FRC accuses maritime academy of not remitting operating surplus

The Fiscal Responsibility Commission (FRC) has berated the management of Nigerian Maritime Academy (NMA) in Oron for flouting Fiscal the Responsibility Act (FRA).
It alleged that the maritime academy had not been remitting its operating surplus into the Consolidated Revenue Fund (CRF) of the Federal Government.
A statement in Abuja, on Wednesday, by FRC’s Communication Strategist, Bede Anyanwu, quoted the FRC Acting Chairman, Victor Muruako, as making the allegation during an interface between the academy and FRC.
Muruako said that the FRC was one of the key government agencies saddled with the responsibility of improving on the independent revenue of the Federal Government.
He said, “As such, all the 122 scheduled corporations as directed by the Minister of Finance must key into this provision to improve on revenue generation that would be useful in executing the budget.
“The FRA, 2007, mandated our commission to ensure that Ministries, Departments and Agencies (MDAs) under our supervision remit operating surplus, as well as audited account for accountability and transparency in public finance.
“Any corporation that flouts this provision will be reported to the Attorney-General of the Federation,” he said.
Muruako said the unco-operative attitude of the academy to remit operating surplus over the years called for concern.
He said he would direct the Legal, Investigation and Enforcement Directorate of the commission to move in and compel the institution to comply with the provisions of the Act.
Ola Tijani, the Head, Monitoring and Evaluation, said that there were technical issues on how the accounts of the academy was prepared.
He said that the commission had to beam its searchlight on how the budget was prepared and check the breakdown of items under the budget.
He said that the argument that the academy was not a revenue generating agency was not tenable.
This, he said, was because as long as government financed its budget, it had the obligation under the Act to remit operating surplus yearly, forward its audited account to the commission and present its Medium Term Expenditure Framework (MTEF).
John Adeyanju, a representative of the academy, assured the commission that the new management valued inter-agency relationship and would improve on the collaboration.
He said that the delay in responding to the commission was due to the Interim Management Committee whose tenure was not stable.
Scheduled corporation under the Act were mandated to remit operating surplus of 80 per cent after the end of the year to the Federation Account.

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