Revenue generating agencies must refrain from holding on to revenue collected on behalf of the Federal Government, the Chairman of the House of Representatives Committee on Finance, James Faleke has warned.
He said that it would be business unusual henceforth.
Faleke noted that prompt remittance would be enforced to ensure effective funding and implementation of the appropriation.
In a statement, Faleke blamed the non- implementation proposed in the yearly appropriation because of paucity of funds, saying that his committee would not shy away from its oversight function of keeping the revenue monitoring agencies on their toes.
He said: “For the avoidance of doubt, I make it clear that the committee will ensure effective oversight to all agencies that has anything to do with revenue generation.
“The country is faced with inability to fund her budget due mainly to shortfall in revenue. This committee under my leadership will carry out due diligence to ensure that all the revenue generating agencies remit what is due to the Federation Account.
“It will no longer be business as usual because the country needs all available resources to fund the budgets to be able to provide the essential services.”
The Lagos (Ikeja Federal Constituency) lawmaker, who promised to justify the confidence reposed in him, listed the provision of critical infrastructure such as roads, electricity, schools, hospitals and a happy workforce as well as an enabling environment for businesses to thrive for operators to pay taxes.
He said: “If you observe that when a budget is presented by the executive, the only people that could make it work are in the public service because they work to provide the funds for the budgets.
“They need to be monitored to ensure that the funds so generated are credited into the appropriate Federation Account.”
The committee chair lauded the introduction of the Treasury Single Account (TSA) as government the only account for all Ministries, Departments and Agencies (MDAs).
He assured the Green Chamber and its leadership that his committee will not disappoint in the discharge of its assigned mandate.
“I want to thank the Speaker and the entire leadership of the House for considering me worthy to chair the Committee on Finance. On behalf of all the committee members, I promise that we will not let the country down”, Faleke said.