Buhari to Governors: Comply with conditions for budget support or…

An update of the ongoing forensic audit of revenue accrued from revenue generating agencies and meant for the Federation Account was given today at the National Economic Council, NEC meeting presided by Vice President Yemi Osinbajo.

The Chairman of the Ad Hoc Committee of NEC on the audit, Governor Ibrahim Dankwambo of Gombe State, said the forensic audit is ongoing and assured Council that the full detail of the report would be ready in January, 2018.

He mentioned the Nigerian Customs Service and the National Communication Commission as the two agencies that are now being audited in a review that has included other agencies including NNPC.

The report is expected to detail the extent of revenue meant for the Federation but never made it to the Consolidated Account under the past administration.

This was one of the highlights at the monthly NEC meeting earlier today at the Council Chambers of the Presidential Villa, Abuja.
Also, the details of inflows and outflows of special accounts of the federal government would be provided beginning from 2015 to date, according to the Minister of Finance, Kemi Adeosun.

The minister also disclosed that several states have not been complying with conditions for the Budget Support facility as agreed under the Fiscal Responsibility Plan.

She added that particular states are yet to publish the mode of their financial disbursement, while some others have also not completed the Biometric Data of their staff list as agreed by the Council.

The Fiscal Responsibility Plan endorsed last year by NEC details the conditions state governments are expected to meet to qualify for FG’s Budget Support Facility which ranges from N800 million to over N1 billion per State, per month.

WATCH ALSO: $2.3bn ECA: Nigeria records high oil savings in December 2017

BELOW ARE HIGHLIGHTS OF THE NATIONAL ECONOMIC COUNCIL MEETING PRESIDED OVER BY VICE PRESIDENT YEMI OSINBAJO

UPDATE ON FORENSIC AUDIT OF REVENUE ACCRUED FROM REVENUE GENERATING AGENCIES (RGAS) INTO THE FEDERATION ACCOUNT, EXCESS CRUDE ACCOUNT AND CONSOLIDATED REVENUE FUND BY THE CHAIRMAN OF THE COMMITTEE, GOVERNOR OF GOMBE STATE

The Governor of Gombe State, and Chairman of the Forensic Audit Committee, Ibrahim Dankwambo, informedvCouncil that the audit firm Messrs. KPMG, is still conducting the forensic audit of some establishment and that a full report will be ready by January 2018.

UPDATE ON THE BALANCE IN THE NATURAL RESOURCES DEVELOPMENT FUND

Council was informed by the Accountant-General of the Federation that the balance in the Natural Resources DevelopmentFund Account as at 13th December, 2017 stands at N106.984 billion.
REPORT ON EXCESS CRUDE ACCOUNT (ECA)

The Accountant-General of the Federation also informed Council that the balance in the ECA as at 13th December, 2017 stands at $2.317 billion.

UPDATE ON THE CURRENT BALANCE OF THE STABILIZATION FUND ACCOUNT

The Accountant-General of the Federation informed Council that the balance in the Stabilization Fund Account as at December 13, 2017 stands at N7.78 billion.

UPDATE ON BUDGET SUPPORT LOAN FACILITY

Council was informed that payment for the months of June, July and August to States has been effected, and that preparations are underway to do same for the month of September 2017.

GENERAL COMMENTS ON SPECIAL ACCOUNTS
Council would be furnished with details of inflow and outflow beginning from 2015 to date regarding some of these special accounts: stabilization fund account and Natural resources development fund.

The Honourable Minster of Finance informed Council that the Budget Support facility to states is based upon certain conditions as agreed to under the Fiscal Responsibility Plan. But most of the states are yet to comply, she added.
She said most of the states are yet to publish the mode of disbursement and most of them also have not completed the Biometric Data of their staff list as agreed in Council.

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.