My Naija News - Federation Account: Government Agencies Owe N660 Billion

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Federation Account: Government Agencies Owe N660 Billion

Written by News Hound

Friday, 21 September 2007

According to a report by the Federation Accounts Allocations Committee (FAAC) made available to newsmen in Abuja at the weekend, government agencies, including the NNPC and the federal Inland Revenue Service, have an outstanding N660.748 billion to pay to the Federation Account.

Other agencies included in the report as having oustanding revenue to remit are the Nigeria Customs Service (NCS) and the Department of Petroleum Resources of the Federal Ministry of Energy.

The outstanding payments comprised of crude oil export outstanding sales of between August 2005 to July this year, put at $51,682,564.64; NNPC domestic consumption in April 2007 and expected receipts into the Federation Account in July put at N28, 098,843,667; and NNPC monthly outstanding cash remittance (subsidy deduction) from domestic crude Naira proceeds from November 2004 to July, this year which stood at N 612,853,604,861.83.

The report also said the FIRS remitted N 146.318 billion into the Federation Account, but could not account for N4.354 billion. “Furthermore, CBN reported actual earnings from Petroleum Tax as N107.728 billion while FIRS reported N 101.136,” leaving the service with an outstanding balance of approximately N 11 billion.

The DPR, according to the report, has an oustanding revenue of N3.067 Billion in transit, but could not account for N4.869 Billion. The Nigeria Customs Service has an oustanding N2.278 Billion, also said to be in transit.

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Comments (1)

	1. Written by This e-mail address is being protected from spam bots, you need JavaScript enabled to view it on 04-11-2008 00:52 - Guest
	i am trying to contact the Inland Revenue Service Of Nigeria could you get me an E-mail address. I was told by a Dr. Jimor Gordan a managing Director of Inland Revnue that I need to get a Tax Clearacne certificate but I have not been able to find any e-mail address to contact them. Thank You, Daniel Lott

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