Senate talks tough on unremitted N450bn revenue

…We’ll recommend refunds, prosecution, says Senator Adeola

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NIGERIA: THE Senate is poised to recommend refund and possible prosecution of those found negligent in the non-remittance, under remittance and misused of Federal Government revenue generated between 2012 and 2016

The Chairman of the Senate Ad Hoc Committee on Non Remittance and Misuse of Generated Revenue by Revenue Generating Agencies, Senator Solomon Adeola (APC, Lagos West), gave the hint ahead of the committee’s decision to investigate all revenue generating agencies of the Federal Government.

He promised that everything would be done within the ambit of the law to prevent massive leakages in the nation’s revenue.

Adeola, also said that the senate is still going ahead with its investigation of all revenue generating agencies of the Federal Government over allegations of non- remittance, under remittance and misused of revenue generated between 2012 and 2016.

According to him, the disclosure by the Minister of Finance, Mrs. Kemi Adeosun, on non- remittance of over N450 billion by some 33 agencies has justified the need to look into the revenue leakages.

Adeola, a fellow of the Institute of Chartered Accountants of Nigeria, also said that the committee, at the end of its assignment, would be recommending refunds and possible prosecution in line with the war against corruption of the Federal Government.

He also assured that his Committee would eventually be recommending review and amendments of some laws in its report to prevent the massive leakages in revenue.

Adeola further said in a news release by his Media Adviser, Chief Kayode Odunaro, that the revelation by the Minister had given additional fillip to the resolution passed by the Senate on the need to investigate these agencies for gross violation of the Constitution and the Fiscal Responsibility Act of 2007.

According to him, in due course the figures involved in these non-remittances and misuse of generated revenue will run into trillion of naira for 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,” Adeola stated.

While noting that the disclosure by Adeosun was more of an in-house audit by an arm of government, the Senator said that the legislature, through the Ad-Hoc Committee, will carry out a holistic investigation that will look at how these breaches occurred.

Similarly, he explained that the committee will look into the 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,” Adeola said, adding: “We are more justified now with the revelations by the Finance minister.”

He added: “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.”

The Senator said that 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, while further stressing that the government is in dire need of fund to address the on- going recession in the economy.

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