Reps to conduct forensic analysis of revenue generating agencies

Category: News Published on Tuesday, 26 February 2013 05:00

Chairman of the House of Representatives committee on Finance Rep. Abdulmumin Jibrin has called for a “close monitoring” of all revenue generating agencies of the federal government to ensure prompt remittances.

Jibrin disclosed the constitution of a sub-committee that will audit and conduct a forensic analysis of the expenditure of all revenue generating agencies.

Speaking at the continuation of investigative hearing into the non-remittance of Internally Generated Revenue (IGR) by 60 in Abuja yesterday, Jibrin (PDP, Kano), said the audit sub-committee would investigate claims by most agencies that they were operating at a loss and therefore could not remit funds to the federation accounts as stipulated by law.

The committee however, commended the Central Bank of Nigeria (CBN) over its recent declaration that it will soon pay an additional N30 billion operating surplus in the government treasury.

Jibrin said the CBN has set a precedence that should be commended and the committee has got approval from the leadership of the House to issue CBN a certificate of commendation.

However, the lawmaker said the panel has resolved to place the Nigerian National Petroleum Corporation (NNPC) and Federal Mortgage Bank of Nigeria under “special investigation,” because of zero remittance.