House of Representatives on Tuesday flagged off a four-day investigative public hearing on the alleged into the federation account by some agencies.
The public hearing was organised by the lower chamber’s Ad Hoc Committee on Under Remittance of Revenue, chaired by Hon. James Faleke.
While declaring the hearing open, the Speaker, Hon. Yakubu Dogara said that the committee was formed following a resolution of the House to investigate the alleged under remittance, adding that the committee’s report would guide the House to make further resolutions with the view to averting further under remittance of revenue into federation account.
The lawmaker lamented that it was disheartening to hear repeated cases of under remittance of revenue into the federation account by agencies saddled with the responsibility of generating and manage the nation’s revenue, especially at a period when government was making efforts towards diversification of the economy.
The speaker recalled the postponement of Federation Account Allocation Committee (FAAC) meeting three times in March this year as a result of controversies regarding alleged non remittance of funds by some agencies.
According to him, with the dwindling funds from the oil sector, it has become more imperative for government to close up all leakages in revenue, urging participants at the hearing to be open and sincere in their presentations to the committee in national interest.
This is just as he charged the committee to demonstrate commitment to the assignment in order to achieve the purpose for which it was set up.
Earlier in hi opening remarks, the committee chairman thanked all stakeholders in attendance for honouring the invitation to the event, adding that the committee is mindful of the task ahead it and promised the members’ commitment to achieving the purpose it was set up.
The legislator noted that the current state of affairs in Nigeria reflected a crunch and cash-strapped economy just managing to be crawling at a slow pace out of recession.
He expatiated: “This has occasioned a bizarre situation where state governments can barely pay salaries, while borrowing takes a large chunk of government spending.
“Overall budgetary expenditure being adversely affected by dwindling revenue, yet the current system has continuously encouraged unpatriotic Nigerians to device ways of diverting our revenue for personal use”, Faleke added.
He assured that as representatives of the people, that the mandate of the committee was clear and that the members will discharge their duty without fear or favour.
The legislator expressed optimism that the outcome of the public hearing would reposition the nation’s revenue generating regime at all levels and by implication, impact positively on the public finance system in the country.
Some agencies whose representatives attended the opening day of the public hearing are, the Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC), Nigeria Customs Service (NCS) and Nigerian Inland Waterways Authority (NIWA).
