FG threatens to punish agencies holding back revenue

The Federal Government has threatened to punish the agencies indicted for failure to remit over N450 billion into the government coffers between 2010 and 2015.

Finance Minister, Mrs Kemi Adeosun, said they would be reported to the Economic and Financial Crimes Commission (EFCC) for prosecution.

Mrs Adeosun said demand notices had been issued to the said agencies for the payment of outstanding operating surpluses, which was a violation of the provisions of the Fiscal Responsibility Act 2007.

According to her, the agencies had been invited to a meeting on Tuesday to enable them submit a repayment plan or face appropriate sanctions, including deduction of amount owed directly from TSA balances, besides prosecution by the EFCC.

The defaulting agencies are: Nigeria Communication Commission, Nigerian Ports Authority, Nigeria Civil Aviation Authority, Bureau of Public Enterprises, Nigeria Shippers Council, National Pensions Commission, Nigeria Bulk Electricity Trading, and National Health Insurance Scheme.

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