BUDGET: Government to pass law on NTR/IGF

Accra, Feb. 27, GNA - The government is to ensure that Ministries, Departments and Agencies (MDAs) used retained Non-Tax Revenue and Internally-Generated Funds (NTR/IGF) with legislative approval and that these were used with prudence and in accordance with Financial Administration Regula tions.

This is because the enabling Acts setting up some organisations allowed them to retain all or part of the revenue they generate and this sometimes results in a situation where some organisations keep resources far in excess of their allowable retention

"Again, a number of MDAs retain NTR for use on the basis of administrative approval issued to them in the past, while others do so with no form of approval at all," Mr Yaw Osafo-Maafo, Minister of Finance said in the government's financial statement for 2003 presented to Parliament on Thursday.

The Minister said to this effect, the Ministry of Finance on the recommendation of the Attorney General and the Minister of Justice had introduced amendments to the Financial Administration Bill, which was now before Parliament.

He said to support and encourage NTR generatio! n by MDAs, ?25.0 billion would be set aside from NTR collections to provide additional assistance to deserving MDAs.

The Ministry is finalising guidelines for the disbursement of funds to MDAs under this initiative.