The House of Representatives on Tuesday, May 25, 2021, expressed displeasure over non-remittances of revenue to the Federations Account by subsidiaries of the Nigeria National Petroleum Corporation, NNPC.
The House Committee on Finance investigating nonremittances of revenue to the Federation Accounts by MDAs expressed the displeasure at a meeting with officials of the NNPC led by the Group General Manager, Federation Account of NNPC, Bello Abdullahi.
Saidu Abdullahi, the deputy chairman of the Committee, who presided over the hearing expressed displeasure with the way NNPC subsidiaries were run when Bello informed the subsidiaries do not make remittances directly into the Federation Account but through the NNPC.
Abdullahi said there were flaws in the running of the business which he said needed to be corrected, saying “If you said outside of the tax they pay, they do not pay any dividend to NNPC, I think there is flaw in that, I cannot have a company that will only be responsible for payment of tax.
“We have seen loopholes, we have seen leakages; we cannot overemphasise the economy this country has the capacity to fund a N15 trillion budget; what we need to do is to ensure every agencies is on its food and ensure we do what is right.
The lawmakers demanded the appearance of the Group Managing Director and all heads of its subsidiaries as well as detailed account of the corporation.
Ossai Nicholas Ossai, a member of the Committee, said that the essence was to assist the parliament block all revenue leakages within the public financial system, saying “We will want you to furnish us with the details of the advanced consideration received from customers in 2018 and 2019 which amounted to N1.904, 495, 000 in 2019 and N820, 511, 000 and also provider the details of the customers and the amount paid by each any other relevant information.
The committee also demanded for evidences of revenue remittances into Consolidation Federation Account from 2014 to 2019 as well as the audited account from 2014 to 2017, the details of advanced consideration received from customers in 2018 and 2019 which amounted to N1.904,495,000 and N820,511,000 respectively.
