FG Uncovers N3.3 Trillion Fraud In Its Agencies

The Federal Government on Monday announced the discovery of a massive fraud of whooping N3.3 trillion in its ‎agencies.

This mind-boggling revelations which were contained in a report by the Federal Government to the National Assembly indicated that N3.2 trillion of the fraud was perpetrated in the Nigerian National Petroleum Corporation, NNPC.

While submitting the report, the Auditor General of the Federation, Samuel Ukura, said the N3.2 trillion, realised from sales of crude oil, was not remitted to Federation Account Allocation Committee.

The report reads in part: “The sum of N36 billion was released to the Office of the National Security Adviser for the rehabilitation and construction of Dams instead of the Federal Ministry of Water Resources.
“The Sum of N2.9 billion was spent for the procurement of hand sanitizer for schools and critical public places.
“The sum of N31 billion was payment of subsidy on fertiliser and youth employment in Agriculture programme.
“The sum N2.4 billion was payment for group life Assurance Premium for Armed Forces Budget in 2013 but not cash backed.
“The sum of N500 million was payment for schools Agricultural programmes.

“From examination of NNPC mandates to CBN on domestic crude Oil sales and reconciliation statement of Technical Sub-committee of Federation Allocation Committee meeting held in January 2014, amount not remitted to FAAC was N3.2 trillion.

“Review of sales profile on sales of Gas to Nigeria Liquefied Natural Gas was not paid to the Federation Account but transferred to ‎some undisclosed Escrow Accounts. Relevant documents were not made available for verification.”

Other agencies listed in the fraud included the Police Service Commission, Foreign Mission, Nigeria Ports Authority, Petroleum Equalisation Fund, Nigerian Prison Service‎ and the Federal Airports Authority of Nigeria.