The Senate has faulted the Nigerian National Petroleum Corporation for under remitting the sum of N3,878,955,039,855.73 trillion revenue from domestic crude oil sales to the Federation Account for the period of January to December, 2015.
Accordingly, the upper chamber called on the Corporation to desist from further deduction at source as this contravenes Section 162(1) of the 1999 Constitution (as amended).
It also mandated the Federation Accounts Allocation Committee (FAAC) or any other approving authority to, as a matter of urgency, approve agreed percentage which should be allocated to NNPC monthly as operational cost to ensure that their operations are not adversely affected.
These formed parts of the 59 recommendations adopted by the Senate and contained in the report of the Committee on Public Accounts on the Annual report of the Auditor-General for the Federation on the Accounts of the Federation for the years ended 31st December, 2015.
The Senate in one of its adopted recommendations to the Executive arm of government noted that the outstanding collection from Solid Minerals (N12,137,140,361.58) not remitted to the Federation Account, but kept in an account maintained by the Central Bank of Nigeria contravenes the provisions of Section 162(1) of the 1999 Constitution as amended.
The chamber has charged the Federation Accounts Allocation Committee (FAAC) to fix a percentage to be allocated to Mining and Cadastral Office as cost of collection as is currently applicable to NCS (7 percent), DPR (4 percent) and FIRS (4 percent) of non-oil revenue.
