These Nigerian agencies failed to remit N8.13 trillion in 5 years into the treasury

intern

May 18, 2018 4:16 PM

Nigerian 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 for action

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 countrys 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.

Also READ: These 10 key risks are likely to affect your business in Nigeria, according to KPMG

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:

Also READ: Fuel subsidy: Nigerian parliament makes 6 recommendations to state oil firm

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.

intern

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