LATEST UPDATE: Non-remittance: Reps name NNPC, FRC, AMCON, as big offenders
The Chairman, House of Representatives Committee on Finance, Abdulmunmuni Jibrin, yesterday named Nigerian National Petroleum Corporation (NNPC), the Assets Management Corporation of Nigeria (AMCON), the Financial Reporting Council (FRC) and the Nigerian Maritime Administration and Safety Agency (NIMASA) as the main offenders in the non-remittance of revenue into the Consolidated Revenue Account (CRA) of the Federal Government.
Jibrin (APC, Kano) said during an oversight visit to the Fiscal Responsibility Commission (FRC) in Abuja that the above agencies have continued to withhold revenues due to the national coffers.
Responding to complaints made by the acting Chairman of the commission, Victor Chinemerem, that certain agencies of government were in the habit of looking down on the commission and seldom submit their financial records, especially those relating to remittances in a given fiscal year, Jibrin accused such agencies of giving impression that they are bigger than the nation.
He said, “you are mentioning NCC and others, what about the NNPC, which is the biggest culprit in this conspiracy against the country? AMCON and NIMASA have all been on our radars for so many years over claims that they are operating at a loss. The rate of non-remittances from the NNPC alone is ridiculous.”
He continued: “As for AMCON and NIMASA they have been claiming to run at a loss year-in, year-out but now that AMCON is making profits from the sale of banks and other businesses, you should follow them up and ask for their financial statement and record of their remittances.
“One other notorious agency, which puts up a holier-than-thou attitude but with a very hazy fiscal behaviour is the Financial Reporting Council (FRC). They are doing the job the commission should be doing. Their activities are supposed to be under the radars of the commission. They committee has received hundreds of petitions concerning the malfeasance going on there. Go after them and make sure they know their boundaries.”
The commission’s acting Chairman had earlier told the committee about the difficulties his commission has continued to face as a result of certain loopholes in the Act, which some agencies take advantage of as alibi in their resolve to default in remitting revenues.
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The Chairman, House of Representatives Committee on Finance, Abdulmunmuni Jibrin, yesterday named Nigerian National Petroleum Corporation (NNPC), the Assets Management Corporation of Nigeria (AMCON), the Financial Reporting Council (FRC) and the Nigerian Maritime Administration and Safety Agency (NIMASA) as the main offenders in the non-remittance of revenue into the Consolidated Revenue Account (CRA) of the Federal Government.
Jibrin (APC, Kano) said during an oversight visit to the Fiscal Responsibility Commission (FRC) in Abuja that the above agencies have continued to withhold revenues due to the national coffers.
Responding to complaints made by the acting Chairman of the commission, Victor Chinemerem, that certain agencies of government were in the habit of looking down on the commission and seldom submit their financial records, especially those relating to remittances in a given fiscal year, Jibrin accused such agencies of giving impression that they are bigger than the nation.
He said, “you are mentioning NCC and others, what about the NNPC, which is the biggest culprit in this conspiracy against the country? AMCON and NIMASA have all been on our radars for so many years over claims that they are operating at a loss. The rate of non-remittances from the NNPC alone is ridiculous.”
He continued: “As for AMCON and NIMASA they have been claiming to run at a loss year-in, year-out but now that AMCON is making profits from the sale of banks and other businesses, you should follow them up and ask for their financial statement and record of their remittances.
“One other notorious agency, which puts up a holier-than-thou attitude but with a very hazy fiscal behaviour is the Financial Reporting Council (FRC). They are doing the job the commission should be doing. Their activities are supposed to be under the radars of the commission. They committee has received hundreds of petitions concerning the malfeasance going on there. Go after them and make sure they know their boundaries.”
The commission’s acting Chairman had earlier told the committee about the difficulties his commission has continued to face as a result of certain loopholes in the Act, which some agencies take advantage of as alibi in their resolve to default in remitting revenues.
Thanks for Reading The LATEST UPDATE: Non-remittance: Reps name NNPC, FRC, AMCON, as big offenders
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