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The Senate finance committee on Monday pledged to amend the Fiscal Responsibility Act to limit frivolous gross revenue spending and operating surpluses allegedly realized by many government revenue-generating agencies.
The chairman of the committee, Senator Olamilekan Adeola, said this during an interface with the heads of the National Metrological Development Agency and the Federal Government Staff Housing Loan Council.
This, Adeola explained, will help increase government revenues and fund annual budgets with less deficit margin and external borrowing.
He said, “The committee looks forward to the upcoming amendment of the Fiscal Responsibility Act before us to increase government revenue.
“The idea of ​​an operating surplus of 80% is obsolete.
“The government has proposed 25 percent, but we are offering 60 percent of your gross income to withhold at source.
“So for every month, every income you generate, before we spend it, we’ll take 60% of it.
“You have 40 percent left.
“At the end of the year, after your account has had to be audited, we will still come to your operating surplus of 80%.
“That’s what the committee is proposing.
“All the ideas of depreciation deductions, donations from unapproved organizations, unjustified expenses taken at a glance without going back to the government, setting wages and arbitrary commissions that are not approved by the Commission.” national wages and salaries, all this will be brought to an end by the next amendment of the law on fiscal responsibility.
Senator Adeola met with members of the committee on Friday, Minister of Finance, Budget and National Planning, Zainab Ahmed; the general accountant of the Federation, Ahmed Idris; and Director General of the Budget Office, Ben Akabueze, to get their full buy-in and inform them of the revelations uncovered during the more than four-week investigation, with many agencies committing all kinds of illegalities related to the spending of government funds which should rightly paid into the treasury.
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