Nigeria Govt probes NNPC, NPA, others for remitting dollar revenue in naira

As part of its anti-corruption drive, the Federal Government has commenced probe into activities of some of its agencies over controversy trailing remittance of revenue into the Federation Account.

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, during the meeting of the National Economic Council (NEC) revealed how some Federal Government agencies short-changed the country by remitting naira into the Federation Account instead of the dollar revenue due to government.

Briefing State House correspondents after the meeting of the Council at the Presidential Villa, the Cross River State Governor, Ben Ayade, said Emefiele presented a brief report on government agencies involved in the inappropriate remittance.

He said the agencies include the Nigerian National Petroleum Corporation (NNPC), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Port Authority (NPA), among others.

Ayade, who spoke to journalists in company of Governors Aminu Tambuwal (Sokoto), Darius Ishaku (Taraba) and Olusegun Mimiko (Ondo), said investigations are ongoing on the matter.

“We received a brief report on the agencies remitting dollar revenues in naira into the Federation Account which was also given by the CBN governor. Such agencies include but not limited to NNPC, NIMASA and NPA,” the governor said.

According to Ayade, NEC also received briefing on the Excess Crude Account which currently stands at $2.2 billion.

“On the provision of provisional loans to states based on collaterisation of the Excess Crude Account, the CBN governor briefed that 27 states have made requests for the N10 billion facility and these are currently being processed.

“He has called on the affected states to complete all necessary documentation for releasing the same money to the 27 states. It should be recalled at this point in time that not all states have indicated interest on this ECA collaterised loan,” he said.

The governor said Vice President Yemi Osinbajo also briefed the council on details of the refund of expenses incurred by state governments.

“He said for all those who have followed the right procedure and due process in incurring expenses, processes are being undertaken at this time to ensure that refund for such Federal Government-based road expenditure by states,” Ayade added.

While speaking on the payment of outstanding salaries owed workers in the states, Mimiko also explained that the bailout funds from the Federal Government would not be enough for payment of salaries, because of the continued shortfall in revenue accruing to the Federation Account.

He said: “Bail out is a short term measure on arrears of salaries. But the truth is that the accruals would still not be enough and final solution to the accruals shortfall in the payment of salaries still has to be found.”

The governors, however, assured that the bailout fund would not be diverted, but would be judiciously used. [Mynewswatchtimesng]