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National Economic Council Orders Audit of NNPC, 81 Agencies


The approval followed submission of interim report by NEC ad hoc committee chair, Adams Oshiomhole to review management of Excess Crude Account and remittances into Federation Account.

The National Economic Council (NEC) has resolved to engage two audit firms to conduct forensic audit on 81 government revenue generating agencies.

 KPMG an international audit firm will audit 18 core income generating revenue while SIAO an indigenous audit firm will audit others.

The approval followed submission of an interim report by the ad hoc committee of NEC, chaired by Gov. Adams Oshiomhole of Edo, to review the management of the Excess Crude Account and remittances into the Federation Account.

The governors of Jigawa, Baderu Abubakar; Anambra, Willie Obiano; Lagos, Akinwumi Ambode; and the Minister for Budget and National Planning, Udoma Udo Udoma, said this in their joint briefing to journalists.

According to Mr. Ambode, 18 core revenue generating agencies, such as NNPC, will be audited by KPMG, an international audit firm, while an indigenous firm, SIAO, will audit other non-core revenue generating agencies.

The governor said that NEC would take further action on the agencies after the firms had completed the forensic auditing.

The Jigawa governor said that the Accountant-General of the Federation reported to council that as at Dec. 31, 2015 the Excess Crude Account stood at $2.26 billion.

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