National Economic Council NEC has appointed two firms, PricewaterhouseCoopers, PwC, and KPMG to commence fresh forensic audit of the Nigerian National Petroleum Corporation, NNPC, and other revenue generating agencies of the Federal Government.
‎The Council had after its meeting of June 29th had constituted a four-man probe panel to unravel N3.8trillion unremitted funds to the Federation Account by the NNPC between 2012 and May 2015 as well as $2.1bn said to have been deducted from the ECA without approval.
The committee initially comprised of Governor Adams Oshiomhole (Edo), Nasir El-Rufai (Kaduna) Udom Emmanuel (Akwa Ibom) and Ibrahim Dankwambo (Gombe)‎ while Akinwunmi Ambode (Lagos) was later asked to join the committee.
The committee met for the second time at the State House Conference Centre (former Banquet Hall) and announced the appointment of the two audit firms.
Speaking to State House correspondents after the meeting, Oshiomhole said the committee had to appoint the two firms to ensure a thorough and professional job is done.
He added that the committee has however extended the probe to other revenue generating agencies in the audit that would be carried out by the two firms. ‎
‎He said, the committee has so far received briefings from several agencies including the Nigerian Maritime Administration and Safety Agency, NIMASA, Central Bank of Nigeria CBN, Department o Petroleum Resources, DPR, Federal Inland Revenue Service, FIRS, Security and Exchange Commission, Nigeria Customs Service, the ministry of finance and the office of the Accountant-General of the Federation.
“This is about making Nigeria work for the benefit of other Nigerians and we have to bear in mind that governments are not run on the basis of collection of crude oil but government regardless of colour or political affiliation is run on tax and so if you have tax generating agencies that are not remitting taxes government cannot run like that”.
He said “So in the long run Nigeria has to live on taxes”
It would be recalled that the Federal Government under the administration of former President Goodluck Jonathan had engaged the services of PwC to carry out forensic audit of the accounts of the NNPC over allegations of missing $20billion oil revenues.
‎After the forensic audit, the Nigerian Petroleum Development Company, NPDC, the upstream sector of the NNPC were asked to refund about $1.48billion to the Federation Account for various non-reconciled transactions.
According to Oshiomhole, the previous audit by PwC was limited to the NNPC alone which the firm also complained to the NEC committee that it was restricted and constrained by non compliance by few government agencies including the CBN.
The NEC committee did not however give specific period when the two audit firms will conclude their assignment.


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