SENATE: 60 AGENCIES FAILED TO REMIT N3TN INTO FEDERATION ACCOUNT

Written by on May 10, 2021

THE SENATE HAS DISCLOSED THAT NO FEWER THAN 60 FEDERAL GOVERNMENT AGENCIES FAILED TO REMIT OVER N3 TRILLION GENERATED REVENUE INTO THE FEDERATION ACCOUNT FROM 2014 TO 2020.

THIS IS JUST AS THE MINISTER OF FINANCE, BUDGET AND NATIONAL PLANNING, ZAINAB AHMED, SAYS SOME OF THE AFFECTED PARASTATALS HAVE STARTED CREDITING GOVERNMENT COFFERS WITH THE OUTSTANDING REVENUES THEY GENERATED IN THE LAST SIX YEARS.

THE SENATE COMMITTEE ON FINANCE HEADED BY SENATOR OLAMILEKAN ADEOLA MADE THE ALLEGATION IN THE COURSE OF INVESTIGATING REVENUE REMITTANCES BY MDAS BETWEEN 2014-2020 AND PAYMENT OF ONE PER CENT STAMP DUTY ON ALL CONTRACT AWARDS BY THE MDAS WITHIN THE SAME PERIOD.

ALTHOUGH THE COMMITTEE DID NOT CATEGORICALLY MENTION THE AGENCIES INVOLVED BUT FINDINGS REVEALED THAT ALMOST ALL THE REVENUE-GENERATING AGENCIES OF THE GOVERNMENT FAILED TO REMIT GENERATED FUND INTO THE COFFERS OF THE GOVERNMENT.


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