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FHA needs to comply with remittance of operating surplus, FRC cautions

The Fiscal Responsibility Commission (FRC) has cautioned the Federal Housing

Authority (FHA) for not submitting its annual audited account, receipts of remittances, budgets, Medium Term Expenditure Framework, (MTEF) and operational strategic plan thereby hampering prompt and accurate determination of operating surplus liabilities.

The commission’s acting chairman, Victor Muruako, stated this recently at the stakeholders meeting with the management of the FHA in Abuja, a statement by the commission said.

He warned FHA on the need to comply with remittance of operating surplus as stipulated by Fiscal Responsibility Act of 2007.

Muruako, who stressed that the independent revenue drive of the Federal Government was not encouraging, added that the Federal Housing Authority has not been complying fully with the provisions of sections 21, 22 and 23 of the Fiscal Responsibility Act of 2007.

He also noted that the commission was offering the authority training on the recently launched template on the calculation of operating surplus to improve compliance.

While responding, the executive director of Finance and Account of the FHA, Mrs Nkechi Nwazota, who represented the Managing Director, Professor Mohammed Al-amin said the FHA was willing to comply with all the requirements of the FRC act.

She pleaded for more time to enable the authority make all necessary documentation that will make it possible to pay the operating surplus and provide receipts of remittances to the commission.

She said FHA will work with the commission to improve the independent revenue generation drive of the Federal Government.

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She also stressed the need for the preparation of improved estimation of Revenue and Expenditure (MTEF) with efficient narratives to highlight the activities of the agency.

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