The Senate Committee on Finance on Wednesday intensified its oversight of federal revenue-generating agencies, directing the National Agency for Food and Drug Administration and Control, the Office of the Accountant-General of the Federation and the Fiscal Responsibility Commission to reconcile discrepancies in deductions from NAFDAC’s operating surplus.
The committee also gave the Ogun-Osun River Basin Development Authority 14 days to regularise its financial records or face sanctions, including the suspension of budget releases.
The directives were issued during an investigative hearing on the remittance of internally generated revenue and operating surplus by Ministries, Departments and Agencies into the Consolidated Revenue Fund for the 2023 to 2025 financial years.
The probe forms part of the Senate’s ongoing efforts to enforce compliance with the Fiscal Responsibility Act and other public finance laws amid growing concerns over revenue leakages and the failure of some government agencies to fully remit funds due to the Federal Government.
Chairman of the committee, Senator Sani Musa, said the reconciliation became necessary after conflicting figures emerged between NAFDAC and the Fiscal Responsibility Commission over deductions from the agency’s operating surplus.
