So, it has emerged that government revenue agencies short-changed federal authorities to the tune of 1.7 trillion naira.

This was the total sum unremitted to the federal government’s coffers between 2012 and 2016.

The Senate Ad Hoc Committee on Alleged Misuse, Under-Remittance and Other Fraudulent Activities which uncovered the alleged fraud has blamed Nigeria’s former Minister of Finance, Ngozi Okonjo-Iweala.

The panel claims a memo signed by the former minister allowed agencies to remit 25% of revenue they generated to the Federal Government and spend 75% on expenditures.

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This was contained in an interim report by the committee chaired by Senator Olamilekan Adeola, which was laid before the Senate last week Thursday.

So, does this now mean that Dr. Okonjo-Iweala is in trouble?

Not directly, at least for now. The panel says her memo caused fraud and revenue losses to the government.

The panel said the amount to be remitted to the Federal Government during the period by 93 agencies it investigated was 21.5 trillion naira.

It alleged that 25 of the 93 agencies covered defrauded the government of a total of N1,695,585,887,406.

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