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Victor Murako, FRC executive chairman, said this during a press briefing at the 2021 edition of the Nigerian open government partnership (NOGP) week, in Abuja on Wednesday.
Murako explained that government agencies are expected to remit 80 percent of their operating surplus to the CRF according to the Fiscal Responsibility Act, 2007.
He said this payment is borne out of the need for the federal government to generate funds in order to meet revenue requirements in its annual budget execution.
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“Sadly, many MDAs still persist in defaulting and practically keeping money away from the federal government’s reach for funding its budgets. Our records indicate that over N1.2 trillion is still in the hands of defaulting MDAs,” Murako said.