Representative panel asks NEPZA to clarify N13.3bn discrepancy in their accounts

the House of Representatives ad hoc committee investigating unclaimed funds in commercial banks has given Nigerian Export Processing Zones Authority (NEPZA) seven-day ultimatum to reconcile his account or repay N13.3 billion to the federal government. The committee issued the ultimatum Tuesday at its ongoing investigative hearing into unremitted funds trapped in commercial banks from 2013 to 2021. Committee chairman Uyime Idem (PDP, Akwa Ibom) said the agency had been given enough time to reconcile its account and the House would not hesitate to force NEPZA to pay the amount when the ultimatum expires. He said the law requires the agency to pay into government coffers 80 percent of its Internally Generated Revenue (IGR) The lawmaker said documents in the committee’s possession show that NEPZA has yet to remit the sum of N13.3 billion to the federation’s account. In response to the committee chairman’s complaint, NEPZA’s chief financial officer, Oyeshola Oyekunle, said the agency owes nothing to the federal government. He said that within the period, the agency remitted N3.92 billion to the federation account instead of N2.3 billion. Oyekunle said the excess was the result of a Finance Ministry circular ordering the agency to pay 25 percent of the operating surplus in government hedges. The director said that the consultants hired by the Committee calculated the personnel costs as internally generated income. He said that he had “made various efforts to meet with the consultant, but the expert was not always in town”. In the meantime, the committee ordered the Directorate for the Temporary Arrangement of Pensions (PTAD) to present evidence of its annual financial reports between 2013 and 2021. It also requested that for remittances, the PTAD provide treasury receipts indicating the amounts remitted within the same period. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Representative panel asks NEPZA to clarify N13.3bn discrepancy in their accounts