Home / News / How Okonjo-Iweala Caused Nigeria To Lose Huge Revenues – Senate Committee
Minister of Finance: Ngozi Okonjo-Iweala

How Okonjo-Iweala Caused Nigeria To Lose Huge Revenues – Senate Committee

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).

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  1. Wait a minute, What should make this headline? Shouldn’t it be the corruption in the agencies mentioned? NOI who worked in the interest of the country by regulating the fiscal revenue as her duty demands doesn’t deserve these accusing fingers. We ought to pounce on NNPC, Customs, and all of those misfits occupying the honourable positions in the agencies.

  2. There is something I’m yet to understand about this APC leadership. Every unfortunate situation is ascribed to the previous administration. You need not deride the efforts of others good or bad, just because you want to gain fame and popular support. That’s not leadership. It is foolishness. I thought the propaganda was ‘Change’. So, just go ahead and change whatever need to be changed and stop boring us with criticisms.

  3. The Senate Committee’s report on this issue is clearly a misrepresentation of the good intentions of Dr Okonjo Iweala. The fraudulent practices in those revenue agencies was worse before she issued the Memo mandating each them to remit at least 25% of the total generated revenue. This means that most of them remitted lesser than expected even before the Memo.

  4. It’s funny how Nigerians twist information to damage the reputation of people not in their caucus. NOI has not been charged for any corrupt practice. Her good intentions are always misinterpreted.

  5. It’s funny how Nigerians twist information to damage the reputation of people not in their caucus. NOI has not been charged for any corrupt practice. Her good intentions are always misinterpreted….

  6. NOI during her service in the Federal Government did not at any time fail to tell Nigerians her fears about the economy and what must be done. She is not one of these cynics in the government today who speak ill of other without any wisdom on what should be done. I celebrate NOI any time.

  7. Did anyone ever imagine the gravity of corruption going on in most revenue generating institutions in the country that warranted the Memo? Before this Memo, there was no fixed percentage of revenue these institutions are to remit. They only pushed in the crumbs of their embezzlement.

  8. To end the madness in the country, NOI came up with a brilliant strategy to stop corruption: Each institution must remit at least 25% on the revenue generated. Since, the excuse for them is expenditure, they were allowed to use the remaining 75% on expenditure. Intelligent. Nigeria needs more women and leaders like Okonjo Iweala.

  9. Nigerians!
    Okonjo Iweala’s effort was to revive something that was not existence before,
    the memo she dropped enabled Nigeria to gain more money rather than lose any.

  10. I
    guess, the memo was not read properly. Okonjo Iweala said ATLEAST 25%! So she didn’t
    cause Nigerians to lose nothing.

  11. Trying
    to blame one minister for making Nigeria lose trillions is a little bit too
    excessive and evil. Okonjo Iweala helped Nigerians gained billions, not lose

  12. Okonjo Iweala helped stabilized the economy of this country, if the senate has
    forgotten that, we haven’t forgotten.

  13. I wonder why people enjoy attacking this woman, when we all know she is a
    blessing to our country!

  14. I see nothing but propaganda here!

  15. If not for Okonjo Iweala’s memo this country would not have even gained a dime not
    to talk of mentioning loss.

  16. There are two sides to every story
    and this writer as just twisted a part of the story to suit its need. The truth
    is that Okonjo Iweala does things in the best interest of the country.

  17. This administration just keeps
    dragging us back with lies and excuses and blames. Please, let’s talk about
    what this administration has achieved.

  18. The administration Okonjo Iweala served has gone and it is obvious that she
    has achieved a lot for the country, so can we please move on?

  19. Cynics have the same quality. They believe the lie, and refuse to get the facts for truth. NOI brought sanity to the Federal Government. Her works are indelible.

  20. This administration is just finding fault in the previous one,APC wake up and face the reality

  21. No government is clean. But twisting the good intentions of others doesn’t make you right.

  22. NOI is just an heroine , even if she most have done that , there is probably a reason for the act

  23. what have you done so far with the issue of the economy? there is ecomomy melt down in the country, crime rate have not yet reduce, so many things like that let face them and stop bothering some one else

  24. remember she introduced the practices of publishing each states monthly financial allocation from the federal government , so you can possibly judge her that way

  25. If she campaign for presidential election in 2019 don’t be surprise that she win the position to herself, we need transparency

  26. some one that attacked corruption to make Nigeria more transparent for jobs, so how would she carry out such action without any tangible reason

  27. NOI you are still a woman of virtue

  28. when she finally come out to defend herself, you guys you are just criticising her for no reason

  29. NOI will surely break the heart of APC

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