Operation surplus: Reps demand remittance details by CBN, NNPCL, others

The Public Accounts Committee of the House of Representatives (PAC) Tuesday asked the Office of the Accountant General of the Federation (OAGF) to provide details of remittances of operation surplus and other revenues by the Central Bank of Nigeria (CBN).

Also expected are details of such remittances by the Nigeria Nation Petroleum Company Limited (NNPCL), other agencies and explanation on the alleged withdrawal of N15 billion from the account of Universal Basic Education Commission (UBEC).

The directive was given when the AGF, Shamseldeen Ogunjimi,  appeared before the committee at an investigative hearing.

A member of the committee, Gboyega Isiaka had observed that non-remittance of revenue has been a major challenge to Nigeria.

“I mean, considering our GDP, you know, I mean, ours is one of the lowest in the continent, at about 16 percent. Now, I know that business entities are meant to return about 80 percent of their taxes, and others are between 20 percent and 50 percent.

“From the totality of what we are seeing, there appears to still be some backlog of remittances,” he stated.

Director, Revenue and Investment in the OAGF, Makinde Mogaji, confirmed that the CBN allegedly owed the federal government N5.3 trillion in unremitted operation surplus.