THE recent discovery of $205.01 million unremitted to the Federation Account by oil firms calls for serious scrutiny. With public revenues crashing and debts mounting, the government should adopt a zero-tolerance attitude towards unremitted funds. In this case, the RMAFC, having drawn attention to it, the relevant government agencies should have acted swiftly to recover the outstanding sums. The major defaulter, the Nigerian National Petroleum Company Limited, unabashedly announced that it made zero remittance to the Federation Account in the seven months to July, 2022. The NNPC’s failure to contribute to the Federation Account means that it has not funded the statutory joint account of the three tiers of government at all this year.

Source: Punch December 12, 2022 08:56 UTC