The Federal Ministry of Finance (FMF) has
disclosed plans to strengthen and increase the capacity of the sub-Committee on
Federation Account Allocation Committee (FAAC), reports ITRealms.
According to sources from the
Ministry, the plan is sequel to the approval at the last FAAC meeting that
three independent and experienced financial analysts to work on the process of
reconciliation, be appointed.
The Ministry explained that the post-mortem
Sub-Committee is to enhance accountability, improve reconciliations and ensure
transparent process in respect of all the revenues accruable to the Federation
Account.
The sub-committee is saddled with
the responsibility of examining the books of accounts of all revenue agencies
including the Federal Inland Revenue Service (FIIRS), the Nigerian National
Petroleum Corporation (NNPC), the Customs Service, the Department of Petroleum
Resources (DPR) and the Ministry of Mines and Steel. It is expected to
report deficiencies observed to the Federation Account Committee and recommend
the way forward.
Though the un-reconciled differences
are no longer there, with the increased oversight of the Federal Ministry of
Finance and the transparency of the NNPC, it will be easy for the sub-committee
to achieve better results.
The committee, which reports to the
Federation Account on a monthly basis, was originally set up to encourage
revenue reconciliation and block leakages through the use of technology.
The NNPC had rejected the findings
of the audit report submitted recently to the National Assembly by the Office
of the Auditor General of the Federation, stating that the audit query it
raised over the non-remittance of N3.235 trillion to the Federation Account was
erroneous, insisting that its balance to the federation account remains N326
billion, as at the time of filing the audit report.
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