The Fiscal Responsibility Commission says it has generated over N2 trillion into Federation account since inception from 2007 till date.
The chairman of the commission, Mr. Victor Muruako stated this at a public hearing by the Senate committee on finance on the bill to repeal and re-enact the Fiscal Responsibility Act.
He told the committee that the said amount has been remitted into the Consolidated Revenue Fund (FRC).
The sponsored of the bill Senator Aisha Dahiru representing Adamawa central
said the bill seeks to curb financial fraud and wastages within Ministries, Departments and Agencies (MDAs) in ensuring more effective and efficient delivery of public services.
Senator Dahiru further explained that the bill would provide a better legal framework to back the operations of the commission.
Part of the bill also proposes that the commission retains a portion of the operating surpluses paid into the CRF of the federal government as cost of collection.
The amendment also seeks to limit the expenditure of all other MDAs (not listed in the schedule) to not more than 75 per cent of their gross revenue.
On his part, the Executive Secretary of Nigeria Extractive Industries Transparency Initiatives (NEITI), Doctor Orji Ogbonnaya Orji, described the bill as timely and vital to the economic growth of the country.