with President Muhammadu Buhari’s efforts to reduce wasteful government expenditures.
Minister Adeosun also noted the very poor performance, thus far, of compliance with the Fiscal Responsibility Act by MDAs. She warned all Accounting Officers and Chief Executive Officers of MRDs that any failure to remit the required amount of funds to the Consolidated Revenue Fund would result in their immediate sanction.
In addition, all future reviews of Accounting Officers and Chief Executive Officers would take into account their compliance with the Fiscal Responsibility Act when contemplating the renewal of their tenures.
“All revenue gathering agencies must comply with the circular and cut their costs,” Mrs. Adeosun’s statement read in part.
In order to ensure compliance with her directives, the Minister of Finance announced that every MDA was now required to submit monthly Expenditure Transcripts and Revenue Returns to the office of the Accountant-General of the Federation.