AGF, FRC partner to boost revenue


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THE Accountant General of the Federation (AGF), Mr Ahmed Idris, has pledged increased cooperation and partnership with the Fiscal Responsibility Commission (FRC) to boost revenues from government Ministries, Departments and Agencies (MDAs).

Idris made the pledge when he received the Executive Chairman FRC, Mr Victor Muruako and his team on a courtesy visit on Wednesday.

This is according to a statement from Mr Bede Anyanwu, Head, Strategic Communications, FRC on Thursday.

The AGF expressed commitment to work closely with the FRC in plugging revenue losses and wastages in public finance.

He said this was especially by scheduled corporations and other MDAs which are statutorily mandated to remit operating surplus to the Consolidated Revenue Fund (CRF).

He expressed regret for the revenue shortfalls that had led to borrowings by the government in recent years and also acknowledged the key roles the FRC played in boosting remittances to the public coffers.

According to him, the Office of the Accountant General (OAGF) will escalate its working relationship and partnership with the FRC to avoid a situation where government agencies work in silos.

He stressed that “we must synergise and partner together to achieve a more effective and result-oriented implementation of the Fiscal Responsibility Act (FRA).”

Idris also said he would support current efforts to amend the FRA, 2007.

“We will throw our weight behind amendment of the law to strengthen the oversight role of the FRC.”

Earlier, Muruako, had said that the commission thought it necessary to visit the AGF to “deepen our inter-agency relationship in many areas.

“Also, in a manner that would not only be robust and effective, but beneficially impact the management of public funds in Nigeria based on our shared ideals, principles, values and doctrine of prudence, transparency and accountability in the management of public revenues and expenditure as well as keeping borrowing/indebtedness at sustainable levels – which are the hallmarks of fiscal responsibility.”

The chairman stressed that the workload of the FRC had increased with the expansion of scheduled corporations under its watch to 122 which are required to remit 80 per cent of their Operation Surplus into the CRF.

He called on the OAGF to upscale its support for the commission, especially with respect to overcoming challenges hindering the entrenchment of fiscal prudence and transparency in public finance management of Nigeria.

They both agreed to set up a joint team to smoothen areas of cooperation and partnership between the FRC and the OAGF with a joint pledge to maintain exchanges and interfaces in the interest of Nigeria. (NAN)

– June 24, 2021 @ 14:14 GMT|

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