The House of Representatives, on Wednesday, resolved to investigate the Petroleum Products Pricing Regulatory Agency (PPPRA) over alleged non-remittance of N1.343 trillion Internally Generated Revenue (IGR) into the Consolidated Revenue Fund (CRF), as provided by the 1999 Constitution (as amended)
The resolution was passed sequel to the adoption of a motion under Matters of urgent public importance, jointly sponsored by Honourable Ossai Nicholas Ossai and Honourable Julius Ihonvbere.
The lawmakers argued that the non-remittance of the IGR into the Consolidated Revenue Account domiciled with Central Bank of Nigeria (CBN) by PPPRA was in breach of Section 162(1) of the 1999 Constitution (as amended).
They recalled that the Director-General, Budget Office, Mr Ben Akabueze, disclosed at a Town Hall meeting in 2018 with Chief Executive Officers (CEOs) of Government Owned Enterprises (GOEs) in Abuja that, the PPPRA is the worst culprit in non-remittance as it withheld operating surplus of over N1.34 trillion.
According to them, the alleged N1.343 trillion unremitted PPPRA revenue was part of its IGR which contravenes the Public Accounting Principle and the Treasury Single Account policy of the Federal Government.
They noted that Section 22(1) of the Fiscal Responsibility Act, 2007 made it clear that: “Notwithstanding the provisions of any written law governing the Corporation, each Corporation shall establish a general reserve fund and shall allocate thereto at the end of each financial year, one fifth of its operating surplus for the year” and such payments are to be made every year after preparation of Audited Accounts.
The House further observed that Section 22(2) of the Fiscal Responsibility Act stipulates that: “The balance of the operating surplus shall be paid into the Consolidated Revenue Fund (CRF) of the Federal Government not later than one month following the statutory deadline for publishing each corporations.”
The lawmakers, therefore, urged the House Committees on Petroleum Resources (Downstream) to investigate the allegation and report back in 10 weeks for further legislative action.