ICPC Warns Ministers over unspent funds

The Independent Corrupt Practices Commission, ICPC, has vowed to deal with Ministries, Departments and Agencies, MDAs, which fail to remit into government coffers revenue and unspent funds.

The commission’s threat came against the backdrop of failure of the National Agency for Food Administration and Control, NAFDAC, to remit to government the N38 million interest that accrued from money placed in fixed deposit accounts in some commercial banks.

In a statement issued by Head of Public Enlightenment Department, Mike Sowe, the ICPC noted that several MDAs had failed to comply with the directive that they should remit to government’s coffers all unspent funds and money generated through their activities.

“In view of the non-compliance with financial regulations on the remittance of all revenue and unspent balances to the sub-treasury by some Ministries, Departments and Agencies, the ICPC, apart from forwarding appropriate recommendations to the National Assembly and the Federal Government, will not hesitate to apply the law whenever there is any violation from any quarters,” it stated.

On NAFDAC, the ICPC  system study and review of NAFDAC indicated that the agency, in exercise of its power to invest idle funds, fixed some funds in some commercial banks which yielded N38 million interest, but which the agency had refused to remit to government coffers.

“While exercising its power to invest idle funds at its disposal, NAFDAC made some investments in fixed deposit accounts with some commercial banks, with accrued interest of N38 million which had not been remitted to government coffers.

“The ICPC is insisting that this amount must be remitted to the Federal Government treasury, minus N30 million  which the agency had earlier released to the Treasury following a query from the Office of the Accountant-General of the Federation,” the commission said.

The commission noted that NAFDAC generated over 15.5 billion between 2006 and 2010 as internally generated revenue, IGR, but spent N14.1 billion, leaving a balance of N850 million, adding “ICPC System Study team discovered that the agency utilised N80 million  from its IGR to purchase motor vehicles which fall under Capital vote, and made a payment of 6 million naira Pay As You Earn, PAYE, for its staff from the IGR, whereas there is a provision for  this expenditure under personnel cost.”-vanguard

People who read this post also read :