KPMG, SIAO to audit NNPC, NIMASA, NPA, 78 other agencies

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Nigeria’s Vice President, Prof Yemi Osinbajo presides over the National Economic Council
Audit firms, KPMG and SIAO will carry out forensic audit on 81 revenue generating agencies in Nigeria including NNPC, NIMASA, NPA, FIRS and 77 other agencies.
The decision to the firms was reached after the National Economic Council (NEC) rose from its 65th meeting on Thursday in Abuja, Nigeria’s capital.
The approval followed submission of an interim report by the ad hoc committee of NEC, chaired by Governor Adams Oshiomhole of Edo, to review the management of the Excess Crude Account and remittances into the Federation Account.
The governors of Jigawa, Alhaji Baderu Abubakar; Anambra, Willie Obiano; Lagos, Akinwumi Ambode; and the Minister for Budget and National Planning, Sen. Udoma Udo Udoma, said this in their joint briefing to State House Correspondents.
According to Lagos governor, 18 core revenue generating agencies, such as NNPC, will be audited by KPMG, an international audit firm, while an indigenous firm, SIAO, will audit other non-core revenue generating agencies.
The governor said that NEC would take further action on the agencies after the firms had completed the forensic auditing.
The Jigawa governor said that the Accountant-General of the Federation reported to council that as at December 31, 2015 the Excess Crude Account stood at $2.26 billion.
The governor said that the Central Bank Governor, Godwin Emefiele informed the council of the standing of the bailout funds given to states.
He said that 23 states had benefitted from the N10 billion each, Excess Crude Account-backed soft loan, while a total of 28 states benefitted from the presidential bail out for the payment of salaries and gratuities.
Governor Obiano gave a report concerning some MDAs collecting revenue in foreign currency and remitting in local currency into the Federation Account.
Obiano said the permanent secretary, Finance, reported that besides NNPC, NIMASA and NPA, other agencies involved …Read More

Source:: PM Newspaper