May 28, 2024
We need information on N528b differential in NNPC Financial Statement, Senate orders AGF
– By Alison Godswill

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We need information on N528b differential in NNPC Financial Statement, Senate orders AGF

The Senate has given the Accountant General of the Federation,  AGF, Ahmed Idris, twenty-four hours to provide information on the N528 billion differential in the Nigerian National Petroleum Corporation NNPC financial statement. 
 
Speaking during a Public hearing on 2016, 2017, and 2018 Auditor General’s report, Chairman, Senate Committee on Public Accounts, Senator Matthew Urhoghide, Peoples Democratic Party, PDP,  Edo South urged the representative of Accountant General of Federation, Sylva Okolieaboh to provide the information.
He stated: “First,  it was observed from Note 1 to the financial statement that the breakdown of sources that made up the net receipts of N1.3 trillion from NNPC was not disclosed.  Furthermore,  we observed that the net receipt per an extract schedule from the Federation Account (Revenue from NNPC)  showed a  total receipt of N787 billion resulting in a  difference of N528 billion in comparison with N1.3 trillion earlier disclosed.
“The issue  raised indicates that significant  figures in respect  of the Federal share  of revenue were not captured and adequately disclosed in the financial statement and therefore  that the financial statement is unlikely to be completed and accurate and fairly presented. Federal government share is 52.68 percent.”
However,  the Director pleaded with the Committee to give them more time to make the information.

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