In a bid to secure alternative sources of funding, following the crash in crude oil price, the Federal Government has raised the target set for Ministries, Departments and Agencies through the paym...
In a bid to secure alternative sources of funding, following the crash in crude oil price, the Federal Government has raised the target set for Ministries, Departments and Agencies through the payment of operating surplus from N849.97bn to N916.87bn;The Federal Government has revised upwards the independent revenue projections from Ministries, Departments and Agencies in the current fiscal period by N66.9bn to N916.87bn.The N916.
The pandemic which had so far affected about 34 states and the Federal Capital Territory had led to unprecedented drop in global crude oil prices. About 122 agencies are required to pay the operating surpluses into the Consolidated Revenue Fund of the Federal Government based on the Fiscal Responsibility Act 2007.
There is also the Nigeria Airspace Management Agency, the National Examination Council, the Nigerian Television Authority, the Nigerian Shippers’ Council, the National Health Insurance Scheme, the National Pension Commission, the Corporate Affairs Commission and the Standards Organisation of Nigeria, among others.The PUNCH had reported that about 50 government-owned enterprises generating independent revenue did not remit their operating surpluses running into over N2tn.
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