National Economic Council (NEC) yesterday made a disclosure that N8 trillion was not remitted by some agencies into the Federation account from 2010-2015.
The agencies include the Nigerian National Petroleum Corporation (NNPC), the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR), Federal Inland Revenue Service (FIRS), Nigerian Petroleum Development Company (NPDC), Nigerian Ports Authority (NPA), National Maritime Authority(NMA), Nigerian Maritime Administration and Safety Agency (NIMASA), among others, failed to remit some of their profits into the Federation account.
NEC at a meeting chaired by Vice President Yemi Osinbajo in Abuja, said the unremmitted funds were discovered in an audit carried out by KMPG on all Revenue-Generating Agencies (RGAs). The audit report was submitted to NEC yesterday May 17th.
Chairman of the Ad-hoc committee and Governor of Gombe state, Ibrahim Dankwambo told State House correspondents after the meeting that the KMPG technical report on the RGAs found that a total sum of N526 billion and USD$21 billion was not paid into the Federation Account during the period under review. He said NEC has demanded that the agencies remit the money immediately.
“KPMG presented the report of the technical audit of RGAs concluding that a total sum of N526 billion and USD$21 billion was underpaid to the Federation Account. NEC’s Ad-hoc Committee chaired by Gombe State Governor with members including Governors of Edo, Kaduna, Akwa Ibom, Lagos and the Finance Ministers, recommended refund of the amounts under-paid.· Council adopted the presentations and reports of the KPMG and the recommendations of its Ad-hoc Committee including a resolution to identify instances where there appears to have been criminal infringements and forward such to the Attorney-General of the Federation and the Legal Committee of the National Economic Council for further action. Council resolved to pursue strengthening of the NNPC governance structure to prevent further recurrence of such gross under-remittance by the NNPC and other RGAs.”