Access Bank PLC

Senate Insists On Investigating Revenue Agencies

First Bank Nigeria

The senate is going ahead with its investigation of all revenue generating agencies of the Federal Government over non- remittance, under remittance and misused of revenue generated between 2012 and 2016 following the disclosure by Minister of Finance, Mrs. Kemi Adeosun of non- remittance of over 450 billion by some 33 such agencies.

Senator Solomon Adeola (APC, Lagos West) who chairs the Senate Ad Hoc Committee on  Non Remittance and Misuse of Generated Revenue by Revenue Generating Agencies reacting to the disclosures said the revelation by the Finance minister gives additional fillip to the motion  moved and passed into a Resolution by the Senate on the need to investigate these agencies for gross violation of the Constitution and the Fiscal Responsibility Act of 2007 stressing that in  due course the figures involved in these non- remittances and misuse of generated revenue will run into trillion of Naira for the period of 2012 to 2016.

“The disclosure by the minister of Finance has further justified the Senate resolution of Tuesday setting up an Ad Hoc Committee to investigate these financial breaches that had denied the Federal Government of huge revenue all these years” he stated.

While noting that the disclosure by the minister of Finance was more of an in- house audit by an arm of government, Senator Adeola said the legislature through the Ad Hoc Committee will carry out a holistic investigation that will look at how these breaches occurred as well as enabling legislations of these revenue agencies to see if amendments are needed to further prevent their contravention of the Constitution and the Fiscal Responsibility Act.

“The senate is going ahead with its oversight investigation. We are more justified now with the revelations by the Finance minister. I am sure that at the end of the day, the Federal Government will be enriched with more resources to fulfill promises it made to the people in face of dwindling revenue from the traditional source of sale of crude oil” he stated.

The Senator said his Committee will partner and cooperate with the  Federal Ministry of Finance and other relevant agencies of government to resolve this issue in the interest of Nigerians stressing that the government is in dire need of fund to address the on- going recession in the economy.

Senator Adeola a fellow of the ICAN said that in addition to refunds and possible prosecution being pursued by the Executive, his Committee will eventually be recommending review and amendments of some laws to prevent this massive leakage in revenue in the report it will present to the Senate.

Other members of the Senate Ad Hoc Committee are Senator Andy Uba, Senator John Enoh, Senator Fatima Raji-Rasaki, Senator Yusuf Abubakar Yusuf and Senator Yahaya Abdullahi.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button