The House of Representatives yesterday directed the Nigerian Export Processing Zones Authority (NEPZA) to refund N13.3 billion the agency allegedly failed to remitted to the Consolidated Revenue Fund (CRF) of the Federation with immediate effect.

Chairman of the ad hoc committee investigating unclaimed funds, Uyime Idem, gave the directive at the resumed hearing of the committee.

The lawmaker also asked the agency to provide copies of validated receipts of its financial transactions, including its remittances to government, to the committee for verification.

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But NEPZA’s Director of Finance and Administration, Oyesola Oyekunle, who spoke for the organisation, insisted that the agency was not indebted to the Federal Government.

He said all the revenues NEPZA generated over time had been remitted to the CRF.

But the director also told the lawmakers that since NEPZA is not a fully funded agency of government, it remits only 25 per cent Internally Generated Revenue (IGR) to government coffers.

Oyekunle said the agency had paid N3.93 billion to government and was up to date in payment between the period covering the Year 2000 to date.

He said the agency operates under a circular issued by the Federal Ministry of Finance – and not stipulated extant financial laws – hence the remittance percentage to the government.

But the lawmakers insisted that the N13.3 billion arrived at was calculated based on the 80 per cent revenue remittance provisions contained in the financial regulation and not based on any circular.