Federal Government has commenced probe into activities of its agencies over remittance of revenue into the Federation Account. This was disclosed yesterday at the meeting of the National Economic Council, NEC, by the Governor of the Central Bank of Nigeria, CBN; Godwin Emefiele.

He told the Council how some Federal Government agencies short-changed the country by remitting naira into the Federation Account instead of the dollar revenue they collected.

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

According to Ayade, the agencies include Nigerian National Petroleum Corporation (NNPC), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Port Authority (NPA) among other agencies.

The Governor was in the company of three colleagues; Aminu Tambuwal (Sokoto), Darius Ishaku (Taraba) and Olusegun Mimiko (Ondo).

Ayade said: “We received a brief report on agencies remitting dollar revenues in naira into the Federation account given by the CBN governor.

“He said investigations are on-going. Such agencies include, but not limited to NNPC, NIMASA and NPA.” The NEC also received briefing on the excess crude account which stands at $2.2bn as at yesterday.

He added: “On the provision of provisional loans to states based on collation of the excess crude account, the CBN governor briefed that 27 states have made request for the N10bn facility and is currently being processed. “He has called on the affected states to complete all necessary documentation for the money. Not all states have indicated interest on this ECA collated loan.

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“On the refund of expenses incurred by state government, the Vice President also briefed Council on details of this and said that for all those who have followed the right procedure and due process in incurring expenses, processes are being undertaken at this time to ensure refund for such Federal Government based road expenditure by states.”

On his part, Governor Mimiko explained that the bailout funds from the Federal Government would not be enough for payment of workers’ 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 assured that the bailout fund would not be diverted but would be judiciously used.

 

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