Non-Remittance of Internally Generated Revenue (IGR) to the Consolidated Revenue Fund (CRF)

Posted on
by OLUDOLAPO TUBI
  • Project Status: N/A

MDA

Veterinary Council of Nigeria Maitama, Abuja

Project Location/State

Award Year

2019

Contract Sum

₦₦0.00

Amount Paid

₦₦0.00

Unaccounted

₦₦113,328,430.00

Context/Observation

I. The Veterinary Council of Nigeria (VCN) generated a total of N140,694,210.00 as independent revenue generated for the Period 1st January, 2018 – 31 December, 2019.
II. The management of Council remitted N27,365,779.89 to the Consolidated Revenue Fund (CRF) for the Period 1st January, 2018 – 31 December, 2019.
III. A balance of N113,328,430.00 was not remitted in contravention of the extant provisions. It is therefore considered a fault in the internal control system of the council.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Registrar is requested to:
I.Furnish reasons why IGR was not remitted as required by extant regulations.
II.Remit the sum of N113,328,430.11 being unremitted Internally Generated Revenue to Consolidated Revenue Fund (CRF)
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.

Executive Action

N/A

Progress Report

N/A

Data Source

2019 Non-Compliance Audit Report of the FG

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