The Senate Committee on Finance, on Thursday, ordered the Federal College of Education (FCE), Okene to pay back to the Consolidated Revenue Fund of the Federation the total sum of N242 million it generated and spent unilaterally.
The Committee frowned at the development which it described as a breach of the 1999 Constitution and the Fiscal Responsibility Act, 2007.
Senator representing Lagos West and Chairman of the Committee, Solomon Adeola Olamilekan gave the Provost of College of Education, Dr Umaru Hassan who appeared before the Committee, 5 months to comply with the directive
The Committee is currently investigating Ministries, Department and Agencies over non-remittance of Internally Generated Revenue (IGR) and 1 per cent Stamp duty to government coffer.
Senator Olamilekan revealed that the Institution was expected to remit N254 million into the Federation Account, but only remitted N12 million leaving the balance of N242 million unremitted.
He said:” You are mandated to pay unremitted N242 million back to the Federation Account within five months.”
Chairman of the Economic and Financial Crimes Commission, Mr Abdulrasheed Bawa, who also appeared before the Committee applauded it for beaming its searchlight on the internally generated revenues of MDAs and the payment of 1% Stamp Duty by contractors on all contracts awarded by MDAs between2014-2020.
“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.”
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FULL TEXT: A viral post on WhatsApp is asking N-Power candidates to verify the status of their application and see if they have been shortlisted for the batch C cash grant…Senate orders FCE Okene to refund N242m into federation account