The Senate has given the Federal College of Education, Okene five months to pay back to the Consolidated Revenue Fund of N242 million of the Federation it generated and spent contrary to the 1999 Constitution and the Fiscal Responsibility Act, 2007.
The Senate Committee on Finance gave this order when the Provost of College of Education, Dr Umaru Hassan appeared before the Committee, investigating Ministries Departments Agencies (MDAs) over non-remittance of Internally Generated Revenue (IGR) and 1 % Stamp duty to government coffer.
The Chairman of the Committee, Senator Adeola Olamilekan told the Provost that “you are expected to remit N254 million into the Federation Account, but only remitted N12 million leaving the balance of N242 million unremitted. You are mandated to pay unremitted N242 million back to the Federation Account within five months.”
Expressing joy, while observing the proceeding from the Senate Committee, the chairman of Economic and Financial Crimes Commission (EFCC), Mr Abdulrasheed Bawa said that it is a good development that the committee is working towards blocking revenue leakages.
He applauded the Senate Committee of Finance for its investigations into the internally generated revenues of MDAs and the payment of 1% Stamp Duty by contractors on all contracts awarded by MDAs between2014-2020.
He said: “After observing the proceedings and the process of investigation of the Committee, I am happy with what is happening here. It is a good development that the committee is working towards blocking revenue leakages. At this point in the nation’s history, it is not much about generating revenue as much as blocking leakages of revenue generated and still being generated by all these agencies of government.”
Bawa, who said he would have been happy to go away with one of the heads of agencies immediately from the revelations that the Committee unearthed in course of observing the documents presented by the agency, stressed that he would be ready to partner with the committee as the process goes on and hopefully get the report of the committee for further action.
As part of setting example for blockage of leakages, he stated that since his assumption of office, he has created four new departments in EFCC.
Two of the departments, according to him are, Procurement Department and the Internal Audit, to ensure that due process is followed and there are no audit queries. He charged other MDAs to copy the template of EFCC.
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