*Plans to increase remittances from 25% to 60%
The Senate is currently overwhelmed by what it considers as frivolous spending of gross incomes and operational surpluses allegedly being committed by some of the revenue generating agencies of government in the country.
Therefore, the Senate Committee on Finance, Monday, vowed that the apex legislative chamber would amend the Fiscal Responsibility Act (FRA) as a means of stoping the affected MDAs from the illegal practice.
This was as the nation’s highest lawmaking body said that it had commenced a legislative process to increase remittances by the revenue generating agencies from 25% to 60%.
The Chairman of the Committee, Senator Solomon Adeola (APC, Lagos West), made these statements in Abuja, at an interface with heads of National Metrological Development Agency (NMDA) and Federal Government Staff Housing Loan Board.
He said that the Fiscal Responsibility Act must be amended to curb wastages by most of the Government Ministries, Departments and Agencies (MDAs).
According to him, when this is successfully achieved, it will help in boosting revenues of government and financing of yearly budgets with less deficit margin and external borrowings.