It was observed from examination of payment vouchers that the sum of ₦ 1,502,381.01 as shown below was overpaid to a contractor vide PV dated 10th October 2017 for the construction and furnishing of Post Graduate Hostel.
The payment is analyzed thus:
Contract Sum ₦63,100,000.05
Less 5% VAT 3,004,761.91
5% WHT 3,004,761.91 (6,009,523.82) Amount payable 57,090,476.18
Amount paid 58,592,857.19
Overpayment 1,502,381.01 The Vice Chancellor, in his response, stated that the difference was as a result of 2.5% charged as WHT. However, in September 2016 the reduction in WHT rate reverted to 5%.
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