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The Office of the Auditor General of the Federation has disclosed that 15 Ministries, Departments, and Agencies failed to remit N127.13bn revenue to the Consolidated Revenue Fund between 2017 and 2019.

todayJanuary 4, 2022 8

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The Office of the Auditor General of the Federation has disclosed that 15 Ministries, Departments, and Agencies failed to remit N127.13bn revenue to the Consolidated Revenue Fund between 2017 and 2019.

The OAuGF made this known in its 2019 Annual Report on Non-Compliance, Internal Control, and Weakness Issues in MDAs of the Federal Government of Nigeria for the year ended December 31, 2019, which was submitted to the National Assembly.

According to the audit report, the finance circular issued on November 11, 2011, with reference number BO/RVE/12235/259/VII/201 requires all agencies to limit their utilisation of Internally Generated Revenue to not more than 75 per cent of the gross revenue while the balance of not less than 25 per cent should be remitted to the CRF.

Written by: EaglesFM

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todayJanuary 4, 2022 12 1

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