In News by Oluwaseun Samuel on the 13th, August, 2020

Companies Are Diverting Income Unnecessarily

Agencies Are Diverting Revenue Unnecessarily


Femi Gbajabiamila

Femi Gbajabiamila , Speaker of the Home of Representatives has raised an alarm over the continous divertion of income by authorities companies.

The speaker who stated this on the graduation of the dialogue session on Medium Time period Expenditure Framework (MTEF) and Fiscal Technique Paper (FSP) organized by the committee on Finance, vowed that the Home of Representatives will cease ministries, departments and companies of the Federal Authorities who divert revenues they’re purported to remit to the Federation Account.

Gbajabiamila additionally accused these companies of pushing the federal authorities into looking for loans to finance infrastructural growth.

He Mentioned;

“All of us within the Home of Representatives recognise that the challenges we now face is not going to abate within the medium time period. But, we’re dedicated to utilizing the appropriations course of as a instrument for carrying out our nation’s most urgent growth aims. We now have a duty to behave with pressing willpower to construct the infrastructure of alternative that’s required to elevate tens of millions of our fellow residents out of poverty.

“We recognise that we can’t accomplish these aims utilizing loans and outdoors financing alone. Subsequently, we have to impose deep cuts in the price of governance and enhance inner income technology and assortment in order that we are able to unencumber sources that may then be deployed to fund coverage initiatives that may improve the lives of our individuals.

“The revenue-generating companies of the Federal Authorities of Nigeria have a significant position to play on this regard. There has to date been a constant failure to stick to the income remittance agreements to which many of those companies have dedicated. We now have credible experiences that these desperately wanted funds have in lots of instances, been diverted to finance pointless trivia. On the similar time, the Authorities is left scrambling for different sources to fund precedence initiatives. We can’t afford this dynamic, and we is not going to tolerate it anymore.

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“The legislature stays the keeper of the general public purse, with broad constitutional authority to behave on behalf of the Nigerian individuals, to make sure that our collective sources are effectively administered in service of the general public good. Let nobody be doubtful, the Home of Representatives is not going to hesitate to behave on our constitutional authority however no matter objections might come up.”


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