in ,

These 9 Nigerian Agencies Failed To Remit N8.13 Trillion in 5 years Into The Treasury

A forensic audit on Nigerian government revenue generating agencies conducted by an international firm, KPMG, has indicted several agencies for failing to remit about N8 trillion into the country’s treasury.

Nigeria’s vice president, Yemi Osinbajo received the final report at the Presidential Villa, Abuja, on Thursday, May 17, 2018, during the monthly National Economic Council meeting.

According to the government, the report indicted generating agencies over non-remittance of N526 billion and $21 billion which is about N8 trillion into the nation’s treasury between 2010 and June 2015.

Ibrahim Dankwambo, governor of a north-eastern state, Gombe, explained at the end of the meeting that the shortcoming was detected by the audit firm, KPMG, which was contracted by the NEC to carry out a forensic audit of revenue remittances to the government account by the NEC.

Some of the government agencies indicted over underpayment by the audit report include:

  1. Federal Inland Revenue Service, FIRS

  2. Nigerian National Petroleum Corporation, NNPC

  3. Nigeria Customs Service, NCS

  4. Nigerian Ports Authority, NPA

  5. Nigerian Maritime Administration and Safety Agency, NIMASA

  6. Nigerian Communications Commission, NCC

  7. Central Bank of Nigeria, CBN

  8. Department of Petroleum Resources, DPR

  9. Nigerian Petroleum Development Company, NPDC among others.

The government said the defaulted agencies will refund the money and those found to be criminal in nature would be handed over to the Attorney General of the Federation for action.

Last month, the Nigerian parliament also indicted the State oil company, Nigerian National Petroleum Corporation, NNPC, for illegally paying 216 billion naira ($707.4 million) in fuel subsidies in 2017.

The decision of the upper chamber was sequel to recommendations by its committee on public accounts which investigated the illegal subsidy payments by the NNPC.

Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Corporate Social Responsibility-The Nigerian Experience

Ojukaye Flag Amachree Emerges New Rivers APC Chairman