During the audit of accounting records maintained by the Petroleum Product Pricing and Regulatory Agency (PPPRA), it was observed that the Agency generated the sum of N6,966,514,322.66 as Internally Generated Revenue (IGR) from administrative charge, contract fee etc. for the accounting year 2017. The sum of N1,741,628,580.67 which represents 25% of the IGR is due to be paid to the Consolidated Revenue Fund (CRF) Account of the Federal Government. Instead, the Agency paid N1,591,049,902.60 into the Consolidated Revenue Fund (CRF) account leaving a balance of N150,578,678.07 as outstanding amount from the 25% due to the Federal government.
This infraction was due to the failure of the Executive Secretary to strictly comply with the provisions of extant laws and regulations, especially, as it relates to revenue, a very critical component of budget financing of the Federal Government.
The Executive Secretary is required to pay the outstanding sum of N42,377,803.07 being 25% unremitted IGR to the CRF and forward the evidence of payment to the Public Accounts Committee of the National Assembly. Sanctions in line with FR 3112 (ii) .
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