Nigeria’s annual in-country retention from oil and gas spendings currently stands at $6 billion.
The development has been described as a major achievement recorded by the country owing to the implementation of the Nigeria Oil and Gas Industry Content Development (NOGICD) Act of 2010.
The Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, disclosed this in Lagos, in a keynote address at a colloquium organised by the Nigerian Bar Association (NBA) Section on Business Law in collaboration with the NCDMB.
The session focused on the “Strides in the Pursuit of True Nigerian Content”.
Wabote, whose speech was read at the session by his representative and Director, Legal Department, NCDMB, Mr. Mohammed Umar, said since the inception of the NOGICD Act in 2010, its implementation has resulted in 35 per cent of in-country value retention compared to the less than five per cent value retention before the advent of the Act.
By Tordue Salem
The Fiscal Responsibility Commission (FRC), yesterday, disclosed that 32 Ministerial Departments and Agencies (MDAs), including the Nigeria Drug Law Enforcement Agency (NDLEA), Standard Organisation of Nigeria (SON), Bank of Industry (BoI) and Bank of Agriculture (BoA) are owing the federal government over N1.2 trillion in revenues they generated but failed to remit to the federation account as required by law since 2016.
The agency’s Executive Chairman, Barr. Victor Muruako, made the disclosure during a press briefing at the National Assembly (NASS).
He stated: “Sadly, many MDAs still persist in defaulting and practically keeping money away from the federal government’s reach for funding its budgets. Our records indicate that over N1.2 trillion is still in the hands of defaulting MDAs.
He said the commission had already designed a template and would liaise with all relevant agencies to deduct from the source, from defaulting agencies which would be enabled by the Treasury Single Account.
He listed the defaulting agencies as the Administrative Staff of College of Nigeria, the Bank of Agriculture, the Bank of Industry, the Cement Technology Institute of Nigeria, the Centre for Black African Arts and Civilization, the Chad Basin National Park, the Federal Radio Corporation of Nigeria, the Gashaka Gumti National Park, the Gurara Water Management Authority, the Hadejia-Jama’are River the Basin Development Authority, the Integrated Water Resources Development Agency, the Kainji Lake National Park, the National Broadcasting Commission.
By Udora Orizu
The Fiscal Responsibility Commission (FRC) has accused about 32 government agencies of failing to remit their 80 per cent operating surplus to the Consolidated Revenue Fund (CRF), thereby hindering accurate determination of operating surplus liabilities and diminishing accountability and transparency in handling government revenue.
The commission said over N1.2 trillion in revenue was still being withheld by the defaulting agencies, keeping money away from government’s reach for funding of its budget.
The Chairman of the Commission, Victor Muruako, who spoke while briefing National Assembly correspondents Wednesday, said the agencies failed to submit their audited account to the commission to enable it calculate their operating surplus which is supposed to be paid into the Consolidated Revenue Fund of the Federation.
Nigerian government threatens to sanction expatriates over Train 7 gas project today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.