The Upper chamber of the National Assembly has ordered Ministries, Departments and Agencies (MDAs) funded by Federal Government to henceforth remit 100 per cent of their Internally Generated Revenues (IGR) into the Consolidated Revenue Fund (CRF).
Chairman, Senate Committee on Finance Sen. Solomon Adeola (APC-Lagos) gave the mandate in Lagos on Friday.
Adeola was speaking at the ongoing public hearing with revenue generating agencies on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
He warned that it was no longer business as usual on generation and remittance of IGR, adding that agencies that have capacity to generate more fund should contribute to government coffers.
He, however, said that MDAs partially funded by government were to remit 50 per cent of their IGR to the CRF.
Adeola also said that senate would enact law to ensure 70 per cent and 30 per cent retaining and remittance ratio of agencies that are self-funded.
He, thereafter, raised the IGR target of Nigerian Mining Cadastre Office (NMCO) from N4.5 billion projection to N15 billion for 2022 fiscal year.
According to him, IGR profile of NMCO for 2021 showed that it had so far generated N3.1 billion as at June, hence the increase on its target.
Adeola urged the agency to ensure blockage of all financial loopholes militating against the revenue profile of the organisation.
Adeola also increased the IGR projection of the News Agency of Nigeria (NAN) to N250 million for 2022 fiscal year from its projection of N149million.
He noted that NAN must also remit 100 per cent of its IGR to the CRF.
Adeola also raised the IGR projection for the Federal Road Safety Commission (FRSC) to N15 billion in 2022 budget against what was projected in 2021 by the FRSC.
He also urged the FRSC to within seven days pay into the consolidated account differences in the revenue collected on behalf of Federal Government from fees generated from charges on driver’s licences.
He listed the period to cover 2016-2021.
Other agencies made presentations on their IGR profile and projections for 2022 budget year at the public hearing.
They include: the Infrastructure Concession Regulatory Commission,(ICRC) The Nigerian Airspace Management Agency, (NAMA) and National Drug Law Enforcement Agency (NDLEA).
Other agencies include: Accident Investigation Bureau (AIB) Bureau of Public Procurement (BPP), Nigerian Copyright Commission (NCC), among others.