Connect with us

Economy

FRC Seeks Recovery Of N1 Trillion From MDAs

Published

on

ICPC HQ FASAD

 

The Fiscal Responsibility Commission, FRC, on Wednesday said it planned to recover N1 trillion unremitted fund from Ministries, Departments and Agencies (MDAs) of the Federal Government.

It also said government agencies were forced to remit N1.7 trillion proceeds of corruption into the Consolidated Revenue Fund (CFR) in 11 years.

The Chairman of the FRC, Mr. Victor Muruako, made these known when he paid a courtesy call on the Independent Corrupt Practices and other related offences Commission (ICPC) in Abuja.

He said the FRC and the ICPC had resolved to partner in the recovery of assets and capital projects tracking in the fight against corruption.

Both organisations also committed to the exchange of ideas and resources in prosecuting the fight against corruption in public finance management across the country.

The Head, Communications, FRC, Bede Anyanwu, said in a statement issued in Abuja that these formed part of the outcomes of a courtesy call by the management team of the FRC to the ICPC head office.

At the meeting, Muruako told his host that while the FRC had caused over N1.75tn to be remitted to the Consolidated Revenue Fund in the last 11 years, agencies of government were in deficit of over N1tn.

The statement read in part, “Muruako revealed that while the FRC has caused over N1.75tn to be remitted to the Consolidated Revenue Fund in the last 11 years. Agencies of government are in deficit of over N1tn, which a close working relationship with the ICPC can help retrieve and further block loopholes in public finance management.”

Muruako said the relationship of FRC with the ICPC must be rejigged for better results against inefficiency and corruption.

He said the FRC was statutorily charged with the mandate to monitor the implementation of the Fiscal Responsibility Act 2007.

The FRC helmsman was quoted as saying, “The commission is an institutional response to the quest for a regime of prudent, ethical and efficient management of public finances at all tiers of the government in Nigeria.

“In order to ensure that the FRA is adhered to, the commission had to devise alternative strategies to nudge the ministries, department and agencies to discharge their functions through stakeholders’ interactions and bilateral engagements geared towards increasing awareness and understanding the requirements of the FRA 2007.”

He said a close working relationship with the ICPC could help retrieve the over N1tn from the MDAs and further block loopholes in public finance management.

On his part, Owasanoye identified assets recovery and capital projects tracking as areas of immediate cooperation between his agency and the FRC.

He said the mandates of both organisations had made it expedient for both organisations to work together to eliminate impunity and corruption in public office

Add your voice

0 comments

Advertisement Custom Text
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

People reading currently

Gates Foundation, UAE deploy $200 million for climate action, food systems innovation Gates Foundation, UAE deploy $200 million for climate action, food systems innovation
Agriculture3 months ago

Gates Foundation, UAE to deploy $200 million for climate action, food systems innovation

The fund will help smallholder farmers in sub-Saharan Africa and South Asia build resilience and adaptation to climate change. The...

Climate Finance Climate Finance
Dev. Finance3 months ago

Kenya, Nigeria named as targeted countries for climate-blended finance deals

Nigeria and Kenya have been identified as the most frequently targeted countries for climate-blended finance flows in the past three...

FuturizeU supports development of innovative healthcare products in Africa FuturizeU supports development of innovative healthcare products in Africa
Social Entreprenuership6 months ago

FuturizeU supports development of innovative healthcare products in Africa

Futurize and AstraZeneca are investing in social entrepreneurs who are developing innovative products that are addressing healthcare equity and early...

Banjul International Airport in Gambia Banjul International Airport in Gambia
Dev. Finance6 months ago

Saudi Fund for Development advocates Climate Change Mitigation, Social Infrastructure Investments in Africa

  The Saudi Fund for Development (SFD) has advocated for the preservation of heritage projects in Africa through initiatives such...

Catalyst Fund Team Catalyst Fund Team
Climate & Environment6 months ago

Catalyst Fund Raises First Round of $40 million investment in African Climate Startups

The Catalyst Fund has achieved the initial close of its $40 million fund for investing in climate startups in Africa....

Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad
Sports11 months ago

Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad

A Danish football club, Aarhus Fremad announced on Tuesday that it has sold  55 percent of its shares to the...

MRI is increasing survival rate of women with breast cancer- PPC MRI is increasing survival rate of women with breast cancer- PPC
Climate & Environment11 months ago

MRI is increasing survival rate of women with breast cancer- PPC

PPC Limited, Nigeria’s leading engineering and infrastructure development company with footprints across Nigeria’s healthcare landscape, says that the advancement of...

Adeleke versus Oyetola Adeleke versus Oyetola
Policy & Regulation11 months ago

Appeal court upholds Senator Ademola Adeleke’s win in Osun

The Court of Appeal Abuja has overturned the ruling of the Osun State Governorship tribunal and has declared Senator Ademola Adeleke...

Lawmaker demands revamp of bank e-payment platforms Lawmaker demands revamp of bank e-payment platforms
Dev. Finance11 months ago

Lawmaker demands revamp of bank e-payment platforms

The members of the House of Representatives have demanded that the Central Bank of Nigeria (CBN) direct banks to revamp...

CBN to destroy naira notes worth N6tn CBN to destroy naira notes worth N6tn
Economy11 months ago

We’ve disbursed N20bn to alleviate cash crunch, CBN tells NLC

The Central Bank of Nigeria (CBN) met with the leadership of the Nigeria Labour Congress (NLC) in Abuja on Thursday,...

Ad Blocker Detected!

Advertisements fund this website. Please disable your adblocking software or whitelist our website.
Thank You!

you're currently offline