Investigations into non-remittance of revenues to the federation account by the Nigerian National Petroleum Company Limited is set to commence by the House of Representatives.
This followed the adoption of a motion, ‘Need to investigate the non–remittance of due taxes by the Nigerian National Petroleum Company Limited into the Federation Account’, moved by Uduak Odudo during plenary on Tuesday.
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Moving the motion, Odudo, a member of the Peoples Democratic Party representing Ikot Abasi/Eastern Obolo Federal Constituency of Akwa Ibom State noted that Section 162(1) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) provides for “The Federation Account” which receives revenues collected by the government of the federation except such that are exempted therein.
He also noted that the said “Federation Account” belonged to the entire federation with the Federal Government tasked with keeping same in trust for the three tiers of government.
In the words of Odudo, the allocation of revenue, prescribed the basis for the distribution of revenue accruing to the federation account between the federal, state and local government areas in Nigeria.
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According to the lawmaker, “The fate of the national development largely depends on how transparent and accountable relevant government agencies and corporate entities are in the collation, remittance and distribution of revenues solely acquired.
“Section 6 of the Allocation of Revenue (Federation Account, etc) Act, established the Federation Account Allocation Committee to among other functions, report annually to the National Assembly in respect of the function under the Act,” he said.
