Federal Government Recovers N460billion Operating Surplus From Ministries, Departments and Agencies

  

      The Federal Government has recovered over N460billion operating surplus from its Ministries, Departments and Agencies between 2010 and June 2017.

   The amount, recovered through the Fiscal Responsibility Commission, FRC, has been remitted into the Consolidated Revenue Fund, CRF, account.

Acting Chairman, FRC, Victor Muruako, who gave the figure in Abuja, said the country had recorded remarkable achievements in fiscal responsibility but there was room to do more.

   He said the Fiscal Responsibility Act, which was enacted in 2007 to promote prudent management of the nation’s resources, had helped to reform the budgetary process through the introduction of the Medium Term Expenditure Framework.

   He said for the commission to be more effective, the amendments of its Act before the National Assembly was imperative, adding that it would enable the commission to sanction agencies of government that violated the Fiscal Responsibility Act.