NAFDAC indicted over failure to remit N1bn to Federation Account
National Food, Drugs Administration and Control (NAFDAC), has been indicted over non-remittance of N1.439 billion operational surplus to the Federation Account.
The development, according to the Fiscal Responsibility Commission (FRC), contradicts the Fiscal Responsibility Act of 2007, Section 2 of which makes it mandatory for government agencies to remit certain percentage of their operational surplus to the Federation Account.
The Act states that ‘’Notwithstanding the provisions of any written law governing the corporation, each corporation shall establish a general reserve fund and shall allocate thereto at the end of each financial year…. Continue Reading
