Reps, Forensic Reports indict NNPC, CBN, others of under-remittance to Fed Govt

A report from forensic auditors, KPMG has indicted about seven government revenue-generating agencies for under-remitting over N526.35 billion and $21.199 billion to the Federation Account between January 2010 and June 2015.

A report presented to the House of Representatives Committee on Public Accounts on Wednesday also showed that four other agencies under-remitted revenue to the Consolidated Revenue Fund amounting to about N49.160 billion within the same period.
Read Also: Nigeria loses $5bn to discrepancies in data between NNPC, others

The report listed possible under remittances or over remittance against the Nigerian National Petroleum Corporation (NNPC) as N557,852, 222,257.28 and $9,048,920,931.38 while the figure listed against the Central Bank of Nigeria (CBN) stood at N39,313,909.42 and $29,261,227.46.

It also listed N6,995,100,228.35 against the Nigeria Customs Service (NCS), N292,287,246.65 against the Federal Inland Revenue Service (FIRS), $570,632,772.46 against the Department of Petroleum Resources (DPR) and $4,138,465,740.01 against the Federal Government.

It however explained that “NNPC represented that it has an outstanding claim of N797,710,684,354.00 against the federation prior to 1 January 2010.

This period does not relate to our view period. Hence the legacy claim is not reflected in our figure above.” the report added

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