As the Nigerian government struggles to raise more money to cushion the impact of a crashing oil price, a federal regulator has confirmed how billions of naira that should have been paid to state coffers as internally generated revenues were hidden or diverted by government agencies.

Leading the pack of offenders, the Fiscal Responsibility Commission said, are the state-run oil company, Nigerian National Petroleum Corporation, NNPC, and capital market regulator, Securities and Exchange Commission, SEC.

The two agencies, and many others, either lied about how much they generated, or how much was due to the government, according to exclusive details obtained by PREMIUM TIMES.

The extent of the fraud was so extensive and well worked out that agencies of government deliberately supplied contradictory information to different regulatory bodies — the finance ministry, Accountant General’s office, and the Fiscal Responsibility Commission – to mislead the government, and make it appear they were fulfilling their fiscal responsibilities.
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