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You are here:Home>>Strategic Research & Analysis>>Nigeria: FG unearths N58bn scam by revenue agencies,banks
Friday, 14 June 2013 15:11

Nigeria: FG unearths N58bn scam by revenue agencies,banks

Written by ISAAC ANUMIHE - Sun News
Dr. Okonjo-Iweala Dr. Okonjo-Iweala reuters

…Threatens to close their accounts

 

Federal Government, yesterday, announced a discovery of about N58 billion, which some revenue-generating agencies of government refused to remit to the Consolidated Revenue Fund (CRF) in collaboration with some banks.

 

In a statement, the Co-ordinating Minister for the Economy and Minister of Finance, Dr, Ngozi Okonjo Iweala, threatened that such agencies accounts would be frozen.

 

The minister said that the objective of the conspiracy against the national interest is clear: “To keep government monies indefinitely in accounts earning interest for individuals at the expense of the Federal Government and the Nigerian people.”

 

This unwholesome practice has persisted despite the efforts of the Office of the Accountant General of the Federation (OAGF) to encourage the agencies and the affected banks to do the right thing.

 

“Rather than comply, the agencies and banks, through their lawyers have engaged in all manner of legal subterfuges to ensure that monies which are due to the Federal Government are not remitted,” the minister said.

 

She also noted that the act is totally unacceptable and the Federal Ministry of Finance is determined that this practice must end forthwith.

 

To this effect, he said that starting Monday, June 17, 2013, the Office of the Accountant General of the Federation, in exercise of its powers under the extant laws and rules, will close the accounts of agencies involved in this practice in all banks.

 

Source: Sun Newspaper

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