Fri. Aug 12th, 2022

Some MDAs owe over N2trn says FRC

The Chairman, Fiscal Responsibility Commission (FRC), Chief Victor Muruako, has announced that some Federal Ministries, Departments and Agencies, have accumulated over two trillion Naira debt.

Muruako, who disclosed this in Abuja, urged federal lawyers to complete the process of amending the FRC Act, 2007, before the expiration of the Ninth Assembly in 2023.

Reports reaching BCA Business News desk say Nigeria is losing six point one-three-two billion gallons of crude annually to oil thieves, and about sixty-seven million liters of refined petroleum products.

Speaking in an interview, a Public Affairs Analyst, Mr. Bala Zaka, said two thousand petroleum tankers of  thirty-three thousand liters each and possibly a ship stationed for the illegalpurpose were involved in the movement of the stolen crude.

The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr. bellow Hassan, has called for more vigilance by law enforcement and internal control officials in banks to avoid having a failed bank.

Mr. Bellow who stated this at the sidelines of the Capacity-Building Workshop for Law Enforcement Agencies, Bankers and other stakeholders in Lagos, themed : ‘’Effective Investigation and Prosecution of Banking Malpractices that Lead to the Failure of Banks, called for synergy among stakeholders on the issue of malpractices in failed Banks to forestall future occurrence.

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