An Ad hoc Committee of the House of Representatives has given Nigerian Export Processing Zones Authority (NEPZA) a seven-day ultimatum to reconcile its account or pay N13.3 billion into the federation account.
The committee which is on the Recovery of Unclaimed Funds Trapped in Commercial Banks between 2013 to 2021, issued the ultimatum at a public hearing in Abuja on Tuesday.
The Chairman of the committee, Rep. Uyime Idem (PDP-Akwa Ibom) said that enough time had been given to the agency to reconcile its account saying that the house will not hesitate to forced NEPZA pay the amount when the ultimatum elapses.
He said that the law required the agency to pay into government coffers, 80 per cent of its Internally Generated Revenue (IGR)
The lawmaker said that available documents at the committee’s passion suggest that NEPZA was yet to remit the sum of N13.3 billion into the federation account.
Responding, the Director Finance of the NEPZA, Dr Oyeshola Oyekunle said that the agency is not owing the Federal Government.
He said that within the period, the agency had remitted N3.92 billion into the federation account instead of N2.3 billion.
The director said that the excess was as a result of a circular from the Ministry of Finance which mandated the agency to pay 25 per cent of operating surplus into government covers.
Oyekunle argued that the N13.3 billion was not properly calculated saying that the consultants that prepared the documents, considered personnel cost as IGR.
He said that he had made several efforts to meet with the consultant but the expert was not always in town.
The hearing was then adjourned to Thursday September 1, for final ruling.
In a related development, the committee, mandated Pension Transitional Arrangement Directorate (PTAD) to present evidence of its annual financial reports between 2013 – 2021.
It also requested said that for remittances, PTAD should provide treasury receipts stating the sums remitted or evidence at “mop-ups” at unspent surpluses between the same period and any other relevant document.
