Non-remittance of statutory 25%of internally generated revenue to Government

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

MDA

council for legal education (Nigeria law school, Bwari-Abuja)

Project Location/State

Award Year

2019

Contract Sum

₦₦0.00

Amount Paid

₦₦0.00

Unaccounted

₦₦362,746,286.86

Context/Observation

Audit observed that:
i. The Council realized the sum of 1,551,756,960.47 (One billion, five hundred and fifty one million, seven hundred and fifty six thousand, nine hundred and sixty naira, forty seven kobo) as Internally Generated Revenue for 2019.
ii. The sum of 387,939,240.11 (Three hundred and eighty seven million, nine hundred and thirty nine thousand, two hundred and forty naira, eleven kobo), being 25% of the amount realized was expected to be remitted to the Consolidated Revenue Fund (CRF), and
iii. The Council remitted the sum of 25,192,953.25 (Twenty five million, one hundred and ninety two thousand, nine hundred and fifty three naira, twenty five kobo), leaving unremitted balance of N362,746,286.86 (Three hundred and sixty two million, seven hundred and forty six thousand, two hundred and eighty six naira, eighty kobo).

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Director-General is requested to:
i. Furnish reasons why 25% of Internally Generated Revenue was not remitted to the CRF in obedience to the law of the Federal Republic of Nigeria,
ii. Recover and remit the sum of 362,746,286.86 (Three hundred and sixty-two million, seven hundred and forty six thousand, two hundred and eighty six naira, eighty kobo) to the CRF.
iii. Forward evidence of remittance particulars to the Public Accounts Committees of the National Assembly, and
iv. Otherwise, apply sanctions relating to failure to collect and account for Government Revenue specified in paragraph 3112 of the Financial Regulations.

Executive Action

N/A

Progress Report

N/A

Data Source

2019 Non compliance Audit report of the FG

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