• Discovers N522.60b discrepancy in NDDC projectsAlthough the revenue is shared with states and local councils, at the same period, the country’s budget stood at N25 trillion, with appropriation being N7.3 trillion in 2017, N9.12 trillion in 2018 and N8.92 trillion in 2019.
A report, released, yesterday, by Nigeria Extractive Industries Transparency Initiative showed that only N22.68 trillion got into government account, even as minerals and non-minerals revenue contributed N12.84 trillion and N6.57 trillion , while Value Added Tax accounted for N3.27 trillion . The report noted that the service sector recorded highest revenue collection of N5.02 trillion in 2018.Breakdown shows that N4.55 trillion came from domestic crude sales, while export receipts accounted for N4.27 trillion. It further disclosed that N5.33 trillion was deducted at source for JV cash call and others, leaving the net amount of N3.49 trillion as transferred to Federation Account.
The agency however transferred N3.53 trillion to the Federation Account. The audit established that the surplus of N6.72 billion was as a result of unremitted receipts from previous year. On the NDDC, NEITI’s report revealed that the commission generated N755.96 billion within the period under consideration.