THUNDERCLAP!! How Revenue Generating Agencies Left Nigeria In Penury By Pocketing 90% Federal Funds [DETAILS]

Buhari. (Photo Credit: Ventures Africa)
Buhari. (Photo Credit: Ventures Africa)

Revenue generating agencies have been caught up in the web of short-changing the country of trillions of federal funds which originally should have been remitted into the federal account.

This development was exposed on Thursday, November 17, 2016 at the National Economic Council, NEC.

The Federal Ministry of Finance has been studying the financial abuses which have been ongoing for over a decade.

Rather than remit the generated funds to the federal purse, officials of these agencies divert the funds and smile to the bank, leaving the Federal Government to wallow in penury.


A top Government official privy to the matter said: “In fact, this ungodly practice has been going on for over a decade, making the government to lose revenue in trillions of Naira and we have reached a point in this country to put a stop to the fraud and bring the culprits to account for their misdeeds.

In their bid to ensure transparency, the Office of the Accountant General of the Federation, OAGF, began to monitor the generation of funds and disbursement by revenue generating MDAs.

The Minister of Finance, Mrs Kemi Adeosun confirmed the misappropriation of funds by the agencies while briefing the National Economic Council (NEC) and pointed out that the agencies which raised well over N1.5 trillion, about a quarter of annual national budget, pocketed more than 90% of the funds for personal use.

A top administration officials said: “Already, some of the discoveries have been catalogued and forwarded to both the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) for further investigation and prosecution of those found wanting.

“Some persons have been invited by the anti-graft agencies for questioning following some representations made by the Ministry of Finance.

“In the process of investigation, it was discovered that some of the organizations hide under existing legislations that permit their use of a fraction of what they generate as running cost to fritter away as much as 90% of the total revenue they generate, even when the Federal Government is still directing funding both capital and recurrent expenditure of such agencies.

“Apart from outright embezzlement of funds, it has been discovered that some of the organistions indulge in very irregular financial activities including paying salaries above RMFAC specifications, converting official cars to personal ownership, monetizing medical allowance arbitrarily, paying for unapproved overseas travels and lavish training allowances, granting excessive personal loans as well as cases of unapproved mortgages.

“It was learnt that in some cases, brand new cars were sold out two months after purchase at 25% of cost price; while hospitals that rake huge revenues from medical bills remained without functional generators and basic facilities whereas the revenue generated had been frittered away on frivolous subheads.

“It might interest you to know that for some time now, both the OAGF and the Revenue Mobilization and Fiscal Allocation Commission (RMFAC) have been carrying out subtle auditing of the revenues of the Nigerian Customs Service (NCS), Nigeria National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), the Nigerian Ports Authority (NPA), Federal Government-owned Hospitals and schools and have discovered mind-boggling financial abuses, including misappropriation of funds and outright fraud.

SEE ALSO: ‘DO YOU EXPECT US TO TREK??’ – House Of Reps Defends Buying N3.6Billion Exotic Cars Amidst Recession [CLICK]

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