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KPMG report indicts NNPC, CBN, 5 others of under-remittance

Felix Oloyede

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KPMG report indicts NNPC, CBN, 5 others of under-remittance

A report from KPMG, forensic auditors, has indicted the the Nigerian National Petroleum Corporation (NNPC), Central Bank of Nigeria (CBN) and five other government revenue-generating agencies for under-remitting over N526.35 billion and $21.199 billion to the Nigerian Federation Account in five years.

The report, which covered between January 2010 and June 2015, presented to the House of Representatives Committee on Public Accounts on Wednesday showed that four other agencies under-remitted revenue to the Consolidated Revenue Fund amounting to about N49.160 billion within the same period.

The report listed possible under remittances or over remittance against the Nigerian National Petroleum Corporation (NNPC) as N557,852, 222,257.28 and $9,048,920,931.38 while the figure listed against the Central Bank of Nigeria (CBN) stood at N39,313,909.42 and $29,261,227.46.

It also listed N6,995,100,228.35 against the Nigeria Customs Service (NCS), N292,287,246.65 against the Federal Inland Revenue Service (FIRS), $570,632,772.46 against the Department of Petroleum Resources (DPR) and $4,138,465,740.01 against the Federal Government.

It however explained that “NNPC represented that it has an outstanding claim of N797,710,684,354.00 against the federation prior to 1 January 2010. This period does not relate to our view period. Hence the legacy claim is not reflected in our figure above.”

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