Senate has insisted that the Petroleum Equalization Fund (PEF), now Nigeria Midstream and Downstream Petroleum Regulatory Authority (NPRA) must give account for interest accrued to N34 billion placed in fixed deposit.
The Senate through its Public Committee chaired by Senator Mathew Urhoghide had accused the agency of not remitting fully the interest accrued from N34 billion in fixed deposit account.
But the agency claimed it had remitted the interest to the Federation Account in a letter to the Committee.
However, addressing the newsmen on the issue, Urhoghide said that the agency must present evidence of remitting N182 million accrued from N34 billion placed in fixed deposit.
He added that whether the agency changes name or not, the agency must appear before the Committee and account for interest accrued to N34 billion in the fixed deposit account.
According to him, PEF must account for the outstanding of N100 million that is remaining in the interest accrued to the fixed deposit account or else the Committee will sustain the position of Auditor General of the Federation against the agency.
The query reads, “At the Petroleum Equalization Fund (Management) Board, it was revealed that in 2015, the Board placed the sum of N34,003,057,534.22 (Thirty-four billion, three million, fifty-seven thousand, five hundred and thirty-four naira, twenty-two kobo) in fixed deposit accounts in various banks which yielded interest in the sum of N182,400,810.74 (One hundred and eighty-two million, four hundred thousand, eight hundred and ten naira, seventy-four kobo).
” However, the Board remitted only the sum of N82,263,824.31 (Eighty-two million, two hundred and sixty-three thousand, eight hundred and twenty-four naira, thirty-one kobo) to the Consolidated Revenue Fund, leaving a balance of N100,136,986.43 (One hundred million, one hundred and thirty-six thousand, nine hundred and eighty-six naira, forty-three kobo) unaccounted for.
“This act is a contravention of the provision of Financial Regulation 222 which stipulates that “Interest earned on bank accounts must be properly classified to the appropriate revenue head of Accounts and paid to the Consolidated Revenue Fund.
“The Executive Secretary should remit the outstanding interest yield of N100,136,986.43 immediately to the Consolidated Revenue Fund and furnish evidence of remittance for my verification.
” Failure to comply should attract appropriate sanctions in line with Financial Regulation 3112 which stipulates that “where an officer fails to give satisfactory reply to an audit query within seven days for his failure to account for government revenue, such officer shall be surcharged for the full amount involved and such officer handed over to either the Economic and Financial Crimes Commission (EFCC) or Independent Corrupt Practices and Other Related Offences Commission (ICPC).”
Be vigilant, CNS tells Personnel
The Chief of Naval Staff (CNS), Vice Admiral Zubair Gambo has urged Navy personnel to be security conscious and vigilant against crime in their environment, especially during this festive period.
Gambo gave this warning during the end of the year celebrations of Nigerian Navy ratings personnel in Lagos to consolidate on ways forward on operational efficiency in the year 2022 held at Nigerian Navy Training School (NAVTRAS) NNS Quora parade ground.
He said, “We are celebrating God’s goodness and mercy in our life from January to December which is the main reason we are celebrating.
“it is an opportunity for us to reflect on the past and see what we have achieved so far and what needs to be done in the future.”
The CNS, who was represented by the Deputy Commandant, Nigerian Navy Ship NNS QUORRA, Commodore Shuaib Ahmed, said it is good cause for the personnel to gather and rejoice together.
“Unfortunately , some of us in the course of our duty have left us. The CNS deemed it fit to organise such an occasion in order for us to remember and a cause for celebration for a successful twelve month.”
According to him, the country is in a trying period presently, given the security situation, saying the people must pray to overcome the challenges.
“A lot needs to be done for your own security and that of your family which is of utmost importance because it is only the living that can give witness of what is happening around.
“I therefore advise everyone, especially the military to take the security of ourselves, family and the environment seriously. Gone are the days of segregation, every hand must be on deck to make sure things are in order,” he added.
