The Federal Government has directed the Chief Executives of 31 revenue generating agencies that unremitted a total sum of N450bn to come up with a repayment plan.
The Minister of Finance, Mrs Kemi Adeosun stated this during a media briefing on Internally Generated Revenue of government agencies on Thursday.
She said already, a demand notice to that effect had been issued by the ministry to the affected agencies adding that a meeting with them had been scheduled for December 6.
It will be recalled that a federal government audit has revealed that a whopping 450 billion naira has not been remitted to the federal account by several agencies, including the Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC).
She explained that the affected agencies have been asked to come up with a plan to repay the amount, insisting that the federal government is resolved to get the money back into its coffers.
“Those agencies are supposed to generate an operating surplus of which 80% is supposed to be paid into the treasury. Most of the m have never remmitted or generated any surplus.
“So, to solve that problem, we decided to do an audit of 33 of those government agencies. So far we have identified 450 billion as outstanding and recoverable as operating surpluses from various government agencies,” she said.
She went further to announce the agencies from which the monies are due, adding that each agency is expected to present a proposal of its repayment plan to the government.
She said that government understands that these monies might have been spent but “the money has to be paid”.
The listed agencies are:
Central Bank of Nigeria (CBN)
Nigerian Shippers Council
Nigerian Export Promotion Council (NEPC)
National Health Insurance Scheme (NHIS)
Nigerian Civil Aviation Authority (NCAA)
Nigeria Communications Commission (NCC)
Nigerian Postal Service (NIPOST)
National Information Technology and Development Agency (NITDA)
Nigeria Television Authority (NTA)
Bureau for Public Enterprise (BPE)
National Pensions Commission (PenCom)
Nigerian Bulk Electricity Trading (NBET)
Raw Materials Research and Development Council (RMRDC)
Nigeria Export Processing Zones Authority (NEPZA)
Federal Radio Corporation of Nigeria (FRCN)
Council for the Regulation of Engineering (COREN)
There is also the possibility of prosecution by the EFCC.
The Minister said that a recovery committee chaired by the Accountant General of Federation, Ahmed Idris, has since been constituted to recover the outstanding 450 billion Naira.
Part of the committee’s job is to hold discussions with the affected agencies and she said that the plan has started yielding results.
“We have been getting positive responses. Some agencies have started making remittances to the Consolidated Revenue Fund.
“For instance, about N640 million was received from Nigeria Shippers Council on Wednesday. Our duty is strictly auditing and investigating. We are not a prosecuting agencies.
“That is why we will be reporting some of these defaulting agencies to the Economic and Financial Crimes Commission for prosecution,” Mrs Adeosun said.