The House of Representatives says the Nigeria Export Processing Zones Authority, NEPZA is to pay Federal Government the sum of thirteen point three billion naira as unclaimed funds.
The Chairman House Ad-hoc Committee Investigating suspicious and unclaimed funds in various accounts in commercial banks and MDAs, Mr Unyime Idem, when the Agency appeared before the committee.
The Mr Idem stated 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.
The Director, Finance and Administration, NEPZA, Oyesola Oyekunle insisted that the agency was not in any way indebted to the federal government as all revenues generated over time have been paid to government up to date.
Oyekunle however contradicted himself when he told the lawmakers that since NEPZA is not fully funded, it remits only 25 percent generated revenue to government and has paid N3.93 billion naira to government, making it to be up to date in payment between the period under review which is the year 2000 to date.
According to the Director, the Agency operates under a circular issued by the Ministry of Finance and not stipulated extant financial laws as expected by the committee, hence the remittance percentage to government.
Consequently, the committee adjourned for a later date to enable NEPZA reconcile their audited documents with that of the committee’s consultants to come up with a common position so as to enable the agency clear off its outstanding debt.
