FRC, NNPCL go head-to-head over remittances

Elizabeth AtimeMay 22, 20243 min

They have been meeting other agencies like RMFAC and OAGF to resolve disputes regarding their operating surplus remittances but they have never come to FRC for reconciliation.

Fiscal Responsibility Act

The Chairman of the Fiscal Responsibility Commission (FRC), Victor Mururako, said they had no record of remittances by the Nigerian National Petroleum Company Limited (NNPCL)  which is expected by law.

He made this known before the House of Representatives Committee on Finance at a meeting where it placed the National Social Insurance Trust Fund (NSITF ) on status enquiry from 2018 till date.

This was sequel to concerns raised by the lawmakers on disparities in the submissions by the agency to the Committee in the ongoing probe to monitor revenue by Ministries, Departments and Agencies  (MDAs) of the federal government.

Represented by Mrs Victoria Adizou-Angakuru, he said, “Ours is just a plea as regards their remittance to the purse of the government, which is the CRF.

The Commission has observed that NNPCL has not really been having a good rapport with FRC. They have been meeting other agencies like RMFAC and OAGF to resolve disputes regarding their operating surplus remittances but they have never come to FRC for reconciliation.

“Our table shows that from 2007 to 2018 we have computed the liabilities against NNPCL but we are not saying these liabilities are still existing but we don’t have any evidence as against any remittance they could have made. 

“We want to plead that they should also meet with FRC the custodians of the Act in which these other agencies are using to determine their liability.”

Responding, the Chief Financial Officer of the NNPCL, Umar Ajiya, said they had reconciled up to the point that they were no longer a corporation. 

As a corporation, we are obligated by law to remit operating surplus and we have evidence that we have remitted all that should be remitted,” he said.

In his ruling, the Committee Chairman, Rep James Faleke, directed the NNPCL to reconcile its accounts and give feedback by next week Wednesday.

On it’s issue, the Managing Director of NSITF, Mrs Maureen Allagoa appeared before the Committee but delegated the responsibility to make their submission to the Director, Finance and Administration, Adedeji Adegoke.

The Committee queried the agency over discrepancies in the submissions and resolved to place it on status enquiry.

“In view of the various submissions available to us as a committee and the discrepancy noticeable in all of your submissions I hereby move that a status enquiry be set to comprehensively the true position of the workings of your agency.

“The status enquiry is from 2018 to date. This means a comprehensive analysis of all their records. Get ready we are coming and can request for any relevant documents anytime. We would not be giving you notice. Reconcile all your records,” Faleke ruled.

Elizabeth Atime

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