Home Business Audit exposes N450bn unremitted fund to FG
Audit exposes N450bn unremitted fund to FG

Audit exposes N450bn unremitted fund to FG


kemi-adeosun-4450 billion naira, has not been remitted to the country’s treasury by some revenue generating agencies since 2010.

The audit carried out by government on the affected agencies was from the 2010 to 2015 fiscal year.

The findings reveal the agencies’ consistent non remittance to the consolidated revenue fund.

They were also found to have been operating without budgets, no payment receipts, no fixed asset register, and purchasing fixed assets directly from internally generated revenue among other infractions.

It was also discovered that 92 agencies created since the enactment of the fiscal responsibility act do not comply with its provisions and efforts are now being made to rectify that.

The organisations have now been asked to pay back these monies to government.

They are to map out a repayment plan.

The authorities said their efforts are beginning to yield fruit with the Nigerian shippers Council already remitted six hundred and fifty million naira.

Finance Minister, Kemi Adeosun said strategies have also been put in place to check future leakages, one of which is that expenses incurred on behalf of supervising ministries will be contained in audit reports, just as donations, sponsorships and gifts will also be disclosed henceforth.

The financial authorities said some of the audit reports will be submitted to the Economic and Financial Crimes Commission and concerned officers made to face the full wrath of the law.

They said audits of more revenue generating institutions are ongoing and the reports will be publicised as they are released.

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