FG loses N1.69tn to under remittance by CBN, NCC, others

A Senate Ad Hoc Committee has revealed that 25 agencies have short changed the Federal Government to the tune of N1.695 trillion by deliberately refusing to remit revenue accrued to the Consolidated Revenue Fund.

The committee also disclosed that, Nigerian National Petroleum Corporation (NNPC) was running on deficit of about N3.115 trillion between 2012 and 2016.

The committee said more than 600 agencies were involved, but listed 92 of them.

The committee, led by Sen. Olamilekan Adeola, was mandated by the Senate to investigate all agencies and institutions of government charged with the responsibility of generating, collecting, accounting and remittance of internally generated revenue.

According to the committee, the total Revenue generated by the agencies between 2012 and 2016 was N21.5 trillion.

The Ad-Hoc Committee also uncovered that the Ministry of Finance had not been carrying out its statutory oversight on NNPC account adequately.

The committee observed that Revenue Generating Agencies did not have resident Treasury Officers posted by the Accountant General of the Federation.

“Almost all the government agencies, fully funded or partially funded from Federal Government appropriations, complain of short-fall in their funding. This affects both capital and recurrent cost.

“In some cases salaries have to be supplemented from Internally Generated Revenue.”

The committee, in its recommendation, urged the Senate to amend the laws 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.

“The Fiscal Responsibility Act should be amended in a way to compel all Agencies and institutions of government on compliances with financial regulations regarding income generation, accounting and remittances.”

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