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Thursday, March 10, 2016

REVEALED: How NNPC, NPA, NTA, WAEC, NAFDAC ‘defraud’ FG of trillions of naira

REVEALED: How NNPC, NPA, NTA, WAEC, NAFDAC ‘defraud’ FG of trillions of naira⌂

Trillions of naira meant for Nigeria’s development went unremitted by the various government agencies in charge of their remittance, TheCable has learnt.

About 600 government agencies, including the Nigerian National Petroleum Corporation (NNPC), Nigeria Television Authority (NTA), National Agency for Food, Drug Administration and Control (NAFDAC), Nigeria Ports Authority (NPA) all under-remitted revenues generated.

The National Assembly Budget and Research Office (NABRO) claimedthat the West African Examinations Council (WAEC) did not remit a single kobo to the government coffer.

In a NABRO report, obtained by TheCable, titled ‘Improving revenue collections and remittances by federal government agencies,’ it was gathered that the NNPC, which should have remitted N3.02 trillion to the Consolidated Revenue Fund (CRF) between 2007 and 2011, madeno payment.

NEARLY 600 AGENCIES RUN AT A LOSS

“The federal government has nearly 600 agencies covering a wide spectrum of activities such as central and mortgage banking, insurance, oil and gas, maritime administration and safety, air and sea port management etc,” the report said.

“These agencies control trillions of Naira, but paradoxically, they account for only 5% of the federal government budget deficit financing…the record shows that none of them, except those managed by technical partners (NITEL, NIGERDOCK, NAFCON etc), make profits.”

@thecableng

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