A bill which seeks to criminalise non-remittance of internally generated revenues (IGR) by various Ministries, Departments and Agencies (MDAs) including Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation (NNPC), has been gazetted for legislative action in the House of Representatives. A summary of the report shows a lack of revenue remittance by some revenue-generating agencies of government. Considering the multiplicity of the existing federal agencies estimated at over 850 established by the Acts of National Assembly, Clause 6(1 & 2) of the bill, provides that the bill “consequentially amends all Acts of the National Assembly establishing statutory bodies in Nigeria. Section 1(2) The provisions of this Bill shall apply to statutory bodies set up pursuant to the Constitution or an Act of the National Assembly but shall not apply to professional bodies established pursuant to an Act of the National Assembly. According to the ‘Explanatory Memorandum, the bill “seeks to require statutory bodies to prepare and forward to the National Assembly through the President annual reports of its operations and finances and for the enhancement of transparency and accountability by statutory bodies.”

Source: Nigerian Tribune January 05, 2020 17:24 UTC