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Tuesday, October 24, 2017

EXPLOSIVE: Buhari’s Ministers Implicated, As Another Whopping Sum Of N630 Billion Is Declared Missing In 24 Federal Agencies – SEE LIST


EXPLOSIVE: Buhari’s Ministers Implicated, As Another Whopping Sum Of N630 Billion Is Declared Missing In 24 Federal Agencies – SEE LIST

A fresh report emanating from an Ad-hoc Committee of the Senate, has indicted 24 Federal Agencies for failing to remit N630 billion of government revenue.

These Federal Agencies are under the control of various Ministers.
The interim report of the Ad-hoc Committee on the alleged misuse, under remittance, and other fraudulent activities in the collection, accounting, remittance and expenditure of IGR by revenue generating agencies, showed that the Nigeria National Retroleum Corporation, NNPC, generated N15.5 trillion in the period under review, expended N18.7 trillion and recorded N3.12 trillion deficit.
The report is expected to be considered this week.
“It should be noted that the NNPC management has refused to provide further information and attend scheduled meetings with the Committee. All efforts to bring its management back to the meeting have proved abortive.
“Also, the Ministry of Finance has not been carrying out its statutory oversight on NNPC accounts adequately enough’’, the report reads.
For the Nigeria Ports Authority, NPA, the Panel said that out of the N789 billion, the Agency expended N610 billion, and remitted N68.8 billion.
The NPA according to the Committee, failed to remit N86.6 billion. The Panel observed that the contractual relationship between the NPA and Intels, denied the government substantial revenue.
“Though the contract has been terminated, previous activities of Intels in relation to NPA, need to be properly scrutinized to re-coup whatever may have been unduly denied the government’’, it stated.
Also indicted by the Panel, is the CBN. Out of the N3.1 trillion generated by the Bank, N2.6 trillion was expended, N349.5 billion was remitted, and N13.7 billion was not remitted.
According to the report, the Nigeria Television Authority, NTA, generated N56.8 billion, spent N49.2 billion, and remitted N5.6 billion, in the period under review.
Other agencies that have the problem of under remittance, according to the Committee are: Federal Radio Corporation, N1.2 billion; Petroleum Products Pricing Regulatory Agency, PPPRA, N1.7 billion; Nigerian Maritime Administration and Safety Agency, NIMASA, N184.4 billion; National Health Insurance Agency, NHIS, N6.1 billion; Customs, N47 billion; Pension Commission, N3.6 billion, and JAMB, N636 million.
Also accused of under remittance are: Nigeria Bulk Electricity Company, N644 million; Nigeria Civil Aviation Authority, NCAA, N37.9 billion; CAC, N2.9 billion; Bureau for Public Enterprises, N70.4 billion; Sugar Development Corporation N5.5 billion; Nigeria Electricity Commission, N20.3 billion; FAAN, N827 million; NTI, N984 million; and FIRS, N33.8 billion.
The Panel recommended that the Senate should amend the laws where necessary, to make it mandatory for all Revenue Generating Agencies to accommodate Resident Auditors to be posted by the Auditor-General of the Federation, that will have access to all financial records and books, and to ensure compliance with section 120 (i) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
“The Fiscal Responsibility Act should be amended in a way to compel all Agencies and Institutions of Government on compliance with financial regulations, regarding income generation, accounting, and remittances’’, it stated.
It also requested for the amendment of the Fiscal Responsibility Act (2007), to make all Revenue Generating Agencies to pay 30% of their income generated monthly to the Consolidated Revenue Account, before any expenditure.

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