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Agencies loot 90 per cent of generated revenue – FG

minister-of-finance

The Federal Government has accused revenue-generating agencies of bloating salaries and controversial allowances above Revenue Mobilisation and Fiscal Allocation Committee (RMFAC) specifications.

Government specifically accused them of realizing as much as N1.5 trillion and looting almost 90 percent on recurrent expenditure.

The matter was discussed at the National Economic Council (NEC) meeting presided over by Vice-President, Yemi Osinbajo at the State House, Abuja.

The meeting was attended by state governors, Secretary to the Government of the Federation, Babachir David Lawal as well as Ministers of Finance and Petroleum Resources, on Thursday.

Briefing State House Correspondents at the end of the meeting, Anambra State Governor, Willie Obiano said Finance Minister, Mrs. Kemi Adeosun briefed NEC on financial abuses by revenue-generating agencies.

“The Finance ministry reported to NEC, certain activities of some revenue-generating agencies which amounted to abuse of the revenue they generate.

“This include paying salaries above RMFAC specifications, converting official cars to personal ownership, monetising medical allowances arbitrarily, unapproved oversees travels, lavish training allowances and excessive personal loan approval, including unapproved mortgages.

“The ministry of Finance and RMFAC are working together to rein in these abuses as these revenue agencies raise as much as N1.5 trillion and spend almost 90 percent on recurrent expenditure.

The minister added that “such financial abuses, where the agencies hide the revenues that ought to go to the Federation Account, will now be exposed and terminated.”

Obiano added that Adeosun also disclosed that excess crude oil proceeds as at November 2016 stands at $2.4 billion, while budget support loan facility of $1.1 billion was disbursed in October to 35 states, making a total of $6.3 billion now disbursed to the 35 states. Lagos State is excluded, he said.

 

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