Senate IGR Investigation Yields A Billion In One Payment

The Senate Committee on Finance Investigations into remittances of internally generated revenue and 1% Stamp Duty by all MDAs and contractors respectively, commenced last year, has started yielding positive results in terms of huge remittances into the Consolidated Revenue Account of the Federal Government in line with the constitution and Fiscal Responsibility Act 2007. 

Over the weekend, the Registrar-General of the Corporate Affairs Commission(CAC), Alhaji Garba Abubakar, while appearing before Senator Solomon Adeola (APC, Lagos West) led Senate Committee on Finance disclosed that the agency had paid N1 billion to the treasury following reconciliation of its account with the Fiscal Responsibility Commission(FRC) as directed by committee. 

“We have met and reconciled our accounts with Fiscal Responsibility Commission and our outstanding liability to Federal Government stood at slightly over N3 billion. In December, we paid N1 billion to the Accountant General of the Federation and obtained a treasury receipt. We are left with a balance of over N2billion” the registrar-general stated. 

When Senator Adeola requested to know when the balance will be paid, Alhaji Abubakar said another tranche of N500million will be paid this week while the agency will defray the balance by August this year. 

The chairman of the Senate committee expressed satisfaction that the investigation that he championed last year as a last resort to shore up government revenue to reduce budget deficit and borrowing is yielding positive results adding that it is no longer business as usual when agencies of government will generate huge revenues and expend the fund on frivolous expenditure contrary to the constitution and Fiscal Responsibility Act 2007. 

“At this point in our nation’s history and with the vagaries of the world economy impacting negatively on the sources of funds for government to address huge deficit in infrastructure and such issues as meeting the demands of Academic Staff Union of Universities, ASUU, if possible, there is need to look inward into the financial dealings of all revenue generating agencies of government with a view to bringing in funds and blocking financial leakages by some agencies” he stated. 

Last year, following the commencement of the investigations, over N500 million hitherto held by some agencies were paid to the government coffers from IGR as well as 1% stamp duties which informed the National Assembly raising the revenue projections of many agencies, particularly the Government Owned Enterprises (GOEs).

 In the coming weeks many MDAs are scheduled to appear before the committee to account for their IGR and 1% stamp duties between 2015 and 2021.