18th March, 2016
The Federal Ministry of Finance said it would soon form a sub-committee of three independent experienced analysts to examine the books of all the federation’s revenue generating agencies including that of Federal Inland Revenue Service, the Nigerian National Petroleum Corporation, the Customs Service, Department of Petroleum Resources.
This was contained in a statement made available to newsmen on Friday in Abuja by the Special Adviser, Media, to the Minister of Finance, Mr Festus Akanbi.
According to the statement, the move was to improve accountability and increase the capacity of monitoring by the Federation Account Allocation Committee (FAAC).
It stated that FAAC gave the approval for the appointment at its last meeting in February.
“This is to enhance accountability, improve reconciliations and ensure transparent process in respect of all the revenues accruable to the Federation Account.
“The sub-committee is saddled with the responsibility of examining the books of the Federal Inland Revenue Service, the Nigerian National Petroleum Corporation, the Customs Service, Department of Petroleum Resources (DPR) and the Ministry of Solid Minerals Development, among others.
“It is expected to report deficiencies observed to the Federation Account Allocation Committee and recommend the way forward,” it stated.
It stated that the analysts would form a sub-committee at FAAC and would be incharge of revenue reconciliation and blocking of leakages through the use of technology.