The House of Representatives Committee on Finance is cracking down on federal agencies failing to meet their revenue reporting obligations.
The committee, led by Vice Chairman Saidu Abdullahi, expressed frustration on Monday during a resumed revenue monitoring exercise.
Only two of the eight invited agencies, the Financial Reporting Council of Nigeria (FRC) and the National Health Insurance Authority (NHIA), appeared before the committee.
Abdullahi condemned the “deliberate failure” of the remaining six agencies – Lagos International Trade Fair Complex, National Broadcasting Commission, National Examination Council, and National Inland Waterways Authority – to attend or even communicate their absence.
The committee wasted no time in issuing a stern warning. Abdullahi declared that these absent agencies should appear before the committee by Tuesday or face “appropriate action.”
This action could include a recommendation to the Accountant General of the Federation (AGF) to block their accounts, effectively halting their access to government funds.
The FRC representative, Director of Finance and Accounts Musa Jemaku added fuel to the fire.
He vehemently denied claims by the AGF’s office that the FRC had not remitted its operating surplus for the past three years (2019-2021).
Jemaku pointed to a Ministry of Finance circular automating the deduction of the 50% operating surplus, suggesting a potential error in the AGF’s accounting system.
Abdullahi emphasized the critical role revenue collection plays in national development.
He stated, “We talk about revenue and if we cannot collect the revenue accruing to this country, I think there is a big problem.”
The committee’s actions highlight their commitment to holding government agencies accountable for accurate revenue reporting and remittance.
