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CAC generated over N56bn in 3 years, remitted only N169m to FG

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The Corporate Affairs Commission generated over N56bn in three years but only remitted just N169m to the Federal Government’s coffers.

The revelation emerged on Friday, during an interactive session on the 2021 to 2013 Medium Term Expenditure Framework and Fiscal Strategy Paper organised by the House of Representatives Joint Committee on Finance, Appropriation, National planning and Economic Development and Aids, Loans and Debts Management.

CAC, in a presentation by the Director of Budget Planning, Research and Statistics, Dr Gado Shehu, said it has an approved revenue budget of N15.770bn in 2019 while the budgetary performance was N12,675bn.

Shehu said CAS remitted N100m to the Federal Government, out of the amount it generated in 2019.‎

However, the lawmakers wondered how CAC remitted only N100m after generating over N12bn.

Chairman of the committee, James Faleke, observed that it was the House of Representatives that forced CAC to remit the N100m that it remitted.

Shehu also disclosed that, in 2018, CAC had a budget of N16.621bn, generated N11bn but remitted zero revenue.

He added, ‎”The approved revenue budget for 2020 is N18bn, while the CAC had by June realised N8.3bn.

“By June, because the Federal Government has started direct deduction from our revenue, they have deducted N69m.

“Twenty-five per cent of whatever drops into our account is deducted.”

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However, the committee stressed that the N69m deducted by the Federal Government was less than 1 per cent of N8.3bn, and not up to the stipulated 25 per cent that was meant ‎to be remitted to the government’s coffers.

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