FG Generates N1.1trn Revenue From MDAs In 11 Months

The Federal Government on Wednesday said it generated over N1.1trn through Independent Revenue from its Ministries, Departments and Agencies between January and November last year.

The Director-General of the Budget Office of the Federation, Ben Akabueze gave the figure at the public presentation of the 2022 budget.

The 2022 budget was signed into law on December 31 last year by President Muhammadu Buhari.

About 122 agencies are required to pay the operating surpluses into the Consolidated Revenue Fund of the Federal Government based on the Fiscal Responsibility Act 2007.

The Act requires government agencies to remit 80 per cent of their annual operating surpluses to the CRF.

The operating surplus is made up of revenues accruing to government agencies above what they are approved to spend at the beginning of the budget year.

Some of these agencies are the Petroleum Products Pricing Regulatory Agency, Central Bank of Nigeria, Nigeria Ports Authority, and Federal Airport Authority of Nigeria. Nigeria Postal Service,  Nigeria Communication Commission,  National Inland Water Ways Authority, and National Information Technology and Development Agency.

There is also the Nigeria Airspace Management Agency, National Examination Council,  Nigeria Television Authority,  Nigeria Shippers Council, National Health Insurance Scheme, National Pension Commission, Corporate Affairs Commission and Standard Organization of Nigeria among others.

But over the years, many of these agencies have been underpaying revenue into the coffers of government.

But speaking on the performance, the DG Budget stated that the Federal Government is focusing on generating more revenue from these agencies to finance it’s operations.

He said that based on analysis, there government has the ability to generate more revenue from these MDAs.

Akabueze said the Federal Government will continue to strengthen it’s control mechanism to make the revenue process more transparent and inclusive.