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Senate asks NPA to refund $37.6m, N67.51bn 'unremitted' revenues

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The upper chamber noted that the non-remittance of N67.51 billion for 2013 and 2014 into the consolidated revenue fund (CRF), being 25 percent of its internally generated revenue (IGR) contravened the Fiscal Responsibility Act 2007.
It added that the failure to remit capitalised interest to the CRF, “totalling” N99.71 million, between 2013 and 2014 contravened Rule 236 of the Financial Regulations.
In May 2021, the senate committee on finance had
invited heads of 60 government-owned firms, including the ports authority, to explain the failure to remit various funds running into about N3 trillion to the federal government’s account.
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In a statement signed by Ezrel Tabiowo, special assistant (press) to the senate president, on Wednesday, the upper chamber mandated the Economic and Financial Crimes Commission (EFCC) to investigate the accounting officer under Rule 3112 (I and II) of the Financial Regulations. ....

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Senate faults NNPC over under-remittance of N3.8trn from crude oil sales

By Kingsley Okoye/08067555610
Abuja, July 14, 2021 The Senate on Wednesday at plenary faulted the Nigerian National Petroleum Corporation (NNPC) over alleged under-remittance of N3.8 trillion revenue from domestic crude oil sales to the Federation Account between January and December 2015.
It therefore urged the corporation to desist from further deduction at source, as the practice contravened Section 162(1) of the 1999 Constitution (as amended).
It also mandated the Federation Accounts Allocation Committee (FAAC) or any other approving authority to urgently approve agreed percentage which should be allocated to NNPC monthly, as operational cost to prevent its operations from been affected adversely.
Senate’s decision was sequel to the adoption of 59 recommendations contained in the report of its Committee on Public Accounts on the Annual report of the Auditor-General for the Federation on the Accounts of the Federation for the year ended Dec. 31, 2015. ....

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Audit report: Senate asks NNPC, NPA, BPE, 56 others to refund N300bn

Audit report: Senate asks NNPC, NPA, BPE, 56 others to refund N300bn
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Senate faults NNPC over under-remittance of N3.8trn from crude oil sales

Senate faults NNPC over under-remittance of N3.8trn from crude oil sales
guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.

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N'Assembly Increases Extra Budget By N86.9bn to N982.729bn

By Deji Elumoye and Udora Orizu
The National Assembly yesterday raised the N895.842 billion supplementary budget proposal for the 2021 fiscal year submitted to its two chambers, the Senate and the House of Representatives, by President Muhammadu Buhari by N87.9 billion and approved N982.729 billion.
The Senate also approved the federal government’s request for $6.183 billion (N2.343 trillion) as external borrowing in 2021 Appropriation Act.
Nonetheless, the federal government has intensified preparations for next year’s budget as it approved the 2022 – 2024 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF & FSP), authorising the funding of a N5.26 trillion budget deficit in 2022 through external borrowings. ....

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