The House of Representatives on Monday uncovered a N7.935bn discrepancy in the remittance of revenue generated by the Nigeria Customs Service to the Federation Account in 2007.
A report of the House Committee on Public Accounts indicated that Customs generated and remitted N233.430bn to the Federation Account during the year, but found out that only N241.366bn was released to the Federation Accounts Allocation Committee for sharing between the three tiers of government.
This left a difference of N7.9bn, which the committee said was not accounted for.
The committee queried the Central Bank of Nigeria, the NCS and the Federal Inland Revenue Service about the development. It directed them to explain what led to the discrepancy.
The Chairman of the committee, Mr. Solomon Olamilekan, gave the directive in Abuja during a meeting with officials of the three agencies. They were asked to either reconcile the discrepancy or report back to the House on Wednesday (tomorrow) what happened to the N7.9bn.
According to an audit investigation conducted into the operations of the Federation Account, the committee noted that while the NSC claimed that it remitted the N2334.430bn, records at the CBN indicated that only N241.366bn was made available to FAAC.
“This implies that the actual amount of revenue generated and remitted by the NCS was less than the amount presented to FAAC for sharing as indicated by the CBN”, Olamilekan stated.