Audit observed that:
i. Thirty nine (39) payments in the sum of 126,866,750.00 (One hundred and twenty-six million, eight hundred and sixty-six thousands seven hundred and fifty naira) were made to some contractors in return for services provided, and
ii. There was no deduction of the statutory 1% stamp duty which amounted to 1,268,667.50 (One million, two hundred and sixty-eight thousand, six hundred and sixty-seven naira fifty kobo) contrary to the Treasury Circular referred to above.
The Executive Chairman is requested to:
i. Furnish reasons why statutory 1% Stamp Duty was not deducted from payment made to contractors.
ii. Recover and remit to Treasury the sum of 1,268,667.50 (One million, two hundred and sixty-eight thousand, six hundred and sixty-seven naira fifty kobo);
iii. Forward evidence of remittance to the Public Accounts Committees of the National Assembly, and
iv. 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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