THE monies unremitted by Revenue Generating Agencies to the coffers of the Federal Government increased to N4.1tn as of June 2024, the Federation Accounts Allocations Committee has said.
FAAC stated that this was despite the agencies’ reconciliation and payment of outstanding debts of N94.96bn in May 2024.
This newspaper reports that the unresolved amount is $165,067,714.53 (N178.52bn) and N3,917,340,180,696.84, compared to the initial amount of $36,329,376.24 (N51.88bn) and N2,977,561,881,021 recorded in May 2024.
The latest development was disclosed in a report by the Federation Account Allocation Committee post-mortem sub-committee meeting and signed by the Chairman of Revenue Mobilisation, Allocation and Fiscal Commission, Mohammed Shehu.
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A breakdown of the agencies indebted to the government showed that the Nigerian National Petroleum Company Limited owes N940.62bn; Nigerian Upstream Petroleum Regulatory Commission and NNPC owe a combined amount of $23.81m and N1.94tn.
The Federal Inland Revenue Service and NNPC have an unresolved remittance of $141.25m and N1.04tn, while the Ministry of Solid Minerals Development and the Central Bank of Nigeria owe N48.75m.
Two months ago, this newspaper reported that the government could lose over N3tn if revenue-generating agencies in the country do not reconcile unremitted earnings collected.
The Vice President of the Post-Mortem Sub-committee, who represented the committee Chairman, Kabir Mashi, at the meeting, said the outstanding amounts were still being reconciled with the relevant agencies at the monthly reconciliation meeting.
The Federation Account Allocation Committee disburses allocations from the revenues generated into the Federations Account, which comprises multiple accounts specific to a sector/ business type.
But giving an update in its June meeting, the chairman reported that the total unresolved amount due to the Federation Account from the reconciliation meeting held with the Revenue Generating Agencies in June 2024 was $165,067,714.53 and N3,917,340,180,696.84.
He said the outstanding amounts were still being reconciled with the relevant agencies at the monthly reconciliation meeting.
