Seal Revenue Leakages: AGF-Idris Directs Agencies   

BY GLORIA USMAN, ABUJA – The Accountant General of the Federation (AGF), Ahmed Idris has emphasised has stressed the need for revenue generating agencies of government to be alive to thir responsibility by sealing loopholes observed in the system in order to enhance the dwindling finances.

Idris, who stated this when he received in audience the leadership of the Fiscal Responsibility Commission (FRC), led by its Executive Chairman, Mr Victor Muruako at the Treasury House, Abuja, said that it has become imperative to seriously address the issue of dwindling finances, adding that governments at all levels in the country as well as the private sector are experiencing dwindling revenue,

The AGF also said that Federal Government annual budget was supposed to be funded through generated revenue and therefore stressed the need to change the narrative and make the government rely on its inflows and the finances it generates to fund its activities.

While expressing optimism that the era of deficit budgeting in the country will soon be over, Idris said this can only be achieved when revenue generating agencies brace up and take their responsibility serious by thinking out of the box and seal the revenue leakages that are observed in the system.

Idris assured of the readiness of the Federal Treasury to partner with the Fiscal Responsibility Commission and any other agency to bring up solutions to the current economic problems facing the country.

He approved the setting up of a team comprising officials from both agencies to bring up a Memorandum of Understanding (MOU) on areas of cooperation between the Treasury and the Fiscal Responsibility Commission (FRC).

The AGF also assured the management of the Fiscal Responsibility Commission of the needed support of the Federal Treasury to achieve its mandate, adding that the OAGF will make positive inputs to the amendment of the Fiscal Responsibility Act.

Earlier, the Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako noted that the Agency can only achieve its mandate when the Fiscal Responsibility Act is successfully amended to reflect current realities.

He solicited the support of the Accountant General of the Federation in the proposed amendment of the Act.

Muruako commended the Accountant General of the Federation for his financial management reforms initiatives as well as the development of facilities at the Treasury House and sought greater cooperation between the Treasury and the Fiscal Responsibility Commission (FRC).