Arunma Oteh’s SEC, NNPC, top list of agencies stealing billions of federal revenues – Govt. Report



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.

The regulatory agencies too, failed to cooperate with each other to combat the violations, effectively helping the defaulting revenue generating agencies defraud the government for years, the Fiscal Responsibility Commission told PREMIUM TIMES.

The biggest culprit, the Fiscal Responsibility Commission said, has been the Ministry of Finance which has consistently refused to provide financial details requested by the fiscal commission concerning offices such as the Securities and Exchange Commission.

Source: http://www.premiumtimesng.com/news/headlines/173341-exclusive-arumah-otehs-sec-nnpc-top-list-agencies-stealing-billions-federal-revenues-govt-report.html

'all about that cash'

Well I'm not surprised. Didn't he say that 'stealing is not corruption' ?
This will surely stop when Buhari becomes President in 2015. I can't wait!