Nigeria’s Debt Vulnerable and Costly -World Bank – ::: … The Tide News Online ::: …


The Federation’s Office of the Auditor General (OAuGF) revealed that 15 ministries, departments and agencies (MDAs) had not paid revenue of 127.13 billion naira to the treasury between 2017 and 2019.
The OAuGF made this known in its 2019 annual report on issues of non-compliance, internal control and weakness in the MDAs of the Federal Government of Nigeria for the fiscal year ended December 31, 2019, which was submitted to The national assembly.
The CRF was created by Article 80 (1) of the 1999 Constitution which states that “all income or other sums of money collected or received by the Federation (not being income or other sums payable under of this Constitution or of any law of the National Assembly into any other public fund of the Federation established for a specific purpose) is paid and forms a single consolidated revenue fund of the Federation ”.
According to the audit report, the financial circular published on November 11, 2011, under the reference number BO / RVE / 12235/259 / VII / 201, requires all agencies to limit their use of internally generated revenues to 75% at maximum gross income while the balance of at least 25 percent should be remitted to the treasury.
In view of this requirement, the OAuGF observed that “the sum of 127,129,212 622.58 N (one hundred and twenty seven billion one hundred and twenty nine million two hundred and twelve thousand six hundred and twenty two naira, fifty eight kobo) was the amount of revenues / revenues generated internally not remitted to the competent authorities by fifteen (15) ministries, departments and agencies ”.
Agencies found in violation of the requirement are the Nigerian Customs Service Headquarters, Abuja; Nigerian Oil Palm Research Institute, Benin; Nigeria Veterinary Council; Kwali Regional Council, Abuja; Lagos University Hospital; National Orthopedic Hospital, Lagos; and the federal medical centers of Keffi, Yenagoe and Ondo.
Others include the Nigeria Ports Authority, the Council for Legal Education, the National Industrial Court of Nigeria, the Nigerian Immigration Service, and the Anambra-Imo River Basin Development Authority, Owerri.
The report said Customs had the highest amount of unpaid revenue at N125.8 billion while the Anambra-Imo River Basin Development Authority, Owerri had the lowest amount of N5. 3 million naira.
A closer look at the report shows that the sum of N125.8 billion is the aggregate of disbursement discrepancies discovered in NCS files in 2017.
The first discrepancy, the report noted, was discovered during the review of the NCS summary of monthly revenue collection in 2017 and NCS collections and remittances to the 2017 federation account.
“The audit observed that in the NCS summary report on monthly revenue collection in 2017, the total collection on behalf of the federation was 691.26 billion naira.
“However, the report on NCS collections and remittances to the federation’s account in 2017 showed that the actual remittances to the federation’s account with the CBN for the year under review amounted to 629.23 billion naira. A comparison of these two documents revealed an underpayment of 62.24 billion naira, ”the report said.

Source link


Comments are closed.