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Auditor Report : Senate investigates NBET over N1.5bn unremitted fund

Senate has embarked on an investigation into the alleged unremitted N1.5 billion by the Nigerian Bulk Electricity Trading company (NBET), being accrued accumulated interests from investments in Treasury Bills.

The investigation of NBET was as a result of 2015 Auditor General report which was submitted to the Senate Committee on Public Accounts chaired by Senator Mathew Uhrogbide.

The Managing Director of the company, Dr Nnaemeka Ewelukwa while appearing before the committee to defend the query raised by the Office of the Auditor General of the Federation on the issue said that NBET had remitted the accrued interest to the Consolidated Revenue Fund

The members of Committee however tackled the Managing Director of NBET as it was revealed that only N529 billion was remitted to the National coffer.

The query issued by Auditor general reads, ” Various analysis caried out on the investment made by NBET , it was noticed that it stopped the remittance of accrued interest on the investment in Nigerian Treasury Bills as well as as that on sitting balances on the Various accounts maintained by the company in April 2014.

” This was as a result of a letter written from the office of the cordinating Minister of the economy which was dated March 6, 2015, which purportedly gave NBET retroactive authorization to retain all interest from 2014.

“The outstanding interest unremitted to consolidated revenue stands at N1. 5 billion .

” The audit team observed the following issues with respect to retention on interest.

But, NBET in its response claimed that all interest earned on sitting balance were remitted to the CRF as the approval received did not cover this component.

” The interest earned from inception till December 2014 have all been remitted.”

The Chairman said it is glaring that the query raised by the Auditor General was valid asking the committee till next week Tuesday to defend the outstanding unremitted N986 million.

The query was raised by the Auditor General in 2015 up till the time of filing this report NBET was able to provide receipts of N529 million out of N1.5 billion unremitted interest from investment in the treasury bills.

The balance of about of N986 million is yet to remitted to the Considated Revebue Fund (CRF).

The Office of the Auditor General in its report started, “The request for waiver seeking to retain all interest made to the Ministry of Finance by NBET was dated 2nd February 2015 as at this date and before the approval was given by the Minister of Finance in March 2015, NBET outght to have remitted earned interest before complaint .

“It would appear that the Management of NBET deliberately withheld all the accrued interest in Investment Treasury Bills and sitting balance in anticipation of perceived approval”

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