Senate Committee of Finance will begin its investigation of Ministries, Departments, and Agencies (MDAs) over their compliance with laws on remittance of Internally Generated Revenue (IGR) on March 10.
The committee Chairman, Solomon Adeola, disclosed this in a statement issued by his Media Adviser, Mr. Kayode Odunaro, on Tuesday in Abuja.
He said the move was to ensure that revenue accrued to the Consolidated Fund Account was fully remitted by the MDAs.
According to him, reliance on revenue from crude oil sales and other sources to finance government recurrent and capital expenditures were no longer sustainable.
Adeola stressed the need for the government to look into other revenue sources to finance its activities.
He said: “There is no doubt that many MDAs have defaulted to remit revenue generated during their operation as stipulated by the Fiscal Responsibility Act 2007 and the 1999 Constitution of Nigeria.
“In view of the crisis that Nigeria is in now, this cannot be allowed to continue and the investigation is to find the underlying cause of the non-compliance by MDAs.”
The chairman said the investigation would also cover remittances of one percent Stamp Duty collection accrued from all contracts awarded by MDAs and not remitted to Federal Inland Revenues Services (FIRS.)
He said the probe would cover 460 revenue-generating agencies.
“The investigation will cover the period from 2014 till date.
“Submissions already made by MDAs are to be corroborated by the Office of the Accountant General of the Federation (OAGF) and records with the Fiscal Responsibility Commission that are part of the technical team of the Senate investigation,” Adeola added