The Senate ad-hoc Committee on Alleged Misuse, Under-Remittance and Other Fraudulent Activities has accused former Minister of Finance, Ngozi Okonjo-Iweala of causing the federal government huge loss in accruable revenues between 2012 and 2016.
The committee’s report stated that a memo from Okonjo-Iweala, while she was minister, directed revenue-collecting agencies to remit only 25 per cent of revenues while they were to spend the remaining 75 per cent on their expenditure costs.
The report said 25 federal agencies, including Nigerian National Petroleum Corporation, NNPC, the Central Bank of Nigeria, the Nigeria Customs Service, NCS, the Federal Inland Revenue Service, FIRS, failed to remit accurate revenues collected.
The NNPC was said to have realised N15.541tn during the period under review, but failed to make accurate remittance to the government’s coffers. On its part, the Nigeria Customs Service made N335.855bn, but failed to remit N83.963bn, while the Federal Inland Revenue Service held back N33.83bn out of N455.5bn generated as revenue.
Moreover, the Nigerian Ports Authority remitted N86.636bn out of revenue of N789.104bn, while the Central Bank of Nigeria deposited N13.716bn into the coffers out of N3.098tn.
Others are NIMASA, which remitted N184.489bn out of N301.160bn; Nigerian Television Authority remitted N5.567bn out of N56.817bn.
The committee suggested that the relevant laws be amended to make it mandatory for all revenue generating agencies to accommodate resident auditors, who are to be posted by the Auditor General of the Federation. They should also be compelled to grant the auditors access to all financial records and books and comply with Section 120(i) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).