Unremitted N450billion: Federal Government issues new guideline for calculating surplus

 

 The Federal Government, in a bid to check the high level of under-remittance of funds by revenue-collection agencies, has issued fresh guidelines for the computation of operating surpluses.

   According to reports, the new guideline that will guide the preparation of the agencies’ financial statements for the next three years covering up to 2019 is contained in a circular signed by the Minister of Finance, KemiAdeosun.
   This was disclosed in a circular and addressed to top government officials such as the Chief of Staff to the President, all ministers, Secretary to the Government of the Federation, National Security Adviser, Governor of the Central Bank of Nigeria and all service chiefs and made available to newsmen in Abuja.
    The circular has also been sent to the chief executives of all the agencies mandated by the government under the Fiscal Responsibility Act, 2007 to generate and remit revenue into the Consolidated Revenue Fund account.