I.The sum of N12,047,447.00 was paid as non-personal/cash advances to fourteen (14) staff of the Agency in excess of the stipulated maximum amount of N200,000.00 in contravention of extant Treasury circular quoted above.
II.The non-compliance with the extant circular and other regulations resulted in loss of government tax revenue totalling N1,204,744.70 that would have been deducted as taxes (VAT and WHT) if the purchases were made through award of contracts and not through staff personal advances.
The Managing Director is requested to:
I.Provide reasons why advances were granted in excess of the statutory limit.
II.Remit the sum of N1,204,744.70 to the Treasury being the tax revenue lost due to non-compliance with government extant regulations on limit of cash advances.
III.Forward evidence of remittance to the Public Accounts Committees of the National Assembly
IV. Otherwise, sanctions relating to failure to collect and account for Government revenue specified in paragraph 3112 of the Financial Regulations will apply.
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