NAFDAC fails to remit N1.4bn into consolidated revenue account

The National Agency for Food Drug Administration and Control (NAFDAC) has failed to remit into the consolidated account of the federal government the sum of N1.439 billion being the sum total of its operating surplus between 2007 to 2010.

This was

revealed

at

the reconciliation meeting between officials of NAFDAC and the Fiscal Responsibility Commission (FRC).

The financial statement of NAFDAC indicated that it has N427 as operating surplus for the year ended 2007, N857.1 million for 2008 and N607.7 million for 2009 whereas it recorded an operating deficit for the year ended 2010.

The Fiscal Responsibility Act (FRA) was enacted in 2007 “to provide for prudent management of the Nation’s Resources, ensure long-term Macro-Economic stability of the National Economy, and secure greater accountability and transparency in fiscal operations within the Medium Term Fiscal Policy Framework.” According to the FRA, every government corporation should establish a general reserve fund where 20% of its operating surplus should be allocated annually while the balance 80 percent is to be paid into the federal government’s Consolidated Revenue Fund.

The Acting Chairman of the FRC, Barrister Victor Muruako, apparently displeased, said to the NAFDAC delegation: “We are talking about government’s survival and the economy, people look up to NAFDAC for standard same way we expect high ethics and comportment.”

The director finance and administration (DFA) of NAFDAC who represented the director general in his defense said: “We have been repeatedly explaining the same issues.