By Soni Daniel, Northern Region Editor

INDICATIONS emerged yesterday that the Federal Government might soon go after heads of revenue generating agencies that had been engaged in financial abuses and failure to remit huge amount of revenues generated by their organizations to the federal purse.

Vanguard learnt Thursday night that the Federal Ministry of Finance, which has been studying the diversion of generated funds by the key agencies of the government, laid bare the matter before the National Economic Council, NEC, with convincing evidence that the nation had been short-changed by agencies engaged to generate revenue for it.

“In fact, this ungodly practice has been going on for over a decade, making the government to lose revenue in trillions of Naira and we have reached a point in this country to put a stop to the fraud and bring the culprits to account for their misdeeds,” a top Federal Government official said.

The fraudulent practice, according to a top official, is said to have been going on for over a decade, making some top MDA officials to smile to their banks and leaving the Federal Government with little or no revenue to meet its obligations to Nigerians.

And, apparently to get the process right and bring the suspected elements, and agencies that have been diverting huge government revenues for personal uses, the Office of the Accountant General of the Federation, OAGF, is said to have devised and put in place to monitor the generation of funds and disbursement by revenue generating MDAs.

A top administration officials said : “Already, some of the discoveries have been catalogued and forwarded to both the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) for further investigation and prosecution of those found wanting.

“Some persons have been invited by the anti-graft agencies for questioning following some representations made by the Ministry of Finance.

“In the process of investigation, it was discovered that some of the organizations hide under existing legislations that permit their use of a fraction of what they generate as running cost to fritter away as much as 90% of the total revenue they generate, even when the Federal Government is still directing funding both capital and recurrent expenditure of such agencies.

“Apart from outright embezzlement of funds, it has been discovered that some of the organistions indulge in very irregular financial activities including paying salaries above RMFAC specifications, converting official cars to personal ownership, monetizing medical allowance arbitrarily, paying for unapproved overseas travels and lavish training allowances, granting excessive personal loans as well as cases of unapproved mortgages.

“It was learnt that in some cases, brand new cars were sold out two months after purchase at 25% of cost price; while hospitals that rake huge revenues from medical bills remained without functional generators and basic facilities whereas the revenue generated had been frittered away on frivolous subheads.

“It might interest you to know that for some time now, both the OAGF and the Revenue Mobilization and Fiscal Allocation Commission (RMFAC) have been carrying out subtle auditing of the revenues of the Nigerian Customs Service (NCS), Nigeria National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), the Nigerian Ports Authority (NPA), Federal Government-owned Hospitals and schools and have discovered mind-boggling financial abuses, including misappropriation of funds and outright fraud.

But apparently trying to bring the hidden matter to the fore for the first time, the Minister of Finance, Mrs Kemi Adeosun on Thursday confirmed the financial brigandage of the RGAs when she briefed the National Economic Council (NEC).

She told NEC that her Ministry and RMFAC were working together to rein in the abuses pointing out that the agencies which often raise more than N1.5 trillion, about a quarter of annual national budget, squandered more than 90% of those earnings on frivolities.

kingwax7007:
scientists have just concluded a research which indicates that brains do rust when underused or not used at all...

One of the symptoms is a foolish comment, coming out of a supposedly adult..

But be happy, there is a solution, even for a rusted brain, provided it still works. To see if it works, wriggle ur toes to knw if your spinal cord is still connected.

If it does,

1. Drink a lot of palm oil for lubrication

2. Pretend that your brain is an app and try to access it it..

3. Make some comments without appearing foolish

If it doesn't work..

Book for a brain transplant. For you, a fish brain will suffice!!!

Thank me later

OZAOEKPE:

You have said nothing sire

SamuelAnyawu:
Good

What Of Babachir Lawal who used 270million to trim Grasses at IDP centres into Stamford Bridge Standard

drss2:
d monumental corruption under buari dullard's govt has reached fantastic levels.

danmasani101:

Abba Kyari's 500million bribe from MTN, Round tripping by President's family, aides & cabals
Nigerian Customs Service (NCS) - Rtd Col. Hammed Ali.
Nigeria National Petroleum Corporation (NNPC) - Maikanti Kacalla Baru & Buhari as Petroleum minister.
Federal Inland Revenue Service (FIRS) - Tunde Fowler
Nigerian Ports Authority (NPA) - Hadiza Usman (BBOG)
These are some of the saints that keeps telling us they are fighting corruption

chemicalDisease:
Another probing news for zombies to masturbate and forget hunger.


Useless government.

seunmsg:






The fraudulent practice, according to a top official, is said to have been going on for over a decade

I guess you both missed the part in bold.

seunmsg:






The fraudulent practice, according to a top official, is said to have been going on for over a decade

I guess you both missed the part in bold.

chemicalDisease:
Another probing news for zombies to masturbate and forget hunger.


Useless government.

modath:


NNPC,FIRS,NCS,FRSC, NPA,& co... over to you..

Progressive01:
Of course they saw it. When your brain is hardwired to process info along a particular trajectory, you cannot but reason that way.

ZKOSOSO:
Nigeria might be witnessing a historic heist under Buhari while shouting kwarapshon upandan.....!!

In all federal recruitment, it's already confirmed in favour of Core Northern Muslims in all organs of government....!!

coptic:


I hope that being silly helps you to forget hunger as well?

It's as though you all have been hardwired to reason a certain way with your short-circuited thinking.

You degenerates have caused nairaland to become morally and academically debased due to your shallowness.

I wish there were a way to ban stupid people!

OZAOEKPE:
Neighbor! Have you blamed jonathan today