Remittances: Senate accuses NNPC, CBN, others of underpayment - Punch Newspapers

The Senate on Wednesday accused Government Owned Enterprises of worsening the current dwindling revenues in the country by engaging in spending spree instead of remitting the appropriate funds into the federation account.

Adeola noted with concern that big spenders like the Central Bank of Nigeria, and the Nigerian National Petroleum Corporation among others had yet to remit their operational surplus to the consolidated revenue fund account over the years. “From the preliminary investigation carried out by this committee, our findings are not palatable at all. A lot of heads of agencies have taken over the agencies as their personal property.“Out of the 60 Government Owned Enterprises, I can conveniently say that agencies like the NNPC, I don’t know when last they contributed from their excess revenue into the Consolidated Revenue Fund, except recently when they declared profit.

Obiora said, “I just want to, with due respect and deep reverence, categorically say that the allegation that the CBN has not remitted surpluses in any year, let alone the last five years, is 100 per cent not correct.“As responsible government agency, we follow the Fiscal Responsibility Act and we do remit 80 per cent of our surpluses every year.”

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