Reps Order NEPZA To Refund N13.3 Billion To FG

By Linda Ike

The House of Representatives has ordered the Nigerian Export Processing Zones Authority, NEPZA to refund to the Federal Government coffers, the sum of N13.3 billion unremitted revenue funds

The House’ Ad Hoc committee investigating Unclaimed Government Funds Yesterday in Abuja, asked NEPZA to provide copies of validated receipts of financial transactions including its remittances to Government

But the Director, Finance and Administration, NEPZA, Mr. Oyesola Oyekunle who represented the organisation insisted that the Agency was not in any way indebted to the Federal Government as all revenues generated over time have been paid to Government up to date.

Oyekunle however contradicted himself when he told the lawmakers that since NEPZA is not fully funded, it remits only 25 percent generated revenue to Government and has paid N3.93 billion naira last to government, making it to be up to date in payment between the period under review which is the year 2000 to date.

He further said the Agency operates under a circular issued by the Ministry of Finance and not stipulated extant financial laws as expected by the committee hence the remittance percentage to Government

The lawmakers insisted that the N13.3 billion arrived at was calculated based on the 80 percent revenue remittance provisions to Government as contained in the financial act and not based on the circular.

Consequently, the committee adjourned to a later date to enable NEPZA reconcile their audited documents with that of the committee’s consultants to come up with a common position so as to enable the agency clear off its outstanding debt.