The Senate on Thursday ordered Federal College of Education, Okene to pay back to the Consolidated Revenue Fund of the Federation the total sum of N242 million it generated and spent contrary to the 1999 Constitution and the Fiscal Responsibility Act, 2007 within five months.
The Chairman of the Committee on Finance, Senator Adeola Olamilekan gave the directive for repayment when the Provost of College of Education, Dr Umaru Hassan appeared before the Committee.
The Committee is currently investigating MDAs over non remittance of Internally Generated Revenue (IGR) and 1 % Stamp duty to government coffers.
According to the Chairman, “you are expected to remit N254 million into the Federation Account, but only remitted N12 million leaving the balance of N242 million unremitted. You are mandated to pay unremitted N242 million back to the Federation Account within five months.”
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