The House of Representatives has disclosed that plans are in progress towards amendment of the 2007 Fiscal Responsibility Act.

CEOAFRICA news desk gathered that the reason for the proposed amendment were in order to plug all revenue leakages in the country and boost its revenue generation.

This report was according to the statement issued in Abuja by the Chairman, House Committee on Finance, Honourable Abdulmumini Jibrin, who also stated that the decision is aimed at expanding the scope of revenue generating agencies in the country and making them generate as well as remit more revenue to the federation account.

He stated that the committee intends to expand the current schedule of the Act from 31 agencies to include all ministries, departments and agencies operating in the country, stressing that the committee had categorized the Ministries, Departments and Agencies (MDAs) with respect to the percentage of remittances they should make to the national treasury from their revenues.

The lawmaker also stated that pending the amendment, all MDAs would disclose to the committee all partnerships with the private or public sector not enlisted in the existing list of MDAs and the respective business arrangements such as equity, debt, management contract, and others.

The committee, however, warned that failure of any MDA, MDA joint venture or MDA partly owned enterprise to be captured in the exercise would be considered as a deliberate act of suppressing government revenue.