Same Old Story! N7.93 billion missing from Federation Account, CBN, NCS, FIRS under pressure

An audit investigation conducted into the operations of the Federation Account noted that the Nigeria Customs Service, NSC, claimed that it remitted the N2334.430bn, but 2007 records at the CBN showed that only N241.366bn was made available to Federation Accounts Allocation Committee, FAAC.

The House of Representatives on Monday calculated that N7.935bn was missing from the remittance money which was to be shared between the three tiers of government and the money was not accounted for.

According to reports; the Chairman of the committee investigating the inconsistency, Solomon Olamilekan probed the Central Bank of Nigeria, the NCS and the Federal Inland Revenue Service about the development demanding they explained what led to the discrepancy. They were asked to either reconcile the discrepancy or present facts on what happened back to the House on Wednesday March 13.

“This implies that the actual amount of revenue generated and remitted by the NCS was less than the amount presented to FAAC for sharing as indicated by the CBN”, Olamilekan stated.

A sub-committee headed Pally Iriase was set up immediately to liaise with the Acting Chairman of the FIRS, Mashi, the Deputy Governor (Operations) of the CBN, Tunde Lemo, and the Accountant-General of the Federation, Jonah Otunla, to find answers to the inconsistency.