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Business FG: Generating Agencies' laws will be reviewed

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In a bid to increase the revenue accruing to the Federal Government, the government, through the ministry of finance, is considering the review of laws setting up all revenue generating agencies in the country. According to the Minister of State for Finance, Dr. Yerima Ngama, the review will help in prompt remittance of revenue to the Consolidated Revenue Fund Account.

The minister said already, approvals had been given for the constitution of a committee to carry out the review.

Ngawa said, “Right now, we have three practices that we need to reconcile: there are agencies of government that collect revenue on behalf of the Federal Government and take the cost of collection and remit the balance revenue to the government; there are also agencies of government that collect revenue, use the revenue for certain activities that the Acts establishing them said they should, it is the surplus that remains that they will pass to the Federal Government.

“Then, there are also agencies of government that collect revenue, pay 25 per cent to the Federal Government and use the rest for their activities.”

The minister said having the three practices was not in the best interest of the country since an agency could opt for any of them.

“We have to look at them because these agencies are not exactly the same. I have been given the go ahead to set up that committee that will sit down and come up with a way forward,” he said.

The Federal Government had in July recovered N34bn out of the N58bn revenue trapped in Deposit Money Banks.
 
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