FAAN, 3 others fail to remit operating surpluses

The Fiscal Responsibility Commission (FRC) said the Federal Airports Authority of Nigeria (FAAN) and three other agencies have failed to remit operating surpluses into the Consolidated Revenue Fund (CRF) and directed them to act urgently.

The commission further said the agencies, which include the Nigerian Electricity Regulatory Commission (NERC), Nigerian Tourism Development Commission (NTDC), and National Oil Spill Detection and Response Agency (NOSDRA), have not been submitting their annual audited accounts, receipts of remittances, budgets and Medium Term Expenditure Framework (MTEF).


It said such acts hamper prompt and accurate determination of operating surplus liabilities.

In a statement, FRC Acting Chairman, Barrister Victor Muruako, at a stakeholders meeting with the managements of the aforementioned agencies in Abuja, recently, said the independent revenue drive of the Federal Government is not encouraging and the agencies have not been complying fully with the provisions of sections 21, 22 and 23 of Fiscal Responsibility Act (FRA) 2007.

The Head of Monitoring and Evaluation of FRC, Alhaji Ola Tijani said the compliance entails that the agencies prepare and publish their audited financial statements within 90 days after the financial year and operating surplus determined within 30 days.

Leader of the delegation from FAAN and Director of Finance and Accounts, Adegbesan Abiodun, however, pleaded for time to enable them make all the necessary documentations to determine the operating surplus

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