The main issue here is the government’s transparency and their ability to inform the people on a time basis, which means to present all the financial figures available.
Danburam Abubakar Nuhu, the Chairman of the TSA operations committee, have discovered multiple truths while in the service. He realized that there is a huge misconception of the public with regards to revenue inflows and how much is actually available to fund the expenditures of the Federal Government.
A majority of these revenue inflows are for the operations and general overheads of specific MDAs set up by the government to perform specific functions. This is where transparency comes in as all these inflows are characterized according to guidelines issued by the Office of the Accountant-General, under the Ministry of Finance.
The NNPC, according to the federal budget for 2017, is expected to contribute the sum of N330 billion by way of operational surplus contributions to the Consolidated Revenue Fund of the Federal Government to fund the budget. There is not even a penny being contributed by the NNPC as of October 2017. This occurs even though the NNPC actually forms the bulk of the inflows into the TSA.
It is pertinent to note that MDAs used to argue on the time of paying operational surpluses and insisted on payment after publishing of their audited accounts. By simple mathematics, this loss is being absorbed by somebody, either the FGN itself directly or through an MDA of the FGN, Daily Trust reports. Alternatively, there is a subsidy and either the FGN provides for it through appropriation or the PMS importation and distribution sector is fully deregulated.
Furthermore, Nigerians are not stupid. Tell them the truth and they just may support you. Nuhu is the member representing Kano Municipal Federal Constituency and Chairman, House of Reps Adhoc Panel on the Status of TSA.