The Senate has mandated Ministries, Departments and Agencies funded by the Federal Government to henceforth remit 100 per cent of their Internally Generated Revenues into the Consolidated Revenue Fund.
The Chairman, Senate Committee on Finance, Solomon Adeola (APC-Lagos), gave the charge in Lagos on Friday.
Adeola spoke at the ongoing public hearing with revenue-generating agencies on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.
He warned that it was no longer business as usual on generation and remittance of IGR, adding that agencies that have the capacity to generate more funds should contribute to government coffers.
He, however, said that MDAs partially funded by the government were to remit 50 per cent of their IGR to the CRF.
Adeola also said the Senate would enact a law to ensure 70 per cent and 30 per cent retaining and remittance ratio of agencies that are self-funded.
He, thereafter, raised the IGR target of the Nigerian Mining Cadastre Office from N4.5 billion projection to N15 billion for the 2022 fiscal year.
According to him, the IGR profile of NMCO for 2021 showed that it had so far generated N3.1 billion as of June, hence the increase on its target.
Adeola urged the agency to ensure blockage of all financial loopholes militating against the revenue profile of the organisation.
Adeola also increased the IGR projection of newsmen to N250 million for the 2022 fiscal year from its projection of N149 million.
He noted that NAN must also remit 100 per cent of its IGR to the CRF.
Adeola also raised the IGR projection for the Federal Road Safety Commission to N15 billion in the 2022 budget against what was projected in 2021 by the FRSC.
He also urged the FRSC to within seven days pay into the consolidated account differences in the revenue collected on behalf of the Federal Government from fees generated from charges on driver’s licences.
He listed the period to cover 2016 to 2021.
Other agencies made presentations on their IGR profile and projections for the 2022 budget year at the public hearing.
They included the Infrastructure Concession Regulatory Commission, Nigerian Airspace Management Agency and National Drug Law Enforcement Agency.
Other agencies included the Accident Investigation Bureau, Bureau of Public Procurement and Nigerian Copyright Commission.