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A Senate ad hoc committee has revealed that the Nigerian National Petroleum Corporation (NNPC) was running on a deficit of about N3.115 trillion between 2012 and 2016.
The nine-member committee, led by Sen. Olamilekan Adeola, was mandated by the Senate to investigate all agencies and institutions of government charged with the responsibility of generating, collecting, accounting and remittance of internally generated revenue.
In its interim report submitted to the Senate on October 19, 2017 the committee observed that the NNPC generated N15,541,690,052,000,000 within the period under review and recorded a deficit of N-3,115,495,257,000,000.
The implication of the figure for the NNPC is that it operated at a loss within the period under review.
The ad hoc committee disclosed that 25 agencies have short changed the Federal Government to the tune of N1.695 trillion by deliberately refusing to remit revenue accrued to the Consolidated Revenue Fund.
It noted that over 600 agencies were involved; however, only 92 of the agencies were listed.
Some of the agencies listed by the committee are:
- Nigerian National Petroleum Corporation (NNPC)
- Nigerian Television Authority (NTA)
- Corporate Affairs Commission (CAC)
- Bureau of Public Enterprise (BPE)
- Securities and Exchange Commission (SEC)
- Nigeria Customs Service (NCS)
- Nigeria Electricity Commission
- Nigeria Nuclear Regulatory Authority
- Federal Airport Authority of Nigeria (FAAN)
- Nigeria Shipper Council, Federal Inland Revenue Service (FIRS)
- Nigeria Teachers Institute
- Federal Radio Commission of Nigeria
- Petroleum Products Pricing Regulatory Agency (PPRA)
- Nigerian Maritime Administration and Safety Agency (NIMASA)
- National Health Insurance Scheme (NHIS)
- Nigerian Communication Commission (NCC)
- Nigeria Ports Authority (NPA)
- Joint Admissions and Matriculation Board (JAMB)
- Central Bank of Nigeria (CBN)
- Nigeria Bulk Electricity Company
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The report stated that all federal universities, federal colleges of education, federal cooperative and agricultural colleges, federal science and technical colleges, federal government colleges and others were also scrutinised.
According to the committee, the total revenue generated by the agencies between 2012 and 2016 was N21.5 trillion.
The ad hoc committee observed the Ministry of Finance had not been carrying out its statutory oversight on the NNPC account adequately.
It also observed revenue generating agencies did not have resident treasury officers posted by the accountant general of the federation.
The report is slated for consideration this week.