Audit observed that:
i. The monthly revenue remitted by NMCO were not supported by cash receipt from Ministry of Mines and Steel Development as required by extant regulations.
ii. Remittances of revenues amounting to 2,379,520,315.00 (Two billion, three hundred and seventy nine million, five hundred and twenty thousand, three hundred and fifteen naira) from January to December were done electronically without acknowledgment of receipts by the Ministry of Mines and Steel. Development, and
iii. There was no evidence to show that the ministry remitted the above revenue to the consolidated revenue fund.
The Director-General is requested to:
i. Provide reasons why there were no receipts acknowledging revenue remitted to the Ministry of Mines and Solid Minerals Development.
ii. Account for the sum of 2,379,520,315.00 (Two billion, three hundred and seventy nine million, five hundred and twenty thousand, three hundred and fifteen naira)
iii. Remit the sum of 2,379,520,315.00 to the Treasury
iv. Forward evidence of remittance to the Public Accounts Committees of the National Assembly, and
v. Otherwise, apply sanctions relating to failure to collect and account for Government Revenue prescribed by paragraph 3112 of the Financial Regulations.
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