26 December 2018, Sweetcrude, Abuja — The Petroleum Products Pricing Regulatory Agency, PPPRA, has accused the Budget Office of distortion, in its claims that the agency failed to remit N1.34 trillion of its Internally Generated Revenue, IGR, to the Consolidated Revenue Fund, CRF, domiciled in the Central Bank of Nigeria, CBN.
In a statement in Abuja, General Manager, Corporate Services of the PPPRA, Mr. Kimchi Apollo, disclosed that the agency had consistently remitted 25 percent of its total IGR to the CRF in line with the requirements of the law.
He stated that the Budget Office misrepresented the facts, especially as all the revenue collected by it since its inception was less than 1.6 percent of N1.34 trillion.
He said, “The attention of PPPRA has been drawn to the widely circulated allegations which insinuated that the Agency had failed to remit the sum of N1.343 trillion of its Internally Generated Revenue (IGR) to the Consolidated Revenue Fund (CRF) domiciled in the Central Bank of Nigeria (CBN).
“The information was said to have purportedly emanated from a presentation made by the office of the Director General Budget.
“Without intending to generate further controversy, the PPPRA deems it necessary to correct and clarify the rather distorted information to the members of the public regarding its financial obligations to the Consolidated Revenue of Government.
“It needs to be stated that the Agency without fail, always remits 25 percent of its total IGR mainly from its meagre Administrative Charge Collections on quarterly basis to the Consolidated Revenue Fund (CRF) domiciled with the CBN, in line with the statutory requirements of all Ministries, Departments, and Agencies of government, MDA.”
Apollo further stated that “However, it should be noted that since the inception of the Agency, the revenue collected is less than 1.6 percent of the above-mentioned figure.
“Therefore, PPPRA hereby refutes the claims of failed remittance into the CRF account and describes the assertions as misleading.
“Meanwhile, the Agency would like to use this opportunity to once more assure all stakeholders and members of the public of uninterrupted products supply and distribution, during this festive period.”