Nigerian Lawmakers To Block Reckless Spending By Revenue-Generating Agencies

Lawmakers want to place eight federal revenue-generating agencies on a cost-of-collection percentage to stop the agencies from spending their revenue arbitrarily <br />Federal lawmakers are proposing a drastic measure to help the country out of the fiscal hole by placing eight revenue-generating agencies on financial autonomy. <br />The National Assembly has moved to stop the agencies from spending their revenue arbitrarily by placing them on the cost of collection percentage. <br />In 2023-2025, Medium Term Expenditure Framework and Fiscal Strategy Paper passed by the lawmakers, the Nigerian Communications Commission, Corporate Affairs Commission, Nigerian Port Authority, Joint Admission and Matriculation Board, National Upstream Petroleum Regulation Commission, the National Midstream and Downstream Regulatory Authority, National Agency for Food and Drug Administration and Control, and Nigerian Maritime Administration and Safety Agency will henceforth operate under the 'cost of collection.