An audit report by KPMG has revealed that Nigerian National Petroleum Corporation (NNPC) and other revenue generating agencies underpaid the federation to the tune of N526 billion and $21 billion between January 2010 to June 2015.
The report which was presented to an Ad-Hoc Committee of the National Economic Council which held its monthly meeting today was adopted by the Council with a resolution that possible criminal infringements should be identified and individuals involved should be prosecuted.
NEC is a constitutional body that advises the President on coordination of economic affairs in the country. It is headed by the Vice President and membership composed of all State Governors and the Central Bank Governor.
Specifically, as the KPMG presented the report of the technical audit of RGAs concluding that a total sum of N526 billion and USD$21 billion was under-paid to the Federation Account, the 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.
The 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.
The Council resolved to pursue strengthening of the NNPC governance structure to prevent further recurrence of such gross under-remittance by the NNPC and other RGAs.
