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The National Economic Council, (NEC) has indicted some Federal Government revenue generating agencies over non-remittance of ₦526 billion and $21 billion which is about ₦8 trillion into the Federation Account between 2010 and June 2015.

The NEC meeting presided by the Vice President Yemi Osinbajo at the Presidential Villa, Abuja, received the final report of the forensic audit of the agencies conducted by the international firm, KPMG, observed that eighteen agencies did not remit the appropriate money to the nation’s treasury.

The Minister of Finance, Mrs. Kemi Adeosun, reported to the council that the balance in the Excess Crude Account as of May 14, 2018, stood at $1, 830, 682, 945.30. While the current balance in the Stabilisation Account as of the same day stood at ₦15, 725,456,963.83.

KPMG presented the report of its technical audit of RGAs, concluding that a total sum of ₦526 billion and $21 billion was underpaid to the Federation Account.

The government agencies indicted over underpayment by the audit report include :

  • Federal Inland Revenue Service, FIRS
  • Nigerian National Petroleum Corporation, NNPC
  • Nigeria Customs Service, NCS
  • Nigerian Ports Authority, NPA
  • Nigerian Maritime Administration and Safety Agency, NIMASA
  • Nigerian Communications Commission, NCC
  • Central Bank of Nigeria, CBN
  • Department of Petroleum Resources, DPR
  • Nigerian Petroleum Development Company, NPDC

Also yesterday, Nigeria Governors’ Forum (NGF) accused the Nigerian National Petroleum Corporation (NNPC) over failure to remit oil royalties as stipulated by extant laws.

The Chairman of (NGF), Abdulaziz Yari, Zamfara State Governor, lamented that NNPC ought to remit 17-24 percent of the value of each barrel of crude oil, but, it has always acted in violation of this provision.

Governor Yari, also said the Forum dismissed claims of consumption of 60 million litres of petrol per day, insisting that the claim by NNPC was untenable.

The National Economic Council (NEC) is chaired by Vice President, Professor Yemi Osinbanjo and it’s charged with the responsibility of guarding the presidency on its economic policies.

It comprises the 36 state governors, the Governor of the Central Bank of Nigeria and other Ministries, Departments and Agencies (MDAs) whose portfolios revolve around the economy.


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