Provide information on N528bn NNPC differential, Senate tells AGF

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The Senate Tuesday through its Committee on Public Account gave the Office of the Accountant General of the Federation (OAGF) twenty four hours to provide information on N528 billion differential in Nigerian National Petroleum Corporation (NNPC) financial statement.

The directive given by the committee to the representative of the Accountant General of the Federation , Sylva Okolieaboh , was sequel to query issued to that effect by the Auditor General of the Federation as contained in the 2016, 2017 and 2018 Audit reports.;

The query reads, ” First, it was observed from Note 1 to the financial statement that the breakdown of sources that made up the net receipts of N1.3 trillion from NNPC was not disclosed.

” Furthermore, we observed that the net receipt per an extract schedule from the Federation Account (Revenue from NNPC) showed a total receipt of N787 billion resulting in a difference of N528 billion in comparison with N1.3 trillion earlier disclosed.

“The issue raised indicates that significant figures in respect of the Federal share of revenue were not captured and adequately disclosed in the financial statement and therefore that the financial statements are unlikely to be completed and accurate and fairly presented.

“Federal government share is 52.68%.”

But in his response, Mr Okolieabo, who is the Director of Treasury Single Account ( TSA) , in the AGF’s office , begged the committee to give more time to bring the documents associated with the issue raised by the Auditor General in its reports .

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