NNPC, other revenue generating agencies under federation account N526bn—-KPMG Audit report

An audit report by KPMG has revealed that between January 2010 to June 2015, NNPC and other Revenue Generating Agencies underpaid the federation to the tune of N526 billion and $21 billion. The report which was presented to an Ad-Hoc Committee of the National Economic Council which held its monthly meeting in Abuja was adopted by the Council with a resolution that possible criminal infringements should be identified and individuals involved should be prosecuted.

KPMG presented the report of the technical audit of revenue generating agencies concluding that a total sum of N526 billion and $21 billion was under-paid to the Federation Account. NEC’s Ad-hoc Committee chaired by Gombe State Governor with members including Governors of Edo, Kaduna, Akwa Ibom, Lagos and the Finance Minister recommended refund of the amounts under-paid. Council adopted the presentations and reports of the KPMG and the recommendations of its Ad-hoc Committee including a resolution to identify instances where there appears to have been criminal infringements and forward such to the Attorney-General of the Federation and the Legal Committee of the National Economic Council for further action.

Council resolved to pursue strengthening of the NNPC governance structure to prevent further recurrence of such gross under-remittance by the NNPC and other revenue generating agencies. Council also commended the courage of the President and Vice President as Chair of Council in ensuring the probe of Federal Government Agencies and completing the audit report as this promote transparency and the anti-corruption efforts of the Administration.