In a bid to address concerns over the alleged non-remittance of substantial taxes into the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL), the House of Representatives has taken decisive action by mandating its committee on finance to conduct a thorough investigation.
The motion, titled 'Need to Investigate the Non-Remittance of Due Taxes by the Nigerian National Petroleum Company Limited into the Federation Account,' was brought before the House during Tuesday's plenary by Uduak Odudo.
This motion gained overwhelming support, leading to the committee's formation and task to uncover the truth behind the alleged non-remittance.
According to Odudo, the NNPCL has argued that it is owed over ₦4 trillion in subsidy payments, power debts, and other sundry charges by the Federal Government. The company has maintained that until these debts are recovered, it would refrain from remitting the taxes in question.
This back-and-forth of non-remittance accusations has sparked public concern, with Odudo emphasising that it appears to undermine the collective intelligence of Nigerians.
He stressed that the Federation Account is a national entity that belongs to the entire federation, and the federal government is entrusted with the responsibility of managing it for the benefit of all three tiers of government.
Odudo reminded his colleagues that the allocation of revenue sets the foundation for distributing funds among the federal, state, and local governments in Nigeria. He expressed that transparent and accountable conduct by government agencies and corporate entities in handling revenue is vital for the nation's development.
Quoting Section 6 of the Allocation of Revenue (Federation Account, etc) Act, Odudo highlighted the role of the Federation Account Allocation Committee, which is tasked with reporting annually to the National Assembly concerning its functions under the Act.