Nigeria audits 33 agencies, uncovers N450 billion unremitted revenue

Minister of Finance, Kemi Adeosun

The Federal Government is set to recover about N450 billion operating surpluses that were not returned by 33 agencies from 2010 to 2015.

The Minister of Finance, Kemi Adeousun, made the announcement on Thursday in Abuja at a news conference.

She said that an audit had been carried out on the agencies in compliance with the Fiscal Responsibility Act (FRA), 2007.

The minister said that a recovery committee headed by the Accountant General of the Federation had been set up to recover the money from the agencies.

Mrs. Adeosun noted, however, that some of the agencies had started returning various sums, saying that N640 million had been received from the Nigeria Shippers Council.

“The total independent revenue generated between January and October, 2016 was N272.03 billion but there is a projected increase to N811.03 billion as we recover amounts owed.’’

She said the audit revealed that there was a lot of non-remittances and under-remittances of operating surpluses and that some agencies were operating without an approved budget.

The minister added that there was overstating of budget and spending above budgeted amount, failure to reconcile accounts and existence of irreconcilable differences.

“The audit also showed that there was under-reporting of revenues, failure to submit audited financial statements, payroll fraud and exaggeration of payroll costs, over-payment of staff salaries and abuse of personnel grants,” she said.

The minister said while there was unapproved monetisation of medical and other allowances, there was also non-compliance with the PPA and failure to convert to IPSAS accounting.

IPSAS stands for International Public Sector Accounting Standards (IPSAS).

According to her, some of the agencies affected are the Nigerian Communications Commission, Nigerian Ports Authority and Corporate Affairs Commission.

Others are the Nigerian Maritime Administration and Safety Agency, Nigerian Export-Import Bank, Federal Airports Authority of Nigeria and National Open University of Nigeria.

Also affected are the Nigerian Railway Corporation, West African Examination Council, Joint Administrations and Matriculation Board and the National Hospital, Abuja among others.

Mrs. Adeosun said that some of the audit reports had been sent to the Economic and Financial Crimes Commission (EFCC).

“The financial regulations are very clear, where audit reports have indicted some of the officers, some of these audit reports are going to the EFCC.

“Some of the audit findings were so serious that the decision was taken that some of those particular reports must go to the EFCC.

“Remember that we are not a prosecuting agency, ours is to investigate and then we hand it over to the relevant agencies,” she said.

The minister said that the agencies that defaulted had been asked to come up with their repayment proposals to see how they could be made to repay the money.

“We know that in some cases that money would have already been spent so they will now give us a proposal of how they are going to repay but the money has to be paid.

“We are also looking at their Treasury Single Account (TSA) to understand how much money they actually have because in some cases these surpluses are in their accounts.

“Our plan is not to grind to a halt the activities of any agency but to institute fiscal discipline in all the agencies,’’ the minister stated.

Mrs. Adeosun also said that a circular was issued on November 22, requesting submission of estimates of revenues and expenses for the next three financial years.

Other documents that were requested are the annual budget which must be IPSAS compliant and projected operating surpluses for review and approval.

According to her, a review team has also been set up to evaluate submitted estimates before budget submission to the National Assembly.

She said that failure to comply with the provision of the FRA to review and approve their budgets as advised would be restricted to payment of salaries only until the budget was regularised.

“We have the National Assembly’s support that if an agency does not have its budget approved; it really has no business spending.

“It is wrong for an agency to operate without a budget. It is public money and that means that the agency can do literally anything it wants and that is wrong.

“It is for those agencies who know that they do not want to be in the situation where they can only pay salaries to do the right thing, everybody knows the rule.’’

She said further that a circular on the inclusion of 92 additional corporations, agencies and government owned companies to the schedule of the Act had also been issued.

According to the minister, the exercise is an ongoing process and all agencies will eventually be audited. (NAN)



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  • Mo

    Nice Job! So, no need to borrow then.

    • Sanssouci

      lol Abi oh!

    • msadaoranimey


      Which nice job are you talking about? We are dis-appointed with President Muhamadu Buhari. He is a let-down before God and Man. He made Nigeria worse than he met it. President Jonathan’s time was far better than Nigeria
      of today, far better. Today is like horror film.

      Water to drink has doubled in price. Ceeway Water is now selling at 500 Naira per gallon. It was 200 Naira under President Jonathan. The price of hypertension tablets for my parents has tripled in price to 12,000 per sachet as at today.

      It may reach 15,000 Naira next week Monday because The Naira is falling everyday under President Buhari. The Naira is selling for 485 to one dollar today. Even food items have doubled in price. School fees and rent cannot be paid again, as almost six million Nigerians have been retrenched under Buhari’s ignorant misrule. This is the worst economic destruction Nigerians have ever witnessed. No honest person can say he wants continuation of this thing.

      • thisnigeria

        As if you don’t know why all these are happening.

      • Mo

        @ msadaoranimey
        I feel you but re-read my comment. Unspoken words speaks volume for those who could read between the lines. It’s called Sarcasm Bro.

      • kinsly

        Basic Economic sense will tell anyone that we are doomed. Oil provides 70% of our total revenue, now the price is down by 50-60% in the last 2yrs. Do you think miracle can happen overnight? We all need to bracen up, its gonna be a rough and tough ride economically for the next 1-2yrs. All we need to be discussing about is how fast we can begin to diversify our economy not expecting things to be thesame like when the oil price was $110. Ontop of that, no savings! Norway $800billion+ , Russia $450billion+ , Saudi $1trillion+.

      • The Optimist

        Na wa for you oo! Be happy for good developments, at least Kemi’s success for us all.

    • Obi

      If only!

  • Facto!


    • tundemash

      Mor0n, can u send your petition with facts to EFCC please also publish it in major newspapers so that Buhari can be exposed.

    • kinsly

      Empty brain.

  • Mrs. Ebun Alagoa


    My own issue is that I want to complain bitterly about
    Premium Times. The people working in Premium Times are billionaires. I will not
    be surprised if Premium Times Office is on the top floor of Sheraton Hotel. I
    know why I am saying this thing. Premium Times is not fighting for we the
    masses. We are dying in 35 degrees heat generated with total darkness by RajiFashola.

    Vulcanizers cannot work. No light. Barbers cannot cut
    anybody’s hair. No light. These days food sellers cannot
    keep food in fridge to sell to people the next day. Butchers too, they
    cannot keep unsold meat in fridge again. No electricity in Nigeria. Premium
    Times does not want the international community to know that the masses are
    jumping into river in suicide. Some other people are hanging themselves to
    death in their rooms to escape the economic destruction of this Buhari.

  • Dazmillion

    And will anyone be punished for putting government money into a fixed interest yeilding account? No this Nigeria

  • bib

    The least one can do is to say a job well done.Majority of employees of these parastatals have been living very much beyond public servants’ standard without question.

  • Fredodo1

    Too many thieves in Nigeria. There is need for a social re-engineering program that will focus on societal morals and values.

  • Dr Pat Kolawole Awosan

    With the fiscal responsibility agency,the FGN-treasury board,must recover all unremitted N450b naira revenues that were deliberately and criminally with-held from FG treasury.Some elements in the |Federal agencies are thieves and looters whose passion were to with-hold and embezzled F||GN-revenues.Over 40,000 ghost workers were flushed out from the Federal pay-roll as a result of staff-auditing by Mrs Kemi Adeosun, as the finance minister.But, when former Havard university, trained Dr N.OKonjo Iweala, was in charge those ghost workers were raking billions of naira every month.B|ut, with Mrs Kemi Adeosun,those ghost workers were flushed out and now N|450b naira with-held revenues have now been discovered again.Anyone found responsible for with-holding N450b naira from the FG treasury must be arrested,prosecuted and jailed.

  • Wetin Naija

    Many thieves in Nigeria indeed. Jonathan and PDP destroyed Nigeria. Thank you President Buhari for the brave war against corruption

  • Sanyo

    I am curious about how the research institutes are doing in Nigeria. Some of them are meant to solve the energy crisis through energy mix: nuclear, solar, wind, etc. I believe that if these bodies get the appropriate support there will be a quick solution to the hitherto epileptic power supply facing us. One thing is to buy solar panels from abroad to address the issue another thing is to develop them locally through research and development (R&D) initiatives. To achieve that there must be effective management of funds in those sectors too.

  • Felix Udoh

    Good Job. I am hoping you will go further down and audit from 1999 to 2009 too.

  • Truthometer

    Thieves in high places. We need to help ourselves. Buhari can only do so much!

  • The Optimist

    What a country! Is it just to recover the money? Those who supervised the illegality should be arrested and prosecuted, whether they are still in service or not. That will serve as a deterrent to present and future managers and administrators.

  • onyebuchi IKEKAMMA

    The federal government should organize lectures for ethics of government in all its agencies and institutions. Without this, the robbery in government will continue indefinitely and we shall always cry. Nigerians are smart and are fantastically corrupt. Retrain people’s minds to run a better government. Those who are serving now even in the face of these anti graft agencies are planning a way to beat the government.

  • lapido

    Right step in the right direction. However, before we sing praises, let’s ask this: Will this be the same kind of money recovery by the EFCC that Buhari says he will not tell Nigerians how much was recovered, or whom the money was recovered from? If thieves know they will not be exposed in public, what stops them from trying their luck and stealing again? Buhari is basically saying Nigerians are too dummy to know what he is doing. If he wants his wife to remain in the kitchen, he probably wants the rest of us to remain in the basement.