BUSI­NESS NCC re­funds N22bn to con­sol­i­dated rev­enue funds

Daily Trust - - BUSINESS - By Sun­day Michael Ogwu

The Fis­cal Re­spon­si­bil­ity Com­mis­sion (FRC) has re­cov­ered the to­tal sum of N22bn as non re­mit­ted sur­plus of rev­enue gen­er­ated by the Na­tional Com­mu­ni­ca­tions Com­mis­sion (NCC) be­tween the 2007 and 2010.

The FRC had on the con­clu­sion of the an­nual ex­am­i­na­tion of the fi­nan­cial state­ment of the NCC be­tween the above men­tioned pe­riod, es­tab­lished a to­tal li­a­bil­ity of N22, 099, 000, 000, with the NCC re­mit­ting only N22bn with an out­stand­ing N99m.

Speak­ing at the joint meet­ing be­tween the FRC and the NCC, the Act­ing Chair­man of the FRC, Bar­ris­ter Vic­tor Mu­ru­ako, said, “Money is hard to give out, most of the rev­enue earn­ing agencies have a lot of re­spon­si­bil­i­ties, and or­di­nar­ily if you al­low them, they will keep these money back that is why it be­hoves on us, who have the man­date, to en­sure that such rev­enue are re­mit­ted to the con­sol­i­dated rev­enue funds. The FRC has re­cov­ered for the con­sol­i­dated rev­enue fund, a to­tal sum of N120bn since its in­cep­tion in the last 5 years from min­istries, paras­tatals and agencies.”

Mrs. Sholanke A. I, who rep­re­sented the Ex­ec­u­tive Sec­re­tary of the NCC said, “What we had were rec­on­cil­i­a­tion is­sues and we have sorted them out. We have just made a pay­ment of N9.2bn for 2013 and we are work­ing out modal­i­ties to clear the bal­ance.”

Also, the Raw Ma­te­ri­als Re­search and De­vel­op­ment Coun­cil ( RMRDC) could not re­solve the is­sues raised in her 2012 fi­nan­cial state­ment when it ap­peared be­fore the FRC yes­ter­day ow­ing partly to the ab­sence of the Chief Ex­ec­u­tive.

Ac­cord­ing to the FRC, the RMRDC un­der-re­mit­ted its op­er­at­ing sur­plus to the trea­sury by N2.5 bil­lion. FRC ob­served that RMRDC re­mit­ted N3.1bn out of the to­tal of N7.1bn de­clared as op­er­at­ing sur­plus as against N5.6bn which should rep­re­sent 80 per­cent as re­quired by the ex­tant laws.

The FRC also queried the non re­mit­tance of value added tax (VAT), with­hold­ing Tax and con­trib­u­tory pen­sion to­tal­ing N4.4 bil­lion as at 2012 re­port.

Ac­cord­ing to the Ag Chair­man, “We pre­fer at the first in­stance to in­ter­face with Chief Ex­ec­u­tives of MDA’s. Most times and of­ten, rep­re­sen­ta­tives end up avoid­ing is­sues that are best han­dled by the chief ex­ec­u­tive.”

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