The Central Bank of Nigeria (CBN), the Nigerian National Petroleum Corporation (NNPC) and 34 other revenue generating agencies have short-changed the federal government for N113.8 billion as the agencies only remitted N11.8 billion or 9.41 per cent of their internally generated revenue (IGR) of N125.6 billion in the outgoing 2012 fiscal year.
The Committee of Finance of the House of Representatives made this startling revelation in its report over poor remittance of internally generated revenue to the Consolidated Revenue Fund by the government agencies.
The report, which will be presented to the House in due course, was exclusively obtained by LEADERSHIP yesterday.
According to the report, some of the agencies indicted over inadequate revenue remittances include the Nigerian Ports Authority (NPA), the Federal Airports Authority of Nigeria (FAAN), Nigerian Civil Aviation Authority (NCAA), Standards Organisation of Nigeria (SON), PENCOM, NIMASA, AMCON, JAMB, WAEC, NECO and NEPZA (Nigeria Export Processing Zone).
Other indicted agencies listed in the report are FIRS, BOI, CAC, NBC, NCC, NDIC, NIPOST, ITF, FRCN, NAN, NTA, NAFDAC, UBEC, NEXIM, NASENI, NAIC, FRSC, FHA, TERTFUND and NIGCOMSAT, NIPRD, RMRDC, NOTAP and NTI.
The other agencies are National Automotive Council, National Film and Video Censors Board, Nigeria Shippers Council, National Sugar Development Council, Financial Reporting Council, National Development Council, Nigeria Nuclear Authority, Federal Mortgage Bank and Oil and Gas Free Zone.
Condemning the agencies, the committee said it found their action (inadequate remittances) unacceptable.
According to the committee, "The ministry of finance, as monitors of government investments, has complained about the inadequate remittances of government-owned agencies to the treasury.
"This led to the issue of a circular instructing all agencies to remit 25 per cent of their gross collections to the treasury and retain 75 per cent for their operations. The committee has discovered that this is not being complied with, given that the agencies are still spending most of what they generate.
"It was also discovered that these agencies are not preparing and submitting their audited accounts as at when due in contravention of the provisions of the Fiscal Responsibility Act".
The report that the majority of the internally-generated revenue (IGR) was not captured in the revenue framework submitted by the Ministry of Finance. It further disclosed that the refusal of certain agencies to appear before it might delay the passage of the 2013 revenue framework, saying that it might be forced to use its powers to compel the affected agencies to appear.
Proposing drastic action against the errant agencies, the report said that the committee intended to submit a preliminary report to the leadership of the House with far reaching recommendations which would compel these agencies to make proper remittances to the treasury as directed by the Ministry of Finance or they might be reported to the anti-graft agencies.