Nigerian govt. orders forensic audit of NNPC, 80 other agencies

The National Economic Council (NEC) rose from its 65th meeting on Thursday in Abuja, with a resolution to engage two audit firms to conduct forensic audit on 81 government revenue generating agencies.

Managing Director of the NNPC, Mr. Emmanuel Kachikwu

The approval followed submission of an interim report by the ad hoc committee of NEC, chaired by Gov. Adams Oshiomhole of Edo, to review the management of the Excess Crude Account and remittances into the Federation Account.

The governors of Jigawa, Baderu Abubakar; Anambra, Willie Obiano; Lagos, Akinwumi Ambode; and the Minister for Budget and National Planning, Udoma Udo Udoma, said this in their joint briefing to journalists.

According to Mr. Ambode, 18 core revenue generating agencies, such as NNPC, will be audited by KPMG, an international audit firm, while an indigenous firm, SIAO, will audit other non-core revenue generating agencies.

The governor said that NEC would take further action on the agencies after the firms had completed the forensic auditing.

The Jigawa governor said that the Accountant-General of the Federation reported to council that as at Dec. 31, 2015 the Excess Crude Account stood at $2.26 billion.

The governor said that the Central Bank Governor, Godwin Emefiele, informed the council of the standing of the bailout funds given to states.

He said that 23 states had benefitted from N10 billion each, Excess Crude Account-backed soft loan, while 28 states benefitted from the presidential bailout for the payment of salaries and gratuities.

Gov. Obiano gave a report concerning some MDAs collecting revenue in foreign currency and remitting in local currency into the Federation Account.

Mr. Obiano said the permanent secretary, Ministry of Finance, reported that besides NNPC, NIMASA and NPA, other agencies involved in such practice were FIRS, Shippers Council, Airport Authority and Nigeria Immigration Service.

Mr. Obiano said that the official reported that the introduction of the Treasury Single Account (TSA) had resolved the problem as all account was now under the CBN.

He also said that Vice President Yemi Osinbajo, who presided at the NEC, reiterated the Federal Government’s policy that NNPC and other agencies must present budget for approval before spending in line with the TSA.

Mr. Udoma hinted on the 2016 budget focus of the administration, saying that plans were on to foster macro-economic stability conducive to the grow of the GDP at 4.2 per cent.

He said the budget’s objective was to deliver inclusive growth to Nigerians, create sufficient jobs and build an economy less vulnerable to oil price shocks.

According to Mr. Udoma, while the government intends to ensure more revenue drive, it will not increase taxes, but strive to raise the collection of VAT from its 20 per cent level.(NAN)

Nigerian govt. orders forensic audit of NNPC, 80 other agencies

Nigeria loses $248m, N3.558bn to waivers in 6 yrs - NPA

ABUJA — THE Nigerian Ports Authority, NPA, said yesterday, that the country lost $248,238,305 and N3.558 billion between 2009 and 2015 to indiscriminate waivers

This is just as the House of Representatives Committee on Ports, Harbours and Waterways has expressed worry over what it described as executive interference by the immediate past administration that incapacitated the House from carrying out its legislative functions.

NPA in a document it presented to the House Committee chaired by Rep Patrick Asadu, stated: “As a result of the Federal Government’s approval for 50 per cent rebate to petroleum product vessels berthing at private jetties, NPA has waived $248,238,305.80 and N3,558,148,366.98 as amounts that would have accrued as revenue from 2009 to October 2015.”

But the Acting Managing Director of NPA, Hassan Bello, failed to comment on whether the process leading to the concession of the ports was satisfactory.

Bello told the committee that NPA generated N128.213 billion between January and September 2015 and that N5,806,822,000 was remitted to Consolidated Revenue Fund.

He also said the authority generated N162.184 billion in 2014 and that N11,023,350,000 was remitted to CRF; N154.580 billion generated in 2013, with N493,895,000 remitted to CRF; N140.251 billion in 2012 while N20,713,768,000 was remitted to CFR.

He enumerated some of the challenges facing NPA to include funding of required infrastructure; cost of acquisition of land and compensation for future port development, lack of reliable power supply, bureaucracy in procurement process, encroachment on port lands and insecurity of the waterways.

The members of the committee had demanded to know the position of the authority in the area of declining revenue generation, status of NPA’s property in London; profile of concessionaires and concession agreements on ports and channels.

Nigeria loses $248m, N3.558bn to waivers in 6 yrs - NPA

Jonathan sacks Nigerian Ports Authority"s MD

President Goodluck Jonathan on Wednesday sacked Mallam Habib Abdullahi as the Managing Director of the Nigerian Ports Authority.

He has also named Alhaji Sanusi Bayero as his replacement.

In a statement by his Special Adviser on Media and Publicity, Dr. Reuben Abati, the President said Bayero’s appointment would take effect from Thursday (today).

No reason was given for Abdullahi’s sack.

The statement partly read, “President Goodluck Ebele Jonathan has approved the appointment of Alhaji Sanusi Lamido Ado Bayero as the Managing Director of the Nigerian Ports Authority.

“Alhaji Sanusi, a lawyer, from Kano State takes over from Mallam Habib Abdullahi who has been relieved of his appointment as Managing Director of the NPA.

“The appointment of the new NPA Managing Director takes effect from Thursday, April 30, 2015 (tomorrow).

“President Jonathan thanks the outgoing Managing Director for his services and wishes well in his future endeavours.”

It will be recalled that Jonathan had on Monday relieved the Executive Secretary/Chief Executive Officer of the National Health Insurance Scheme, Dr. Femi Thomas, of his appointment with immediate effect and approved the appointment of Mr. Olufemi Akingbade as his replacement.

Jonathan sacks Nigerian Ports Authority"s MD