…warns of budget sanctions
The Senate Committee on Finance on Wednesday directed the National Agency for Food and Drug Administration and Control (NAFDAC), the Office of the Accountant-General of the Federation (OAGF), and the Fiscal Responsibility Commission (FRC) to reconcile discrepancies in revenue deductions involving NAFDAC.
It also gave the Ogun-Osun River Basin Development Authority (OORBDA) 14 days to regularise its financial records or risk sanctions, including the suspension of budget releases.
The directives were issued during the committee’s ongoing investigation into the remittance of internally generated revenue (IGR) and operating surplus by Ministries, Departments, and Agencies (MDAs) into the Consolidated Revenue Fund (CRF) for the 2023 to 2025 financial years.
Sani Musa, chairman of the committee, said the reconciliation became necessary after inconsistencies emerged between figures presented by NAFDAC and the Fiscal Responsibility Commission regarding deductions from the agency’s operating surplus.
NAFDAC told lawmakers that it generated N18.73 billion
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