Tag: FRC
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FRC imposes N500m penalty on NIMASA for noncompliance with financial reporting standards
The Financial Reporting Council of Nigeria (FRC) has suspended the 2018 audited financial statement of the Nigerian Maritime Administration and Safety Agency (NIMASA) for non-compliance with financial reporting standards. In a public notice on Thursday, the FRC management directed NIMASA to begin the process of restating its audited financial statement for the year ended December…
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Commission laments slow implementation of Fiscal Responsibility Act in states
Mr Victor Muruako, Chairman, Fiscal Responsibility Commission (FRC) says that many states are yet to implement the Fiscal Responsibility Act. Muruako said this during an interview with NAN on Sunday in Abuja.
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FRSC yet to remit N5.1bn to federation account, FRC alleges
The Fiscal Responsibility Commission (FRC) has alleged that the Federal Road Safety Corps (FRSC) is yet to remit N5.1 billion into the Federation Account from 2016 to 2019. FRC made the allegation on Wednesday in Abuja at the ongoing public hearing on 2022 to 2024 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The…
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FG’s agencies are keeping N1.2trn illegally – Commission
The Fiscal Responsibility Commission (FRC) says Ministries, Departments and Agencies (MDAs) of the Federal Government are keeping N1.2 trillion in their coffers illegally. Chairman of the Commission, Mr Victor Muruako, told newsmen on Wednesday in Abuja that it arrived at the figure based on analyses of the annual audited financial reports of the agencies concerned.…
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36 states, FCT generate N2.57 trillion net revenue
Fiscal Responsibility Commission (FRC) has put the total net revenue of the 36 states and Federal Capital Territory (FCT) at N2.57 trillion excluding the Internally Generated Revenue (IGR). Mr Victor Muruako, the Acting Chairman, FRC, disclosed this in the 2018 Annual Report and Audited Accounts of the commission and made available to News Agency of…
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Lagos, Kaduna, Cross River, 21 other states exceeded their borrowing limits – FRC
The Fiscal Responsibility Commission, FRC, has stated that 23 states of the federation exceeded their borrowing limit in 2015. This according to the Commission is contrary to the guidelines highlighted by Debt Management Office, DMO. This was revealed in a report on the states and their indebtedness. The FRC in the report said Lagos, Kaduna,…
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No law empowers FRC to determine tenure of religious leaders – House of Reps
The House of Representatives has ordered a public hearing on the activities of the Financial Reporting Council of Nigeria, particularly the Council’s decision to fix the tenure of the leadership of religious organisations. The House passed the resolution on Wednesday in Abuja at a session which was presided over by the Speaker, Mr. Yakubu Dogara.…