Missing N450B Shippers Council returns N640M as FG audits 33 agencies

A sum of N640m has been returned to FG's treasury by the Nigeria Shippers Council following an audit on 33 agencies over a missing N450b.

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Hassan Bello play

Executive Secretary, Nigerian Shippers' Council (NSC), Barr. Hassan Bello

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The Nigeria Shippers Council has reportedly returned N640million to the treasury as the Federal Government begins to audit 33 different agencies over missing N450billion.

According to a report by TheCable, the Nigerian Shippers Council joined some of the agencies that had started returning various sums following the audit carried out on the agencies in compliance with the Fiscal Responsibility Act (FRA), 2007.

The Finance Minister, Kemi Adeosun had revealed on Thursday, December 1, 2016 that the federal government is set to recover about N450 billion operating surpluses that were not returned by 33 agencies from 2010 to 2015.

Adeosun also disclosed that the audit revealed that there was a lot of non-remittances and under-remittances of operating surpluses and that some agencies were operating without an approved budget.

The audit also showed that there was under-reporting of revenues, failure to submit audited financial statements, payroll fraud and exaggeration of payroll costs, over-payment of staff salaries and abuse of personnel grants,” she said.

The minister also added that there was overstating of budget and spending above budgeted amount, failure to reconcile accounts and existence of irreconcilable differences.

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