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Floor of the House of Representatives
The House of Representatives on Tuesday vowed to compel the management of the Nigerian Export Processing Zones Authority (NEPZA) to refund the alleged N13.3 billion unremitted internally generated revenue (IGR).
Speaking at the resumed investigative hearing into the unremitted funds by federal ministries, departments and agencies (MDAs), Hon. Uyime Idem, averred that directed the representatives of the Nigerian Export Processing Zones Authority (NEPZA) to reconcile the agency’s accounts with the consultant within one week.
He however threatened that the committee will be left with no option to compel the agency to refund the sum of N13, 367,993,544.49 to the Federal Government’s coffer at the expiration of the ultimatum.
According to the documents presented to the committee, NEPZA generated total sum of N49,492,356,251.53, with total expenditure of N39,764,281,044.69; operating surplus of N9,728,075,206.84 and depreciation of N4,965,898,859.11 while the 80% operating surplus stands at N15,947,637,768.76.
However, the document showed that the actual remittance stands at N2,579,644,224.27 leaving the balance of N13,367,993,544.49.
In his remarks, NEPZA’s Director, Finance and Administration, Mr Oyesola Oyekunle, who dismissed the allegation, argued that the Agency was not in any way indebted to Federal Government, adding that all revenues generated over time have been paid to government up to date.
In response to the 80% operating surplus to be remitted to the CRF, Mr. Oyekunle disclosed that the Agency as a self-funding entity, remitted only 25 percent generated revenue to government to the tune of N3.93 billion to government, making it to be up to date in payment between the periods under review which is the year 2000 to date.
According to the director, the agency operates under a circular issued by Federal Ministry of Finance, Budget and National Planning and not stipulated extant financial laws as expected by the Committee.
While giving update on the computation carried out by the Committee, Hon. Idem said: “The Authority (NEPZA) has provided some information to the committee and the outcome of our review is as follows: The net unremitted fund between 2005 to 2020 stood at N13.368 billion. No audited financial statements provided for 2000 – 2004 and 2021. (Nigerian Tribune)
