The Ad-hoc Committee set up by the House of Representatives on Wednesday has set machineries in motion to ensure recovery of over $401 million unpaid revenues into the Treasury Single Account (TSA).
A breakdown of the trapped funds show that the banks are yet to pay $101.3 million offshore revenue accrued to Nigerian National Petroleum Corporation (NNPC) dated back to 2005 and 2008 as well as interests accrued to the principal capital of $123,988.54 and $1.9 million.
The other component of the unpaid revenue was revenue collected by Intels on behalf of the Nigerian Ports Authority (NPA) worth $300 million since November 2016.
The Ad-hoc Committee, chaired Abubakar Damburram (APC-Kano) also resolved to invited the Economic and Financial Crimes Commission (EFCC) over the sum of 6 million Euros NPA’s cargo tracking service seized and transferred to its account since 2015.
Damburram specifically frowned at the activities of deposit money banks who invest in government’s Treasury Bills with the view of making huge profits, yet fail to remit revenues accrued to the MDAs into the TSA.
The lawmakers, during the investigative hearing, also commended SystemSpecs for providing a credible platform for the Treasury Single Account (TSA) which has contributed to the successes recorded in blocking leakages and tackling corruption in the government owned institutions, as well as boost ongoing revenue generation.
Hadiza Bala Usman, NPA Managing Director, who spoke on the lingering crisis trailing the unremitted revenues collected by Intels, explained that the Central Bank of Nigeria (CBN) and Accountant-General of the Federation had intervened in the 6 million Euros seized fund.
According to her, the apex bank which offered to provide guarantee for the fund, is yet to effect the commitment despite several communication initiated by the NPA over the past one year.
She explained that the apex bank’s intervention became necessary to avoid the affected bank going into distress, adding that the bank is also expected to pay interest accrued on the 6 million Euros.
Usman noted that despite the resolve of the NPA to receive naira equivalent of the 6 million Euros at CBN rate, the recovery move has been abortive.
On Intels, the NPA managing director noted that the notice of contract termination was sent to Intels as provided for in the terms of agreement between both parties, which elapsed within three months.
According to her, Intels has written an apology letter and made commitment for payment as from 1st November, 2017, though she noted that no money has been paid so far.
She however, disclosed that the NPA is also owing Intels about $600 million, just as she affirmed that one of the banks is owing $21.3 million since July 2016 despite the intervention of the Accountant General of the Federation and CBN.
The lawmakers during the investigative hearing, also commended SystemSpecs for providing credible platform for the Treasury Single Account (TSA) which has contributed to the successes recorded in blocking leakages and tackling corruption in the government owned institutions as well as boost ongoing revenue generation.
While briefing the Ad-hoc Committee on the workings of Remita platform, John Obaro, Managing Director of SystemSpecs and ‘Deremi Atanda, SystemSpecs Executive Director, assured that the firm can easily reconcile all the accounts.
According to them, the Remita platform is accessible to relevant officials of MDAs whose names were nominated and have financial accounting functions, as well as the Auditor General who has the responsibility of reviewing the accounts.
They added that adequate security measures have been put in place for change of personnel who were transferred from one MDA to the other.
They however noted that the Accountant-General of the Federation is yet to give SystemSpecs the directive to activate the foreign revenues generated by the MDAs, adding that the office of the AGF at a workshop noted that it will advise all the MDAs on the foreign component of their transactions.
KEHINDE AKINTOLA, Abuja
