The National Economic Council (NEC) says it has hired two audit firms to carry out forensic audit of all Federal Government revenue generating agencies.

Governor Adams Oshiomhole of Edo, who serves as the Chairman of the NEC Ad Hoc Committee on the Management of Excess Crude Account Proceeds and Accruals into the Federation Account, made this disclosure while briefing journalists on the outcome of the Committee’s meeting in Abuja on Thursday.

Governor Oshiomhole explained that the hiring of the audit firms followed briefings received from some revenue generating agencies of government. “We have agreed in line with our mandate to appoint two reputable international audit firms to carry out thorough forensic audit, not only of the Nigeria National Petroleum Corporation (NNPC), which is more of excess crude, but other monies that accrued to the federation account. We are taking a holistic review of the entire process, looking at all the agencies that make contribution of funds to the federation account. We have other revenues like bonuses, royalties, taxes and VAT that flow into the federation account,” he said.

Oshiomhole further disclosed that the Council was convinced that by appointing audit firms, government will allow professionals to carry out the exercise, free of any political colouration.

According to him, the focus will be on NNPC, the Nigeria Customs Service, Nigerian Ports Authority (NPA), Central Bank of Nigeria (CBN), Federal Internal Revenue Service (FIRS), among others. “We had a successful session with Customs, NPA, NEITI, SEC, FIRS and quite a number of others and next week we will also hear from CBN, Ministry of Finance and Office of the Accountant- General of the Federation. For the remaining ones, we agree we are going to meet on Thursday next week – NNPC, NPDC, DPR, NIMASA and other agencies,’’ he said.

By Olisemeka Obeche (with agency reports)


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