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Information reaching us through NECO news desk this afternoon is that Federal Government of Nigeria have issued a circular to the following agencies: NECO, JAMB, NIMASSA, NPA, NTA, NCC, CAC. This circular was issued to compel the above mentioned boards who are operating outside the budgetary control to comply with the constituted law "Sec 22(2) of the Fiscal Responsibility Act (FRA)". The above listed boards are expected to remit 80% of their operating surplus into the Consolidated Revenue Fund.

Education: NECO Result Checker

Ministry of Finance

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According to the Minister of Finance, some agencies have never credited the Consolidated Revenue Fund despite having salary, capital and overhead financed by the Federal Government. Indeed, cost to income rates of 99.8% have been the average, meaning that they spend all their internally generated revenue and subventions released to them. 

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