Reps uncovers non remittance of over 500 million in PPPRA in 2014 alone,
says agency defrauded FG of billions.

Calls for sack of GM Finance.

The Petroleum Product Pricing Regulatory Agency, PPPRA, on Monday came under severe bashing by the House of Representatives committee on Finance who uncovered that the agency has defaulted to the tune of several billions unremitted to the Federation Account, among which was N501.2 million in 2014 alone.

The Committee equally wants the General Manager Finance, Mr. Peter Joshua to be sacked over his inability to keep records of the account of the agency since 2005, describing the GM as unfit and long over due on the job.

The House committee on Finance presently investigating unremitted funds by Ministries, Departments and Agencies of Government MDAs, made the discovery when the PPRRA appeared before the committee to account for their remittances from 2014 to date to enable the country finance its 2020 budget.

The committee headed by Rep Abiodun Faleke lamented how PPPRA has shortchanged the government and people of the country for years.
In 2014 alone,from the presentation by the General Manager Finance PPPRA was supposed to pay into the consolidated account as 25 percent of its internally generated revenue the sum of N501. 2 million which it failed to remit. The agency also defaulted in subsequent years, which is from2015 till date which is the period under review.
The committee argued that even if the 501million was a ‘constant’ as revenue from PPPRA within the period under consideration, then it would have shortchanged government to the tune of over N2bn (N501m × 5 years)

While indicting the agency which is to reappear before the committee ,February 27th, with relevant documents, like statement of account, outstanding indebtedness, annual budgets , from 2011 till date and copies of all reconciliation with NNPC as well as all the contracts awarded and names of contracts and details. the Chairman of the committee, Hon Faleke accused the agency of hiding facts.

He said: ” If every agency keeps N500.2m every year, what is left” he demanded.

The committee also recommended the sack of the PPPRA’ s Director of Finance, Peter Joshua, who represented the Managing Director and Chief Executive Officer , for allegedly concealing facts and figures required by the committee in its investigation .

But in his submission, the Finance Director blamed the current situation to the inability to reconcile figures with the NNPC

He said that the NNPC was still indebted to it

Meanwhile the National Ear centre was also grilled by the committees and directed to reappear with relevant operating receipts for treatments ,surgeries undertaken, registrations, medical reports in order to reconcile remittances it made to government as IGR

The committee warned that every revenue due to government must be recovered and paid into the tertiary so that there will be funds to implement the 2020 budget outside oil money.

Legislative vibes.

11 Feb. 2020

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