Plans are underway to audit the accounts of the Nigerian National Petroleum Company Limited (NNPCL), Minister of Finance & Coordinating Minister for the Economy, Mr. Olawale Edun hinted yesterday.
Insisting on the necessity for rigorous scrutiny, the minister stressed the government’s eagerness to ensure revenue inflows from the NNPCL and other revenue generating agencies.
Edun, who spoke at the release of the latest “World Bank Nigeria Development Update” in Abuja, said: “There will be earnest scrutiny and I am sure NNPCL is getting ready for that. We want revenue to come into the government coffers from NNPC and all other revenue agencies.
“The last two ministers of Finance, namely, Mrs. Kemi Adeosun and Mrs. Zainab Ahmed publicly said that the accounts of the NNPCL would be looked into, but there has been no report of such audit made public.
Addressing pending salary concerns, Edun reaffirmed government’s commitment to instituting a new salary structure next year.
“The decision”, he said, “aligns with statutory requirements outlined in the Salaries and Wages Commission Act, mandating salary reviews every five years.”
He assured that all stakeholders, including Labour leaders, would be actively engaged in the process.
Edun also spoke about the substantial presence of foreign currency, particularly in domiciliary accounts belonging to affluent Nigerians.
He indicated the government’s intention to encourage investments by incentivizing the release of funds from these accounts, without imposing forceful measures on their owners.
He said: “There is a lot of FX liquidity in Nigeria and the federal government would take steps to make holders of such accounts release the money.
“The government would not force holders of such accounts to give them up but would provide incentives to enable them invest in attractive instruments, going forward”.
The revelation by the World Bank on the unsustainability of the prevailing petrol price as it does not reflect the actual cost raised eyebrows during the presentation.
