Over $401 million unpaid revenues is to be recovered by the Ad-hoc Committee set up by the House of Reps probing remittances from the Treasury Single Accounts (TSA).
The committee headed by Hon. Abubakar Nuhu said it has set the machinery in motion to recover $50 million and $30 million offshore revenue accrued to Nigerian National Petroleum Corporation (NNPC) from UBA which dated back to 2005 and 2008 as well as interests accrued to the principal capital of $123,988.54 and $1.9 million.
Revenue collected by Intel on behalf of Nigerian Ports Authority (NPA) worth $300 million since November 2016 was another aspect of the outstanding revenue.
The Economic and Financial Crimes Commission (EFCC), the committee said, is to be invited over the sum of 6 million Euros NPA’s cargo tracking service seized and transferred to its account since 2015.
Hadiza Bala Usman, NPA Managing Director who spoke on the crisis caused by the unremitted revenues collected by Intels for Nigerian Ports Authority (NPA), said that Heritage Bank, is owing $21.3 million while First City Monument Bank is owing 6 million Euros.
The Central Bank of Nigeria (CBN) and Accountant General of the Federation had intervened in the seized 6 million Euros fund she said.
She added that the CBN, which offered to provide a guarantee for the fund, she said, is yet to effect the commitment despite many communication initiated by NPA over the past one year.
According to her, the intervention became necessary to avoid the affected bank going distress, adding that the bank is also expected to pay interest accrued on the 6 million Euros.
The recovery effort has been abortive despite the resolve of NPA to receive Naira equivalent of the 6 million Euros at CBN rate, the NPA boss said.
The committee members, however, commended SystemSpecs for providing a credible platform for the Treasury Single Account (TSA) which has contributed to the successes records in blocking leakages and tackling corruption in the government-owned institutions
John Obaro, Managing Director of SystemSpecs and ‘Deremi Atanda, SystemSpecs Executive Director while briefing the committee members on the Remita platform, assured that the firm can easily reconcile all the accounts.
The Remita platform has financial accounting functions and is accessible to relevant officials of MDAs whose names were nominated, they said, and the Auditor General has the responsibility of reviewing the accounts.