FG Probes NNPC, NPA For Remitting Dollar Revenues In Naira | Independent Newspapers Limited
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FG Probes NNPC, NPA For Remitting Dollar Revenues In Naira

Posted: Oct 16, 2015 at 8:45 am   /   by   /   comments (0)

By Chesa Chesa, Abuja

?The National Economic Council (NEC) on Thursday revealed that the Nigeria National Petroleum Corporation (NNPC) is among federal government agencies being investigated for fraudulently paying converting it’s revenues from dollars into Naira before remitting into government coffers.
?The NEC, chaired by Vice-President Yemi Osinbajo, with state governors and and Central Bank governor in attendance, disclosed that the other agencies include Nigeria Maritime Administration and Safety Agency ?(NIMASA) and Nigeria Ports Authority (NPA), among others.

Cross River state governor, Ben Ayade, accompanied by his colleagues from Taraba, ?Ondo and Sokoto briefed State House correspondents on the highlights of the meeting.?
According to Ayade, “a brief report on the federal government agencies remiting dollar revenues in naira into the Federation Account was given by the CBN governor.
“He said investigations are on-going. Such agencies include but not limited to NNPC, NIMASA and NPA.?”

It will be recalled that the same agencies and others were already being investigated by a NEC committee ?headed by Edo state governor, Adams Oshiomhole, and foreign audit firms for not fully remitting revenues into the Excess Crude Account (ECA)?
The NEC was also informed by the Permanent Secretary in the Ministry of Finance that the balance in the ECA stood at $2.25bn as at October 15th, 2015.

Ayade added that “on the provision of provisional loans to states based on collaterisation of the Excess Crude Account, the CBN governor briefed that 27 states have made request for the N10billion facility and is currently being processed.

“He has called on the affected states to complete all necessary documentation for the same money to the 27 states.”

He noted that not all state governments had indicated interest in the ECA collaterised loan, but that ?Vice-President Osinbajo assured the states of refund for excess expenses they incurred in rehabilitating federal ?roads in their domains.

Meanwhile, the governors have pointed out that in the face of dwindling revenues to the Federal Government, the bailout funds recently extended to them would still not be enough for the states ?to offset backlog of salaries.

?They  however, gave assurances that the funds earmarked for paying off the salaries owed their workers would not be diverted for other for other purposes.

This is in view of the outcry in some quarters  that ?some state governors planned to divert the bail out funds into other projects.

Speaking for his colleagues, Ondo State Governor, Olusegun Mimiko said “bailout is a short-term measure on arrears of salaries. But the truth is that the accruals would still not be enough and final solution to the accruals shortfall in the payment of salaries still has to be found.”

?The governors further disclosed that the Federal Government had assured them that it would assist them in tackling the crisis created by floods in affected states.