2021 Budget Financing: 25% IGR remittance Into Federation Acct, A Must – Reps Warn MDAs

The House of Representatives yesterday warned that financing the 2021 budget from internally generated revenue by ministries, departments and agencies of government is a must, non negotiable and in line with extant laws

The House noted Monday that all revenue generating agencies must remit 25% of all monies, either through, levies, taxies accruable to government into the federation account in line with financial regulations

Chairman of the House committee on Healthcare Services, Rep. Yusuf Tanko Sununu, (APC, kebbi), who disclosed at a budget defence meeting with some health agencies and institutions, cautioned that it will not be business as usual where MDAs undermine financial regulations and flout extant laws which compel government agencies to return 25% of internally generated revenue into the treasury

The committee chair said it is even more compelling when President Muhammadu Buhari has appealed to the National Assembly to assist him make revenue generating agencies in the executive branch pay such generated funds into the appropriate government treasury to effectively finance the 2021 and future budgets

He said: “Let’s also try to emphasize that revenues generated by MDAs are supposed to be remitted to the Federal government in their right percentage.”

“With that , the amount of revenue needed to finance the budget every year will be drastically reduced. That is if all revenue generating MDAs remit what’s due to government in all honesty and truth — and as and when due” he explained

Hon Sununu, however noted that he would ensure this is achieved using MDAs his committee oversights as pilot project for the 2021 budget exercise

“So this committee will do its due diligence in looking at the revenues of agencies under our purview and ensure that the right amount is remitted before consideration for their 2021 budget proposals”, the Chairman added