The National Economic Council (NEC) has resolved to engage two audit firms, KPMG and SIAO, to conduct forensic audit on 81 government revenue generating agencies.
The decision was reached after presentation of an interim report by an ad-hoc committee chaired by Edo State State governor, Adams Oshiomhole.
The committee was mandated to review the management of the Excess Crude Account and remittances into the Federation Account during the NEC’s previous meeting.
Address the press alongside other governors, Lagos State governor, Akinwunmi Ambode, said 18 core revenue generating agencies, such as NNPC, would be audited by a foreign firm, KPMG, while other non-core revenue generating agencies would be audited SIAO, an indigenous comapany.
The governor said that NEC would take further action on the agencies after the firms had completed the forensic auditing.
The Jigawa governor, Badaru Abubakar, said that the Accountant-General of the Federation reported to council that as at December 31, 2015 the Excess Crude Account stood at $2.26 billion.
Anambra State governor, Willie Obiano gave a report concerning some MDAs collecting revenue in foreign currency and remitting in local currency into the Federation Account.
Obiano said the permanent secretary, Ministry of Finance, reported that besides NIMASA, NNPC and NPA, other agencies involved in such practice were FIRS, Shippers Council, Airport Authority and Nigeria Immigration Service.
He also said vice president, Yemi Osinbajo, who chaired the NEC, reiterated the federal government’s policy that NNPC and other agencies must present budget for approval before spending in line with the TSA.
The governor said the Central Bank Governor, Godwin Emefiele, informed the council of the standing of the bailout funds given to states.
According to him 23 states had benefitted from N10 billion Excess Crude Account-backed soft loan each, while 28 states benefitted from the presidential bailout for the payment of salaries and gratuities.
