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» » » FG: 90% of Revenue Generated In Nigeria Looted By Revenue Generating Agencies

The federal government of Nigeria has concluded plans to go after revenue generating agencies which refuse to remit all of the revenues they generated into the national purse.

This follows the recent discover that most of the agencies loot 90% of the revenue they generated and spend it on frivolities.

“In fact, this ungodly practice has been going on for over a decade, making the government to lose revenue in trillions of Naira and we have reached a point in this country to put a stop to the fraud and bring the culprits to account for their misdeeds,” a top Federal Government official said.

Finance Minister, Kemi Adeosun on Thursday confirmed the financial brigandage of the RGAs when she briefed the National Economic Council (NEC).

She said her Ministry and RMFAC were working together to rein in the abuses pointing out that the agencies which often raise more than N1.5 trillion, about a quarter of annual national budget, squandered more than 90% of those earnings on frivolities.

The Office of the Accountant General of the OAGF and the Revenue Mobilization and Fiscal Allocation Commission (RMFAC) have been carrying out subtle auditing of the revenues of the Nigerian Customs Service (NCS), Nigeria National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), the Nigerian Ports Authority (NPA), Federal Government-owned Hospitals and schools and have discovered mind-boggling financial abuses, including misappropriation of funds and outright fraud, the official added.

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