Senate Indicts Okonjo-Iweala Over Memo That Caused N1.7tn Revenue Loss

The Senate Ad Hoc Committee on Alleged Misuse, Under-Remittance and Other Fraudulent Activities has said revenue agencies short-changed the Federal Government to the tune of N1.7tn as unremitted revenue generated between 2012 and 2016.

Senate Ad Hoc Committee panel blamed N1.7tn revenue loss on a memo by a former Minister of Finance, Mrs. Ngozi Okonjo-Iweala, who allegedly issued the memo to the agencies to remit 25 per cent of revenue they generated to the Federal Government and spend 75 per cent on their expenditures.

This was contained in an interim report by the committee chaired by Senator Olamilekan Adeola, which was laid before the Senate last week Thursday, a copy of which was sighted by our correspondent on Monday.

The panel said the amount to be remitted to the Federal Government during the period by 93 agencies it investigated was N21.5tn.

 

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nkiruhomann

I am a writer, a motivational speaker. I am a mom and a wife. I studied engineering. I am a language coach. I do charity. I am the voice for THE voiceLESS Working for a beautiful Nigeria.

10 thoughts on “Senate Indicts Okonjo-Iweala Over Memo That Caused N1.7tn Revenue Loss

  • 25th October 2017 at 5:34 pm
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    Going through the genesis of this scandalous story, the revenue generating agency were first blamed for not meeting their target for revenue collection, now they want to put the blame on NOI. Enemies of progress.

  • 25th October 2017 at 5:34 pm
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    It was even reported that the government had been unable to meet its revenue projections before 2012 and 2016. So why the blame on her?

  • 25th October 2017 at 5:35 pm
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    The revenue generating agencies too should be able to provide receipts on how the money was spent.

  • 25th October 2017 at 5:35 pm
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    Haters just want to tarnish the image of our great former minister of finance NOI, for no just good reasons. As far as am concerned this isn’t any fact.

  • 25th October 2017 at 5:35 pm
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    In fact, if you have been following up on this issue of revenue leakages, you will discover that NOI even insisted that all revenue generating agency must issue receipts on how the revenue generated is being spent.

  • 25th October 2017 at 5:36 pm
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    Dr Bright Okogu, Director General of Budget Office was the person who insisted that at least 25 percent of the gross revenue should be remitted to government coffers to curb the issue of revenue leakages after expressing his fears on the threat to oil earnings.

  • 25th October 2017 at 5:36 pm
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    During the tenure of Chief Anthony Ani as Minister of finance under Sani Abacha administration, it was said that of the federal collected revenue of 452 billion, only 208 billion was paid into the federal account in 1997. Also in 1998, of 424 billion collected, only 189 billion was remitted to government purse yet nobody complained of that. What was the rest of the money used for?

  • 25th October 2017 at 5:37 pm
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    The issue of government revenue leakages has been even before the reign of NOI as Minister of finance. Government should think of a possible solution to this mismanagement of funds rather than pointing fingers to innocent ones.

  • 25th October 2017 at 5:38 pm
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    This people in the senate are all liars. They say one thing today, tomorrow they say another. Mtcheeeeeeeeew!!! SMH.

  • 25th October 2017 at 5:39 pm
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    If the senate wants to start the issue of revenue leakages, they should do so from where it started from. Let them stop tarnishing NOI image.

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