The Nigerian Export Processing Zones Authority, NEPZA, has been asked by the House of Representatives to refund N13.3 billion in unremitted revenue funds.
The House’ ad Hoc committee on unclaimed government funds at its resumed sitting in Abuja asked NEPZA to provide copies of validated receipts of financial transactions, including remittances to government.
The NEPZA Director of finance and administration, Oyesola Oyekunle who appeared for his organisation insisted that the agency was not in any way indebted to the Nigerian government as all revenues generated over time have been paid.
Mr Oyekunle said since NEPZA is not fully funded, it remits only 25 percent generated revenue to government and that it last paid N3.93 billion naira to the government, making it to be up to date in payment between the period under review which is the year 2000 to date.
The agency operates in accordance with a circular issued by the ministry of finance, not the existing financial laws as expected by the committee, and as a result, the remittance percentage to government, the director stated.
The lawmakers insisted that the N13.3 billion arrived at was calculated based on the 80 percent revenue remittance provisions to government as contained in the financial act and not based on the circular.
As a result, the committee agreed to reconvene again at a later date so that NEPZA could compare its audited documents with those of the committee’s consultants and develop a consensus position that would allow the agency to pay off its outstanding debt.