The Federation Accounts Allocation Committee (FAAC) has reported that revenue-generating agencies in Nigeria have failed to remit a significant sum of N4.1 trillion to the Federal Government as of June 2024. Despite efforts to reconcile and recover some of these outstanding amounts, the total unresolved funds have continued to increase.
In May 2024, the agencies reconciled and paid N94.96 billion, but the unremitted funds still stand at $165.07 million
(N178.52 billion) and N3.92 trillion. These amounts reflect a significant rise from the $36.33 million (N51.88 billion) and N2.98 trillion reported in May 2024.
Related News
The Federation Accounts Allocation Committee, through its post-mortem sub-committee, revealed that major debtors include the Nigerian National Petroleum Company Limited (NNPCL), which owes N940.62 billion, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPCL, which together owe $23.81 million and N1.94 trillion. The Federal Inland Revenue Service (FIRS) and NNPCL have unresolved remittances of $141.25 million and N1.04 trillion, respectively. Other significant debts include amounts owed by the Ministry of Solid Minerals Development and the Central Bank of Nigeria.
The FAAC warned two months ago that the government could lose over N3 trillion if these agencies do not reconcile and remit the collected earnings. The ongoing reconciliation efforts, while recovering N537.35 billion in five months, still leave substantial amounts unresolved.
The Vice President of the FAAC Post-Mortem Sub-Committee, Kabir Mashi, emphasized that these outstanding amounts are still under reconciliation. The Sub-Committee is actively working with the agencies to ensure that the amounts due are remitted as soon as possible. However, the continued accumulation of these arrears has raised concerns among stakeholders, including the Kaduna State Commissioner of Finance, Shizzer Bada, who called for expedited reconciliation efforts.
