Anti-Corruption War: FG set to probe 18 revenue generating agencies

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NNPC

NNPC, One of the agencies the FG will probe

The federal government’s anti-corruption war has been extended to 81 government agencies, News Agency of Nigeria is reporting.

The agencies, which are revenue generating will undergo forensic audit following the approval of the National Economic Council (NEC) yesterday, Thursday, January 28 in Abuja.

According to Mr Ambode, 18 core revenue generating agencies, such as NNPC, will be audited by KPMG, an international audit firm, while an indigenous firm, SIAO, will audit other non-core revenue generating agencies.

The governor said that NEC would take further action on the agencies after the firms had completed the forensic auditing.

The Jigawa governor said that the accountant-general of the federation reported to council that as at Dec. 31, 2015 the Excess Crude Account stood at $2.26 billion.

The governor said that the Central Bank Governor, Godwin Emefiele, informed the council of the standing of the bailout funds given to states.

He said that 23 states had benefitted from N10 billion each, Excess Crude Account-backed soft loan, while 28 states benefitted from the presidential bailout for the payment of salaries and gratuities.

Governor Obiano gave a report concerning some MDAs collecting revenue in foreign currency and remitting in local currency into the Federation Account.

Mr Obiano said the permanent secretary, Ministry of Finance, reported that besides NNPC, NIMASA and NPA, other agencies involved in such practice were FIRS, Shippers Council, Airport Authority and Nigeria Immigration Service.

He added that the official reported that the introduction of the Treasury Single Account (TSA) had resolved the problem as all account was now under the CBN.

He also said that Vice President Yemi Osinbajo, who presided at the NEC, reiterated the Federal Government’s policy that NNPC and other agencies must present budget for approval before spending in line with the TSA.

Mr. Udoma hinted on the 2016 budget focus of the administration, saying that plans were on to foster macro-economic stability conducive to the grow of the GDP at 4.2 per cent.

He said the budget’s objective was to deliver inclusive growth to Nigerians, create sufficient jobs and build an economy less vulnerable to oil price shocks.

According to Mr. Udoma, while the government intends to ensure more revenue drive, it will not increase taxes, but strive to raise the collection of VAT from its 20 per cent level.

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