OpeOluwani Akintayo 03 December 2018, Sweetcrude, Lagos — Oil marketers in the country have issued a 7-day notice to the Federal…
Browsing: Mrs. Kemi Adeosun
Dankwambo, who chaired NEC ad hoc committee on remittances, said the infractions were identified by KPMG that was contracted to carry out a forensic audit of revenue remittances to the Federation Accounts.
The meeting had ended in a deadlock on Tuesday following disagreement about the revenue figures remitted into the federation account by the Nigerian National Petroleum Corporation (NNPC) for sharing by the three tiers of government.
The Minister said the collections would facilitate increase in cash flows to the power sector value chain and ensure stability of federal government reforms in the sector, adding that, “If the market cannot pay for power distributed, the situation will remain unsustainable.”
“Guarantees by themselves do not constitute a risk. However, where guarantees are expected to be the primary means of ensuring ongoing contractual payments, they constitute a huge risk to the fiscal sustainability of the federal government.”
“In addition, Nigeria has been able to request data from a number of nations including traditional tax havens. The data have been received from a number of foreign jurisdictions under the exchange of information protocols.”
She said Nigerians who had sought haven abroad were in for a tough time as the Federal Government had commenced the sharing of information on Nigerians who owned property and bank accounts overseas.
“Nigeria has decided to do Automatic Exchange of Tax Information and use exchange of information to investigate cases and fight tax evasion. So the discussion today is how the global Forum can support Nigeria’s efforts in achieving the goals and in fighting tax evasion.”
“We condemn in strong terms the massive corruption going on in the management of fuel subsidy regime which the federal government had declared non-existent while billions of naira are deducted monthly at Federation Accounts Allocation Committee (FAAC) meetings,” the statement read.
He said that the kingpin in the illegal mining in Plateau State, one Dan China from Bauchi State had been arrested and that the illegal mining was more on gold and the sapphire, adding that the Federal Government has created a new settlement for the artisans in the illegal business.