{"id":62252,"date":"2018-05-17T22:24:08","date_gmt":"2018-05-17T21:24:08","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=62252"},"modified":"2018-05-17T22:24:08","modified_gmt":"2018-05-17T21:24:08","slug":"nnpc-npa-customs-nimasa-others-under-remitted-n8trillion-into-federation-account","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/nnpc-npa-customs-nimasa-others-under-remitted-n8trillion-into-federation-account\/","title":{"rendered":"NNPC, NPA, CUSTOMS, NIMASA, Others Under-remitted N8Trillion Into Federation Account"},"content":{"rendered":"
<\/div>\n
The Nigeria National Petroleum Corporations, NNPC, Nigerian Petroleum<\/div>\n
Development Companies, NDPC, Nigerian Custom Service, Nigerian Ports<\/div>\n
Authority among others under-remitted N526 billion and $21 billion which<\/div>\n
is about N8 trillion into the Federation Account, according to the<\/div>\n
National Economic Council, NEC.<\/div>\n
<\/div>\n
At its meeting presided over by the Vice-President Yemi Osinbajo at the<\/div>\n
Presidential Villa, Abuja, NEC, received the final report of the forensic<\/div>\n
audit of the agencies conducted by the international firm, KPMG and<\/div>\n
observed that eighteen agencies did not remit the appropriate money to the<\/div>\n
nation\u2019s treasury.<\/div>\n
<\/div>\n
Other agencies to refund the money include Federal Inland revenue Service,<\/div>\n
FIRS; Nigerian Maritime Administration and Safety Agency, NIMASA; Nigerian<\/div>\n
Communications Commission, NCC; Central Bank of Nigeria, CBN; Department<\/div>\n
of Petroleum Resources, DPR among several.<\/div>\n
<\/div>\n
Briefing State House correspondents after the NEC at the Council Chambers,<\/div>\n
State House, the Gombe State Governor, Ibrahim Dankwanbo, who also chaired<\/div>\n
the NEC\u2019s ad-hoc technical committee on the probe, said the Council<\/div>\n
adopted the report and resolved to refer those found culpable in the<\/div>\n
underpayments to the Attorney-General of the Federation for prosecution.<\/div>\n
<\/div>\n
According to him: \u201cKPMG presented the report of the technical audit of<\/div>\n
RGAs concluding that a total sum of N526 billion and USD$21 billion was<\/div>\n
under-paid to the Federation Account. \u201cCouncil adopted the presentations<\/div>\n
and reports of the KPMG and the recommendations of its Ad-hoc Committee<\/div>\n
including a resolution to identify instances where there appears to have<\/div>\n
been criminal infringements and forward such to the Attorney-General of<\/div>\n
the Federation and the Legal Committee of the National Economic Council<\/div>\n
for further action.<\/div>\n
<\/div>\n
\u201cCouncil resolved to pursue strengthening of the NNPC governance structure<\/div>\n
to prevent further recurrence of such gross under-remittance by the NNPC<\/div>\n
and other RGAs.\u201d<\/div>\n
<\/div>\n
The Ad-hoc Committee, which also has other members as Governors of Edo,<\/div>\n
Kaduna, Akwa Ibom, and Lagos States as well as the Finance Minister,<\/div>\n
further recommended a refund of the amounts under-paid by the defaulting<\/div>\n
agencies.<\/div>\n
<\/div>\n
Dankwanbo added that \u201cone of the resolutions of NEC today is to extend the<\/div>\n
audit to June 2017. So the audit will continue for the remaining agencies:<\/div>\n
NNOC, NPDC, DPR, Customs, Federal Internal Revenue Services, NPA, Maritime<\/div>\n
Authorities, all the revenue generating agencies and the details of the<\/div>\n
infringement are contained in the report.<\/div>\n
<\/div>\n
\u201cThe most important decision that was taken is that a sub-committee will<\/div>\n
be set up, which will be an arm of the legal committee of NEC that will<\/div>\n
look into details of these kinds of infringements and make sure that those<\/div>\n
issues that are criminal and require prosecution will be handled by office<\/div>\n
of the Attorney General of the Federation.\u201d<\/div>\n
<\/div>\n
The NEC also heard that the balance in the Excess Crude Account (ECA) as<\/div>\n
at May 14, 2018 stands at $1.803 billion; the Stabilization Account as at<\/div>\n
May 14, 2018 stands at N15.72 billion; and the current balance in the<\/div>\n
Natural Resources Development Fund as at May 14, 2018 stands at N116.10<\/div>\n
billion.<\/div>\n
<\/div>\n
Asked if the Council will not commend agencies that remitted 100 percent,<\/div>\n
he said \u201cAnd also to say that an audit is an exception report, it is not<\/div>\n
an okay report. So we are not looking for a company that is doing well. He<\/div>\n
said, \u201cAccountability does not mean you are doing well, the mirror is very<\/div>\n
big and depending on how you look at the mirror that is how you will see<\/div>\n
yourself.<\/div>\n
<\/div>\n
\u201cSo it is an exception report, we are not looking at the good boys, we<\/div>\n
were looking for exceptions. And to go further, it is forensic audit,<\/div>\n
detailing this kind of short comings.\u201d<\/div>\n
<\/div>\n
Also briefing, the Governor of Zamfara State, Abdulaziz Yari, disclosed<\/div>\n
that the suspicious subsidy payments by the NNPC was also discussed during<\/div>\n
the meeting but that it was referred back to the sub-committee on<\/div>\n
remittances, which he chairs.<\/div>\n
<\/div>\n
Yari said, \u201cYes, the item was brought up for discussion but it was<\/div>\n
referred back to the sub-committee remittances in which I\u2019m chair. We are<\/div>\n
doing the nitty-gritty with NNPC in terms of remittances.<\/div>\n
<\/div>\n
\u201cDon\u2019t forget that the reason we got it right in 2016 on the NNPC side is<\/div>\n
because the oil prices were too low. It was easy for everyone to get fuel<\/div>\n
into the country and then make its profit.<\/div>\n
<\/div>\n
\u201cSo, when the price started jacking up then the marketers started<\/div>\n
adjusting back because they need to have a template of cost recovery and<\/div>\n
how they are going to make up the difference from the pump price to the<\/div>\n
landing cost of what they are importing.<\/div>\n
<\/div>\n
\u201cOur problem is the volume, the quantity of consumption which is not<\/div>\n
acceptable. Working with the governors so many decisions were taken but by<\/div>\n
next month, we are going to adopt the position that either the governors<\/div>\n
take responsibility for the subsidy in their states based on their<\/div>\n
consumption or we look at other ways.<\/div>\n
<\/div>\n
\u201cFor instance, if you say we paid N800 billion subsidy, you will ask who<\/div>\n
are we paying the subsidy to? And if you look at infrastructure<\/div>\n
development and capital programme of the federal government, it is about<\/div>\n
N1.1 trillion, almost 70 percent of what you are spending developing the<\/div>\n
economy.<\/div>\n
<\/div>\n
\u201cIf there is no infrastructure development then you cannot talk about<\/div>\n
development of the economy. N800 billion is a huge amount and we must look<\/div>\n
into it: who is benefiting from it.<\/div>\n
<\/div>\n
\u201cBy next meeting (May or June), we will definitely come up with a position<\/div>\n
of the government at both levels of volume of what is being brought into<\/div>\n
the country and what the state and federal government collaborate to<\/div>\n
check\u201d, he stated.<\/div>\n
<\/div>\n
He further updated the press with highlights on a report of the Nigeria<\/div>\n
Industrial Policy and Competitiveness Council in collaboration with the<\/div>\n
Nigeria Communications Commission, which recommended State Government\u2019s<\/div>\n
intervention in boosting the country\u2019s drive towards more investments and<\/div>\n
business friendly environment. These include: Improving broadband<\/div>\n
penetration in the countryside; Resolving multiple taxation; Facilitating<\/div>\n
access to land; Providing security for investment; Standardising<\/div>\n
regulatory requirements; Facilitating integrated business linkage;<\/div>\n
Collaborating on project development; Providing shared facilities.<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

The Nigeria National Petroleum Corporations, NNPC, Nigerian Petroleum Development Companies, NDPC, Nigerian Custom Service, Nigerian Ports Authority among others under-remitted N526 billion and $21 billion which is about N8 trillion…<\/p>\n","protected":false},"author":1,"featured_media":60050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-62252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nNNPC, NPA, CUSTOMS, NIMASA, Others Under-remitted N8Trillion Into Federation Account - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/nnpc-npa-customs-nimasa-others-under-remitted-n8trillion-into-federation-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NNPC, NPA, CUSTOMS, NIMASA, Others Under-remitted N8Trillion Into Federation Account - 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