The federal government could face a potential loss of N2.97tn and $36.33m if revenue-generating agencies in the country do not reconcile unremitted earnings collected.
The figure owed by an unnamed number of agencies as of April 2024 was revealed during the Federal Account Allocation Committee in the minutes of the meeting on Monday, 17 June. The Vice President of the Post-Mortem Sub-committee representing the committee chairman, Kabir Mashi said the outstanding amounts were still being reconciled with the relevant agencies at the monthly reconciliation meeting.
The minute also read in part, “Outstanding Federation Account Revenue Arising from Inter-Agencies Reconciliation Meeting Held in April 2024: The Vice Chairman, PMSC reported that the total unresolved amount due to the Federation Account from the reconciliation meeting held with the Revenue Generating Agencies in April 2024 was $36,329,376.24 and N2,977,561,881,021.29.”
