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Finance Act : Reps Adopt Recommendations Of Ad-hoc Committee

The House of Representatives has adopted the recommendations of the Ad-hoc Committee on Finance to amend the Finance Act.

This is to include Ten Agencies on list of cost of collection of revenue to generate more funds for the Federal Government.

The Recommendation followed the presentation of the report by the House Ad-hoc Committee on Finance on the 2023-2025 Medium Term Expenditure Framework, MTEF during plenary in Abuja.

The Agencies are the Joint Admissions and Matriculation Board, the Nigeria Ports Authority, Nigeria Communication Commission.

Others are the Nigerian Midstream and Downstream Petroleum Regulatory Agency, National Agency for Food and Drug Administration and Control, Nigerian Upstream Petroleum Regulatory Commission, Corporate Affairs Commission, Nigerian Maritime Administration and Safety Agency.

Chairman of the Committee, James Faleke represented by the Deputy Chairman, Saidu Abdullahi while presenting the report of the committee to the house noted that some revenue generating agencies do not comply with the Finance Act for remittances.

According to him, for accountability and progress of the country, the committee recommended strict compliance with the constitution, Fiscal Responsibility Act and other extant laws by all agencies with regards to revenue remittances.

The Chairman stressed the need for a common electronic platform for reconciliation between Ministries, Departments and Agencies, Office of the Accountant General of the Federation and Fiscal Responsibility Commission for efficiency.

At the committee of the whole, the Deputy Speaker Idris Wase sought the approval of the house on the recommendations.

Sixteen recommendations were presented for approval ahead of the budget presentation.

Report by Ifeanyi Osita Edited by Grace Namiji

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