Nigeria had a whopping N63,063,865,196.87 revenue shortfall in 2012, following accrued expected remittances of some 41 agencies of the Federal Government, the House of Representatives has revealed.
This is contained in a ‘Report of Independent Revenue Generation and Remittances to the Consolidated Revenue Fund by Government-owned Agencies’ compiled by the House Committee on Finance.
The report, which is yet to be submitted to the House, covered a four-year account of the Internally Generated Revenue (IGR) of 60 government-owned agencies.
It also revealed that while some of the agencies remitted some amounts from their expected remittance into the treasury in 2012, others did not remit a kobo.
Among the agencies that did not remit a kobo during the year under review include: the Bank of Industry (BOI) N3,011,034,935.75; Joint Admission and Matriculations Board (JAMB) N1,437,098,489.25; Corporate Affairs Commission (CAC) N2,020,576,337.89; Industrial Training Fund (ITF) N4,014,063,719.50; National Agency for Science and Engineering and Infrastructure (NASENI) N21,611,933.15; News Agency of Nigeria (NAN) N22,851,097.25; National Emergency Management Agency (NEMA) N3,554,166,666.75; Nigeria Export Import Bank (NEXIM) N748,773,816.75; Nigeria Shippers Council (NSC) N6,445,635.01, and the Nigeria Communication Satellite (NigComSat) N619,948.76.
Others are the Federal Housing Authority (FHA) N221,154,044.75; Federal Mortgage Bank of Nigeria (FMBN) N300,361,902.94; Nigeria Broadcasting Commission (NBC) N211,675,468.00; National Automotive Council (NAC) N105,832,660.25; National Insurance Commission (NAICOM) N610,295,469.50; National Office for Technical Acquisition Research (NOTAR) N50,503,900.00; Nigerian Communication Commission (NCC) N3,328,748,272.25; National Teachers Institute (NTI) N129,662,503.75; Nigerian Agricultural Insurance Corporation (NAIC) N274,182,350.50; Nigeria Copyrights Commission (NCC) N3,697,666.93; Infrastructure Concession Registration Commission (ICRC) N80,476.25, and the Standards Organisation of Nigeria (SON) N252,794,813.75.
Also, the National Sports Commission (NSC) N3,769,725.00; Lagos International Trade Fair Board (LITFB) N3,750,000.00; National Centre for Women Development (NCWD) N7,929,762.75; West African Examination Council (WAEC) N2,580,191,970.75; National Pension Commission (PENCOM) N926,129.19; National Inland Waterways Authority (NIWA) N212,534,159.56; Federal Airports Authority of Nigeria (FAAN) N6,973,996,511.25; Nigerian National Petroleum Corporation (NNPC) N64,781,038.50, and the Federal Capital Territory (FCT) N7,726,825,246.46 make up the list of the agencies in this category.
Agencies that remitted some amount of their expected remittance are FRC N61,921,940.75; Nigeria Deposit Insurance Corporation (NDIC) N8,790,600,500.00; Nigeria Postal Service (NIPOST) N784,728,447.11; Nigeria Export Processing Zone Authority (NEPZA) N3,784,603.66; National Agency for Food and Drug Administration and Control (NAFDAC) N1,017,813,281.41; Tertiary Education Trust Fund (TERTFund) N1,865,515,632.00; National Film and Video Censor Board (NFVCB) N2,670,525.00; Nigerian Nuclear Regulatory Authority (NNRA) N16,959,937.37; Nigerian Ports Authority (NPA) N11,126,707,500.00 and Nigerian Maritime Administration and Safety Agency (NIMASA) N1,492,226,177.18.
Despite these revelations, however, some agencies had question marks with their actual remittances, which did not tally with their IGR for the year under review. These agencies had their actual remittances higher than their expected remittances.
They include the Raw Materials and Research Development Council (RMRDC), which remitted the sum of N17,311,516.92 against its N4,327,879.23 expected remittance; Universal Basic Education Commission (UBEC), which remitted N42,886,965.98
instead of N10,721,741.50; and the Nigerian Export Promotion Council (NEPC), which remitted N7,000,000.00 instead of N1,712,500.00.
The report, which was signed by the House chairman of the committee, Abdulmumini Jibrin, hinted at what led to the committee’s findings.
“During annual preparation of the Federal Budget, the Committee on Finance has encountered the challenge of insufficient revenue to fund government expenditure. The huge funding gaps have led to budget deficits, running into trillions of the of naira every year, which end up being funded through domestic and external borrowing. The committee embarked on a revenue monitoring exercise in November 2012 with the aim of finding out exactly how much these government-owned corporations, ministries, departments and agencies are actually generating, and how much of this should, and is bring remitted to the Consolidated Revenue Fund (CRF) of the Federal Government,” it read in part.
TEDDY NWANUNOBI
