The Senate Committee on Finance, led by its Chairman, Senator Sani Musa, has issued a stern warning to Ministries, Departments, and Agencies (MDAs) regarding their failure to promptly remit internally generated revenue to the Consolidated Revenue Account (CRA).
During the second day of the interactive session on Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) with revenue-generating agencies, Senator Musa emphasized the significance of timely remittance. He specifically addressed the Nigerian Institute of Legal and Advanced Studies and the Nigerian Maritime Academy, urging MDAs to take their remittance obligations seriously.
Senator Musa demanded detailed breakdowns of revenue collection and remittances from all MDAs since January. He stressed that any actions deviating from financial regulations would be considered a breach of the law, emphasizing the necessity for MDAs to promptly remit collected revenues to the government.
Highlighting disparities between revenue projections and actual remittances, Senator Musa called for the Accountant General of the Federation to collaborate with MDAs for reconciling remittances made against revenue projections outlined in the MTEF and FSP.
In response, Mrs. Oluwatoyin Madein, the Accountant-General of the Federation, affirmed engaging MDAs for reconciliations in compliance with existing laws.
Additionally, Mrs. Patience Oniha, the Director-General of the Debt Management Office (DMO), emphasized the need for Nigeria to focus on enhancing revenue generation, considering the projected rise in debt services by 2026, when responding to inquiries about new government loan requests.
