Nigeria: NEC Orders NNPC, Others to Return N8tr to Federation Account

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Nigeria: NEC Orders NNPC, Others to Return N8tr to Federation Account

The National Economic Council has directed the Nigerian National Petroleum Corporation and other agencies in the country to refund unremitted revenues

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The National Economic Council has directed the Nigerian National Petroleum Corporation and other agencies in the country to refund unremitted revenues in the sum of N8trillion about $21billion and another N526billion into the Federation Account.

The council, headed by Vice President Yemi Osinbajo, consists of governors of the 36 states of the federation, minister of the Federal Capital Territory, governor of the Central Bank of Nigeria and minister of finance.

The directive came following the adoption of a report by auditing firm, KPMG. Recall that following suspected cases of revenue leakages, NEC in August 2015 had constituted an ad-hoc committee to audit some government agencies allegedly remitting dollar revenue in naira into the national treasury.

The committee was initially chaired by former governor of Edo State, Adams Oshiomhole, who handed over to Governor Ibrahim Dankwambo of Gombe.

Briefing State House correspondents after meeting, Dankwambo said the presentations and reports by KPMG and recommendations resolved to identify instances where there appeared to have been criminal infringements, and forward the same to the attorney general of the federation and the legal committee of NEC for further action.

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