The Chief of the Naval Staff, Rear Admiral Awwal Gambo, on Tuesday disclosed that the Nigerian Navy generated the sum of N7,651,502,276 for the Federal Government between 2019 and 2021.
He disclosed this during an investigative hearing on revenue monitoring held at the instance of the House of Representatives Committee on Finance, chaired by Hon. Abiodun James Faleke, who requested details of one per cent stamp duties and details of internally generated revenue for the period under review.
The Chief of Naval Staff, who was represented by the Director of Administration, Naval Headquarters, Rear Admiral Obi Egbuchulam, explained that the revenue generated from tax revenues, stamp duties, PAYE, VAT and withholding tax.
He added that during the period the Navy generated non-tax revenue such as contractors registration fees, rents of quarters and auction of serviceable equipment that amounted to N31,337,827.
He said the non-tax and tax revenues were paid into the Federal Government consolidated revenue account, the treasury single account and the Federal Inland Revenue Service (FIRS) account respectively.
While reviewing the documents submitted by the Nigerian Navy, Hon. Faleke observed that the documents submitted by the Navy were not detailed enough to show the total sum of contracts.
He, therefore, directed that they provide the total contracts awarded by the Navy for the years under review the next time they appear before the Committee.
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Navy generates N7.652bn in 3 years
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