CEM REPORT | The Nigerian Export Processing Zones Authority (NEPZA) has been issued a seven-day ultimatum to reconcile its account or refund N13.3 billion to the federal government.
The ultimatum was handed by the House of Representatives ad-hoc committee investigating unclaimed funds in commercial banks from 2013 to 2021 on Tuesday.
The Chairman of the committee, Uyime Idem (PDP, Akwa Ibom), said, documents in the committee’s possession show that NEPZA is yet to remit the sum of N13.3 billion into the federation account.
He noted that enough time had been given to the agency to reconcile its account adding that the House would not hesitate to force NEPZA to pay the amount when the ultimatum elapses.
He also stated that the law requires the agency to pay into government coffers, 80 percent of its Internally Generated Revenue (IGR)
Reacting, the Director of Finance of NEPZA, Oyeshola Oyekunle, said the agency is not owing the federal government, adding that within the period, the agency remitted N3.92 billion into the federation account instead of N2.3 billion.
He further stated that the excess was as a result of a circular from the ministry of finance mandating the agency to pay 25 percent of the operating surplus into government covers.
The director explained that the consultants engaged by the Committee calculated personnel costs as internally generated revenue.
He noted he had “made several efforts to meet with the consultant but the expert was not always in town.”
Meanwhile, the committee mandated Pension Transitional Arrangement Directorate (PTAD) to present evidence of its annual financial reports between 2013 – 2021.
It also requested that for remittances, PTAD should provide treasury receipts stating the sums remitted within the same timeframe.