Under-Remittance of Revenue into The Federation Account for The Year 2017

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

MDA

Nigeria Customs Service, Headquarters, Abuja

Project Location/State

Award Year

2019

Contract Sum

₦₦0.00

Amount Paid

₦₦62,242,980,006.87

Unaccounted

₦₦62,242,980,006.87

Context/Observation

i.In the report of NCS Summary of Monthly Revenue Collection 2017, total collections for Federation Account were N691,266,115,031.44;
ii.However, the report of NCS Collections and Remittance into Federation Account 2017 showed actual remittance into Federation Account with the CBN for the year under review to be N629,023,135,024.57 and
iii. A comparison of these two documents revealed an under remittance of N62,242,980,006.87
iv.There was no footnote or any form of additional information attached to the two reports, showing the reason(s) for the discrepancy, neither was any form of communication of management’s intention for future reconciliation or remittance.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Comptroller-General NCS is requested to:
I. Account for the unremitted sum of N62,242,980,006.87
II.ii. Remit the sum of N62,242,980,006.87 to the Federation Account, forwarding evidence of remittance to the Public Accounts Committee of the National Assembly.
III.Otherwise, sanction relating to failure to collect and account for government revenue in paragraph 3112 of the Financial Regulations should apply.

Executive Action

N/A

Progress Report

N/A

Data Source

2019 Non-Compliance Audit Report of the FG

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