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Senate probes NNPC revenues, 1% stamp duty by MDAs

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Senate probes NNPC revenues, 1% stamp duty by MDAs

Senate has commenced investigation into the internal generated revenues, IGR of the Nigerian National Petroleum Corporation, NNPC from 2010 till 2020 just as its management is scheduled to appear before the Committee on Finance, chaired by Senator Solomon Adeola (APC Lagos West) on Tuesday.

Senate probes NNPC revenues, 1% stamp duty by MDAs

This is even as the committee is also beaming its searchlights into the IGR of 700 ministries, departments and agencies, MDAs of the federal government and the payment of one percent stamp duty by contractors on all contracts awarded by the MDAs between 2014 and 2020.

Chairman of the panel accused the management of the NNPC of non-payment of one percent stamp duty to the coffers of the federal government when its Chief Financial Officer CFO, Umar Ajiya appeared during the investigative hearing in Abuja.

“You have not been complying with payment of stamp duty,” Senator Adeola told the CFO and therefore requested for total revenue accrued to the NNPC from 2010 till 2020 and corresponding expenditures.

The chairman also asked the corporation to present amount remitted prior to audit and evidence of payment during the years under review.

He  also requested for audited financial status of NNPC from 2010 till 2019 and management account of 2020.

Similarly, Senator Adeola asked the corporation to present all the documents requested to the Fiscal Responsibility Commission, FRC.

The NNPC CFO, however decided to withdraw his submission on non-payment of the one percent stamp duty, promising to make another presentation on the payment of stamp duty.

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