Reps Discover N400bn In Hidden Accounts

HOUSE of Representatives on Monday said that over N400 billion unspent funds from the 2008 budget was discovered to have been deposited in hidden accounts by some Federal Government parastatal agencies.

The funds, the House said, were from revenues generated by the parastatal agencies.
The House Committee on Finance is currently probing numerous agencies of government over non-remittance of revenues into the Federation Account, saying it was on the trail of the Petroleum Products Pricing Regulatory Authority (PPPRA) over the controversial issue of N70 subsidy on diesel whereas the product was never deregulated, otherwise it shouldn’t have sold for around N140 at filling stations.

The committee, which accused the authorities of the PPPRA of deliberately not honouring the invitation of the probe panel, said it was also trailing the agency over the refusal to comply with former President Olusegun Obasanjo’s directive that a tax of N1.50 should not be charged on every litre of imported petrol.

Deputy Chairman, Committee on Finance, Honourable John Daika, disclosed to newsmen that the ongoing investigation of revenue generating agencies and parastatal agencies of government revealed that affected bodies never remitted all the funds expected of them to the Federation Account and yet, they came to ask for money in the budget every year.

According to Daika, the nation was losing over a trillion naira on account of the said subsidies and the non-compliance by the PPPRA with the presidential directive on the non-charging of N1.50 tax on every litre of petrol.

“We are looking for the PPPRA and they have refused to come. What we are doing now is to invite the minister of finance, NNPC, Accountant-General of the Federation, Director-General, Budget, the PPPRA and the oil majors as well as the CBN at the same time because the oil importers are saying that no subsidies have been paid to them or do they have any tax holiday,” he said.
The lawmaker said that it was observed that the huge money was going into private account not known to anybody.

The chairman also said the laws establishing most of the revenue-generating agencies allowed them to make money, keep and spend it, but did not stop them from coming to ask for money from the national budget year in, year out.

Daika queried a situation whereby the Nigerian Ports Authority (NPA) would generate N10 billion on yearly basis, but only be permitted to pay just N25 million to the CBN as its contribution to the Federation Account, declaring that the port concessioning had not benefited Nigeria in any way.

“As far as I am concerned, the ports concessioning exercise has never benefited the country in any way. NPA is supposed to be remitting more funds into the Federation Accounts because it no longer pays staff salaries, but the reverse is the case. The NPA still looks up to the government for the dredging of River Niger by the government. What exactly are they doing with the revenue they are generating?” he queried.

“I believe certain government agencies were established just to enrich some privileged individuals. The situation is so bad and annoying.

“We are going to invite the minister, CBN and Accountant-General of the Federation to come and tell us how they arrived at that ridiculous amount,” he said, insisting that the said laws were churned out to ensure that some private pockets were filled to the detriment of Nigerians.

I really, really, weep for this country.
What exactly is wrong with us ?

However, the only reason we are able to discuss and investigate and find stolen founds is because of democracy as in civilian administration however imperfect it is. I believe IBB is the most corrupt Nigeria possibly follow by Abacha and OBJ is not too far beheind but there are other leaders who are subtle or clever with their corruption and not got notice.