Stella Dimoko Korkus.com: Bombshell: FG Revenue Generating Agencies Loot 90 % Cash

..

Friday, 18 November 2016

Bombshell: FG Revenue Generating Agencies Loot 90 % Cash

INDICATIONS emerged yesterday that the Federal Government might soon go after heads of revenue generating agencies that had been engaged in financial abuses and failure to remit huge amount of revenues generated by their organizations to the federal purse. 



Vanguard learnt Thursday night that the Federal Ministry of Finance, which has been studying the diversion of generated funds by the key agencies of the government, laid bare the matter before the National Economic Council, NEC, with convincing evidence that the nation had been short-changed by agencies engaged to generate revenue for it.

“In fact, this ungodly practice has been going on for over a decade, making the government to lose revenue in trillions of Naira and we have reached a point in this country to put a stop to the fraud and bring the culprits to account for their misdeeds,” a top Federal Government official said. The fraudulent practice, according to a top official, is said to have been going on for over a decade, making some top MDA officials to smile to their banks and leaving the Federal Government with little or no revenue to meet its obligations to Nigerians.


And, apparently to get the process right and bring the suspected elements, and agencies that have been diverting huge government revenues for personal uses, the Office of the Accountant General of the Federation, OAGF, is said to have devised and put in place to monitor the generation of funds and disbursement by revenue generating MDAs. A top administration officials said : “Already, some of the discoveries have been catalogued and forwarded to both the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) for further investigation and prosecution of those found wanting. “Some persons have been invited by the anti-graft agencies for questioning following some representations made by the Ministry of Finance. 


“In the process of investigation, it was discovered that some of the organizations hide under existing legislations that permit their use of a fraction of what they generate as running cost to fritter away as much as 90% of the total revenue they generate, even when the Federal Government is still directing funding both capital and recurrent expenditure of such agencies. “Apart from outright embezzlement of funds, it has been discovered that some of the organistions indulge in very irregular financial activities including paying salaries above RMFAC specifications, converting official cars to personal ownership, monetizing medical allowance arbitrarily, paying for unapproved overseas travels and lavish training allowances, granting excessive personal loans as well as cases of unapproved mortgages.


 “It was learnt that in some cases, brand new cars were sold out two months after purchase at 25% of cost price; while hospitals that rake huge revenues from medical bills remained without functional generators and basic facilities whereas the revenue generated had been frittered away on frivolous subheads. “It might interest you to know that for some time now, both the OAGF and the Revenue Mobilization and Fiscal Allocation Commission (RMFAC) have been carrying out subtle auditing of the revenues of the Nigerian Customs Service (NCS), Nigeria National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), the Nigerian Ports Authority (NPA), Federal Government-owned Hospitals and schools and have discovered mind-boggling financial abuses, including misappropriation of funds and outright fraud.


But apparently trying to bring the hidden matter to the fore for the first time, the Minister of Finance, Mrs Kemi Adeosun on Thursday confirmed the financial brigandage of the RGAs when she briefed the National Economic Council (NEC). She told NEC that her Ministry and RMFAC were working together to rein in the abuses pointing out that the agencies which often raise more than N1.5 trillion, about a quarter of annual national budget, squandered more than 90% of those earnings on frivolities. 

19 comments:

charitybino said...

Corruption everywhere

OkechukwuOscar Ezeani Wanted!!! said...

Thieves everywhere. Africa is in deep trouble.

Lizzy Berry said...

Customs number one

KING Nwa AMAKA said...

Is this going after that has crippled our economy.

Beloved said...

Oloshos

James' hater said...

God save us from the hands of these looters

see no evil said...

God please let UNTH be number 1. Ama needs to be tied nd flogged with cow tail.

One trillion said...

End time One.5 Trillion

Zitel Coconut oil Onitsha 08081725441 said...

Corruption can't be curbed in Nigeria. Our greed n quest for quick cash is high n insatiable

Suoebi(Niger delta finest) said...

Mtcheew.this government no know wetin dem dey do sef,always looking for one thing to blame tueh

Adenike said...

What has the government been able to achieve with the so called little revenue they have access to. Ppt calling kettle black. All offenders should be brought to book.

iam Owen said...

Was dat not d aim of TSA ni...making it impossible for agencies to handle hard cash again, biko they should not bother about d past again since d anomaly has been corrected...wat they should bother with now is how to get us out of this Recession and coming famine as predicted....they should stop with dis facade of fighting corruption while d economy is in shambles....

Becky Divine said...

Ndi ara

Yemi7up said...

This is a good development. So many things need to be corrected in this country.

Daveen Laundry and Dry cleaning Services, Ajah, Lagos. 09072092853. Free pick up and delivery. said...

No be today nah...corruption is killing this country. It's everywhere, every nook and cranny .

Epignosis said...

So is this country cursed or not?

jay said...

And if you check the names of these MDS, na Abokis

Brown Sucre said...

No federal govt agency is without corruption.
It's been decades of corruption,i pray this govt diversify,while fighting corruption,the govt can also fight poverty,unemployment,etc.

Ms. Nicey said...

This country go better so??

Related Posts Plugin for WordPress, Blogger...