Govt Orders Forensic Audit Of NNPC, 80 Other Agencies

nnpc-probeThe National Economic
Council (NEC) rose
from its 65th meeting
on Thursday in Abuja,
with a resolution to engage two
audit firms to conduct forensic
audit on 81 government revenue
generating agencies.
The approval followed
submission of an interim report
by the ad hoc committee of
NEC, chaired by Gov. Adams
Oshiomhole of Edo, to review
the management of the Excess
Crude Account and remittances
into the Federation Account.
The governors of Jigawa,
Baderu Abubakar; Anambra,
Willie Obiano; Lagos,
Akinwumi Ambode; and
the Minister for Budget and
National Planning, Udoma Udo
Udoma, said this in their joint
briefing to journalists.
According to Mr. Ambode,
18 core revenue generating
agencies, such as NNPC,
will be audited by KPMG, an
international audit firm, while
an indigenous firm, SIAO, will
audit other non-core revenue
generating agencies.
The governor said that NEC
would take further action on
the agencies after the firms had
completed the forensic auditing.
The Jigawa governor said
that the Accountant-General
of the Federation reported to
council that as at Dec. 31, 2015
the Excess Crude Account stood
at $2.26 billion.
The governor said that
the Central Bank Governor,
Godwin Emefiele, informed
the council of the standing of
the bailout funds given to states.
He said that 23 states had
benefitted from N10 billion
each, Excess Crude Accountbacked
soft loan, while 28 states
benefitted from the presidential
bailout for the payment of
salaries and gratuities.
Gov. Obiano gave a report
concerning some MDAs
collecting revenue in foreign
currency and remitting in local
currency into the Federation
Mr. Obiano said the
permanent secretary, Ministry
of Finance, reported that besides
other agencies involved in such
practice were FIRS, Shippers
Council, Airport Authority and
Nigeria Immigration Service.
Mr. Obiano said that the
official reported that the
introduction of the Treasury
Single Account (TSA) had
resolved the problem as all
account was now under the CBN.
He also said that Vice
President Yemi Osinbajo, who
presided at the NEC, reiterated
the Federal Government’s policy
that NNPC and other agencies
must present budget for approval
before spending in line with the
Mr. Udoma hinted on
the 2016 budget focus of the
administration, saying that
plans were on to foster macroeconomic
stability conducive to
the grow of the GDP at 4.2 per
He said the budget’s objective
was to deliver inclusive growth
to Nigerians, create sufficient
jobs and build an economy less
vulnerable to oil price shocks.
According to Mr. Udoma,
while the government intends
to ensure more revenue drive, it
will not increase taxes, but strive
to raise the collection of VAT
Emefiele from its 20 per cent level.(NAN)


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