24 November 2017

Nigeria: Govt Uncovers Fraud in 13 Revenue Generating Agencies

The committee set up by the National Economic Council (NEC) on forensic audit of revenue accrued into the Federation Account, Excess Crude Account and Consolidated Revenue Fund from revenue-generating agencies has uncovered some fraud in 13 agencies .

This was disclosed by the Ondo State governor, Rotimi Akeredolu after the NEC meeting yesterday presided over by Vice president Yemi Osinbajo at the Presidential Villa, Abuja.

He listed the agencies to include the Nigerian National Petroleum Corporation (NNPC), Nigeria Ports Authority ( NPA) and Federal Inland Revenue Service (FIRS), among others.

He said: "The audit covers the period from 2010 to May 2015. Council was informed that there were possible under remittances from certain revenue-generating agencies to the Federation Account among others. Council was also informed of questionable loans granted by some of the revenue-generating agencies.

"Out of the 18 agencies in which forensic audit was conducted, the committee completed work on 13 agencies, two ongoing and three are not revenue generating.

"The 13 include: NIMASA, NNPC, NPA, FIRS, NPDC, DPR, etc. The two outstanding are Customs Service and National Communications Commission (NCC)."

The council then directed the committee to conclude its report within four weeks and report back to it at the next meeting

On the NEC committee on export promotion, governor Akeredolu said the report dwelt extensively on an export promotion plan geared towards achieving governments' policy on the "zero oil" plan .

According to him, the committee recommended, among other things, the establishment of a National Committee on Export Promotion, chaired at the presidency level, and also a Technical Committee involving federal and states' MDAs to help provide technical information and direction to the proposed committee.

He said: "the Ad-hoc Committee also recommended that export procedures and documentation be streamlined; the identification of existing domestic investors and engagement plan for output expansion; the establishment of more laboratories and tasting centres to help improve quality and standard of export and the domestication of the Office of Technical Regulation (OTR) as recommended by UNIDO.

On market for Nigeria products, Akeredolu said the committee recommended the deepening of commercial diplomacy, one-stop shops for export and a National Export Portal to generate global orders to link suppliers to buyers .

"On value chain development, the committee recommended the development of clusters along product value chain, market-driven research and development and the provision of seeds and seedlings," he said.

On financing, he stated that the committee recommended the recapitalisation of NEXlM Bank, the provision of Export Development Fund in line with NEPC Act, a five-year financial window on export expansion grant and funding scheme for exporters similar to the CBN Anchor Borrowers programme.

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