Senate commences MDAs revenue remittance probe today

The Finance, Senate Committee will, on Wednesday, begin a full investigation into all the revenue generating Ministries, Departments and Agencies (MDAs) to establish their compliance level to significant laws on revenue generated internally.

The activity was in an effort to make sure that more revenue amassed to the Consolidated Revenue Fund also to guarantee future compliance with the laws.

The Chairman of the Senate board, Senator Solomon Adeola, disclosed this during the 2021 budget defence of the Federal Inland Revenue Service on Tuesday.

Senator Solomon Adeola

Adeola clarified that the investigation was to have commenced on Tuesday but had to be postponed due to the demise of a House of Representatives member and the deferment of legislative exercises by the Senate.

He declared that the time of dependence on revenues from crude oil sale and several other sources to finance government intermittent and capital expenditures was no longer sustainable emphasizing that the government needed to explore other revenue sources for its exercises.

He stated, “There is no doubt that many MDAs are in default in their remittances of revenue generated during their operation as stipulated by the Fiscal Responsibility Act 2007 as well as the 1999 Constitution of Nigeria.

“In view of the dire straits that Nigeria is in now, this cannot be allowed to continue and the investigation is to get to the bottom of the non-compliance by MDAs.”

The Chairman however, said that the investigation would likewise include the remittances or otherwise of the one per cent Stamp Duties accumulating from all granted contracts by all MDAs which were not remitted.

Adeola stated that the investigation would cover the period between 2014 till date and that entries previously made by MDAs would be verified by the Office of the Accountant General of the Federation also the records with the Fiscal Responsibility Commission.