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NAFDAC, NERC, NIGCOMSAT, others opt for self-funding
Published 29 April 2021
Some government agencies on Wednesday opted out of funding from the federal budget and refunded millions of revenues due to the Consolidated Revenue of the Federation.
They took the decision at the ongoing investigation by the Senate Committee Finance on remittances of internally generated revenues by ministries, departments and agencies of government.
The panel is probing the MDAs compliance to the payment of one per cent Stamp Duties on all federal contracts.
The affected agencies told the Senator Solomon Adeola-led finance committee that they had agreed to willingly opt out of federal budget.
Sixteen Years a Lesson Teacher, By Tolu Ogunlesi
The best time to deal with a wound is as soon as it emerges; there is no second-best time. First we ignore, then we ignore again, then things go out of hand, then we’re forced to sit up, and pay a heavy price for our initial nonchalance. Now we’re on the cusp of another rebellion in the South-East, and we need to do something about it. Something a bit more creative than a random and ruthless military clampdown, which failed to work with Boko Haram, failed in the Niger Delta, and will similarly fail with any other manifestation of the potent mix of poverty and perceived marginalisation in Nigeria.
Liquidity: Electricity sector generates N272.47bn in six months
On DISCOs collection efficiency Q3’20
By Obas Esiedesa
Electricity market revenue grew by 10.55 per cent to N272.47 billion in the second half (July-December) 2020, compared to N246.46 billion generated in the corresponding period of 2019, according to the latest industry data obtained by Energy Vanguard.
The growth followed an intervention from the Presidency through the Central Bank of Nigeria, which imposed restriction on revenue collection bank accounts of Electricity Distribution Companies, DisCos.
The intervention meant that the bank accounts were locked, with cash allowed to come in but withdrawals by DisCos blocked.
Over the years, the DisCos have been accused by other industry operators of spending the industry’s revenue on their own operations to the detriment of others.
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The House of Representatives Public Accounts Committee (PAC) has given the management of the 17 subsidiaries of the Nigeria National Petroleum Corporation (NNPC) a 7-day ultimatum within which to appear before it over the non-rendition of the financial accounts of the affected agencies over the years to the office of the Accountant General of the Federation.
The Chairman of the Committee, Hon Busayo Oluwole Oke, (PDP-OSUN) who gave the order on Friday following the absence of the Managements of the Agencies at the resumed investigative hearing on the queries raised against the Ministries, Departments and Agencies (MDAs) of the Federal Government on non-rendition of their financial accounts, declared that failure to appear before the Committee would lead to the issuance of bench warrant of arrest against them.