• Tuesday, July 16, 2024
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FG to audit NNPC, others

Following the 65th meeting of the Economic Council (NEC) on Thursday in Abuja, the Federal government has engaged two auditing firms KPMG professionals and SIAO to conduct forensic audit of 81 government revenue generating agencies including the NNPC.

The decision follows the submission of an interim report by the ad hoc committing of NEC, headed by Edo State governor, Adams Oshiomhole set up to review how the Excess Crude Account and remittances into the Federation Account was managed.

According to Lagos State governor Mr. Ambode, who jointly briefed the press along with the governors of Jigawa Baderu Abubaker, Anambra, Willie Obiano and the Minister for Budget and National Planning, Udoma Udo Udoma 18  core revenue generating agencies, such as NNPC, will be audited by KPMG, an international audit firm, while an indigenous firm, SIAO, will audit other non-core revenue generating agencies.

Further action on the audited entities will be taken after the firms engaged completed their auditing.

On the management of the Excess crude account, Jigawa State governor said that the Accountant General of the Federation reported to council that as at Dec. 31, 2015 the account stood at $2.26 billion.

He said that 23 states had benefited from N10 billion each, Excess Crude Account-backed soft loan, while 28 states benefited from the presidential bailout for the payment of salaries and gratuities according to information from the Central Bank Governor, Godwin Emefiele when he briefed the cou council of the standing of the bailout funds given to states.