The Federal Government has issued a new guideline for the computation of operating surpluses in order to reduce cases of under-remittance of funds by revenue-collection agencies.

The guideline was issued over the weekend through the Ministry of Finance.

Financial statements are expected to contain details of projected internally generated revenue, personnel and overhead costs derived from the national budget, so as to adequately prepare estimates of revenue and expenditure of agencies.

In 2016, 33 revenue generating agencies were indicted for not remitting a total of 450 billion Naira into the consolidated revenue fund account of government.

The Finance Minister, Kemi Adeosun, has therefore warned that a violation of the three-year template would attract severe sanctions. (Channels TV)

Update news