NERC Plans to be Self Funding


The Nigerian Electricity Regulatory Commission, NERC on Wednesday said it would opt out of funding from the federal budget. The Commission took the decision at the ongoing investigation by the Senate Committee Finance on remittances of internally generated revenues by Ministries, Departments and Agencies of government, MDAs.

The panel is currently probing the MDAs compliance with the payment of one percent stamp duties on all federal contracts.

Chairman of NERC, Mr. Sanusi Garba told the Senator Solomon Adeola-led finance committee that his agency was ready to completely exit the federal budget. Garba promised to refund accumulated N28m being the one percent stamp duties on contracts awarded by the agency that were not remitted by contractors within one week.

The heads of National Agency for Food and Drugs Administration, Nigeria Communication Satellite Limited also informed that their agencies should be taken out from the federal budget.

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