The federal government has approved the report of the forensic audit of revenue accrued from revenue generating agencies into the , Federation Account (FA), Excess Crude Account (ECA) and Consolidated Revenue Fund (CRF). The committee audited 18 Agencies including NNPC, FIRS, Nigeria Customs Services (NCS), NIMASA, NPA, NCC, CBN, DPR, NPDC and many others and uncovered massive cases of unremitted revenue into the federation account.
This was disclosed by the Deputy governor of Lagos State , Dr Idiate Adebule after the National Economic Council meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa yesterday. She said the committee recommended that the council should decide on repayment plans for all concerned as well as stepping up oversight function on the relevant agencies to ensure remittance as and at when due.
She also stated that the committee recommended the proper and regular auditing of the amount of the RGAs and those of the FG and also the need for annual review of the agencies.She said, the Council received the final report on the Forensic Audit of Revenue Accrued from Revenue Generating Agencies (RGAs) into Federation Account (FA), Excess Crude Account (ECA) and Consolidated Revenue Fund (CRF).
“The report was prepared by KPMG, and audited 18 Agencies including NNPC, FIRS, Nigeria Customs Services (NCS), NIMASA, NPA, NCC, CBN, DPR, NPDC and many others. The report covered period January 2010 – Jun, 2015.
” The report observed several cases of under-remittance and a few over remittance in some cases both by identified agencies. There were also late remittances into the various accounts. She said Council received the report and resolved that the Ad-hoc NEC Committee on the matter be expanded to include a lawyer and an accountant.
The Deputy governor explained that the committee would study the KPMG report and the recommendations and report back to Council at its next sitting for possible adoption.
“The Federal Government officials including the CBN Governor, the Ministers of Finance, Budget and National Planning and Minister of State, Petroleum Resources would join the expanding Committee to also take a look at the report, FG review.
On his part, the spokesman of the Vice President, Laolu Akande said the council was briefed by the Accountant General of the Federation that the balance in ECA as at 14th February, 2018 stands at $2,317,252,449.57. He also said council was also briefed by the Accountant General of the Federation that the balance in the Stabilization Fund Account as at 14th February, 2018 stands at N11,290,664,060.
Akande added that Council was equally briefed by the Accountant General of the Federation that the balance in the Natural Resources Development Fund as at 14th February, 2018 stands at N123,624,644,411.24. On the update on budget support loan facility to states, he said ” The Accountant General reported to the Council as follows: 23 States have access to the facility.
“Out of the 23, 11 States received in January, 2018, the remaining 12 will soon receive. 5 out of the remaining 13,five (5) States have now complied with the Fiscal Sustainability Plan and will be considered. The eight outstanding States are under consideration under the 22 point requirements of the Fiscal Sustainability Plan. N16.1 billion has been disbursed as at January 2018, he said .