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NAFDAC indicted over failure to remit N1bn to Federation Account

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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

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