In the session before the Joint Senate Committee on Finance, MADEIN reported that zero revenue accrued from the Nigerian National Petroleum Company Limited, NNPCL as well as the solid minerals sector and an abysmal figure from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC in the last two years.
The lawmakers expressed dissatisfaction with the explanation of non-performance by the sectors, directing the AGF to provide names of agencies found wanting in their revenue obligations, so they could immediately be called to order.
In Madein’s submission of the 2020 budget revenue of the federation, projected revenues for stamp duties were pegged at sixteen billion naira, but actual collection came to one hundred and nineteen point four billion naira.
He also said the same applied to the 2022 figures where the estimated projection was pegged at sixteen point eight billion naira, but the amount generated was fifty three billion naira.
The Senate Committee Chairman, Senator Sani Musa, subsequently, sought clarity on why the agencies’ performance consistently surpassed projected budget revenues and asked the AGF to ensure proper reconciliation of most accounts of the Federation Government.
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